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Get a Home or Housing Loan, Home Improvement, Extension or a Land Purchase Loan





Do you need a home loan?


Banks in India offer different home or housing loan schemes with different interest rate and repayment options. You can easily get a housing loan, home improvement, extension or a land purchase loan. Almost all housing loans have their own pros and cons and the toughest problem is selecting the best home loan plan depending on your financial status and need.

What is the maximum amount you can borrow as a home loan or housing loan?


The maximum amount of loan that you can borrow depends on different factors. However on an average you can borrow upto 85% of the total property cost. To add to this the maximum amount that you can borrow as home loan is 40 to 60 times of your net annual income.

Will you get tax benefit on Home Loan?


Yes. Under Indian Income Tax act of 1961 [section 24 (b) and 80 (c)] you can get a tax deduction upto RS 100000 to 150000 of your total tax liability if you have a home loan (loan from some private sources like family members will not be considered). The rebate will be calculated both on interest paid and principal repayment amount.

What is the maximum repayment period (Loan Tenor) for home loan?


Normally the maximum repayment period for a home loan or housing loan is 15 to 25 years.

Which will be the best home loan plan for you or which bank can offer you the best housing loan?


Selection of the best home loan plan depends on your financial status and your needs. For example there may be a lot of parameters like loan sanction period, option to add other family members’ income to get a bigger loan, lower interest rate, repayment period, floating or fixed interest rate, insurance cover etc. to decide the best home loan plan for you.

You can also avail special housing loan solution in India like Rural Home Loan from SBI (SBI Gram Niwas or Prashasan Plus).

Now, as almost all banks offer different housing loan packages and features, you must have a complete and clear idea to crack the best deal. Otherwise you can trust on an expert to find you the best solution.


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