Home loan

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Home loan
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A Home Loan Guide for Novices
For someone who is looking to buy a property,
home loans is an intelligent option in India. It
gives you ownership of the house in easy
installments plus it gives you certain tax
benefits. Owning a house is a major decision both
financially and emotionally. Purchase of real
estate after all is an investment, giving you
good returns in the long run. For this you must
choose the right type of home loan with the best
offers and interest rates. There are certain
facts about the Income Tax Act in India you
should be aware of as well. Home loan can cover
the following - purchase of land, renovation,
extension and construction.
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• The tax benefits of Home loan in India
• It requires a huge sum of money to buy a new
  home. To make the financial burden lighter on the
  common man, the Government gives some tax
  benefits on home loans. Here are a few things you
  should know about them
• Purchase Home loan and construction loans can
  attract tax benefits. The interest as well as
  principal components get these benefits.
• 2. Repair of property is also eligible for
  interest deduction.
• 3. Any home or construction loan taken on or
  after April 1st, 1999 is eligible for deduction
  of up to Rs.1.5 lakhs. Before that date, Rs.
  30,000 is deducted.
• 4. The deductible can take place only once the
  house has been constructed or bought. It can take
  place as five installments. It takes place over
  five years. The first one is deductible in the
  first year the construction is finished.

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Home loan- The situation in India There are more
than a few banks offering home loans in this
country. Depending on the EMIs you can make your
choice. There is quite a competition between
lenders. You can apply online as well as offline
for the Home loan.
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For More Details on home loan
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