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Mudra Power : Home Loans

Acquiring a home which you can proudly call as your "Own House" is a life-time decision. It requires a lot of research, planning about your exact necessities (your family matters a lot on coming up to a conclusion regarding necessities) and finally requires huge finances. Your home has to be a place where you can easily relax after coming from day's tiring schedule, a place where you can spend fruitful time and beautiful moments with your family.

What is Home / House Loan?
Home Loan is a Secured loan offered against the security of a house/property which is funded by the bank's loan, the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.

Types of Home Loan
There are different types of home loans available in the market to cater borrower's different needs.
Home Purchase Loan: This is the basic type of a home loan which has the purpose of purchasing a new house.
Home Improvement Loan: This type of home loan is for the renovation or repair of the home which is already bought.
Home Extension Loan: This type of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room etc.
Home Conversion Loan: It is that loan wherein the borrower has already taken a home loan to finance his current home, but now wants to move to another home. The Conversion Home Loan helps the borrower to transfer the existing loan to the new home which requires extra funds, so the new loan pays the previous loan & fulfills the money required for new home.
Bridge Loan: This type of loan helps finance the new home of the borrower when he wants to sell the existing home, this is normally a short term loan to the borrower & helps during the interim period when he wants to sell the old home & want to buy a new one, It is given till the time a buyer is found for the old home.
Home Construction Loan: This type of loan taken when the borrower wants to construct a new home.
Land Purchase Loan: It is that loan which is taken to purchase a land for construction & investment purposes.

Points to remember in Home Loans
● Increase your loan eligibility
Credit History: Chances of getting a home loan are increase if one has a good credit history which is known by banks by checking the borrower's CIBIL Score. It becomes very hard to get a loan from another bank when borrower has a bad debt with one bank. CIBIL takes into account all you banking information - credit card/debit card payments. It is very important to know that even if you are guarantor to someone and there is a fault in the payment of that person, your score will also come down. BE pretty sure whenever you are acting as a guarantor to someone.
Clubbing of Income: Eligibility of taking a home loan will increase when you club your income with your spouse's income (you can include income from your parents, external sources like rental, etc) bank in this case will calculate total eligibility on the basis of clubbed income from all sources. It becomes imperative to consider this in order to enhance loan eligibility.
Enhance Your Loan Tenure: Longer is the loan tenure, lower will be the EMIs which further increases the repayment capacity (reduces monthly load by lowering EMI) of the borrower and this in turn enhances the loan eligibility.
Step-up Loan: In this type of loan EMIs remain low in the beginning and increase gradually as and when the borrower's spending power increases. Therefore, lower EMIs in the initial years enhance the borrower's ability to pay and further increase the loan eligibility.
ncrease the down payment: One must know that in a home loan bank finances only 85 to 90% for the property and the rest of the amount has to be funded by the borrower. So, one must increase the down payment if one possess more than required amount which will lessen debt considerably.

Tax Benefits in Home Loan:
The home loan borrower enjoys Tax Benefits on both Interest paid & the Principal re-paid. Under Section 24(d) of Income Tax, the deduction of interest payable on the home loan is up to a maximum of Rs. 1, 50,000.
Under Section 80(c) of Income Tax, Principal amount for the repayment of loan along with other savings & investments is eligible for tax deduction up to a maximum limit of
Rs. 1, 00,000.

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