Real estate prices are down and it’s time for the dream home. If affordability is a problem, opt for a home loan. Home loan helps get the dream home at a young age. LIC Housing Finance has launched a home loan scheme which is great for borrowers. You enjoy EMI waivers during the loan tenure. If your income is going to rise, then home loan EMI waiver is a great idea. The LIC Housing Finance 2020 offer is available only for ready-to-move houses. Is home loan EMI waiver a free lunch? Let’s find out.
Want to know more on Home Loans? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial product.
Home Loan EMI waiver has 6 EMIs waived during the loan tenure. This is two EMIs waived at the end of the 5th, 10th and 15th year. The borrower must make regular repayments with no pre-payment for the first 5 years.
Home Loan EMI waiver is applicable for ready-to-move apartments and OC or the Occupancy Certificate is a must. The Maximum loan tenure must be 30 years and the loan amount up to Rs 5 Crore. This offer is available only for a limited time period till February 29th. The home loan disbursement must take place before March 15th 2020.
Axis Fast forward offers home loans to purchase an under-construction, ready-to-move or resale apartment. Loan tenure is around 20 years with a minimum loan amount of Rs 30 Lakhs.
See Also: How Does a Home Loan EMI Calculator Work?
After you pay home loan EMIs for 10 straight years, EMIs for the subsequent 6 months are waived off. After completion of 15 years another 6 months EMIs are waived off.
Axis Bank also offers the Shubh Aarambh Home Loan. This scheme has a maximum loan amount of Rs 30 Lakhs and targets borrowers who seek affordable homes. The Shubh Aarambh Home Loan waives off 4 home loan EMIs at the end of the 4th, 8th and 12th year.
You can buy a ready-to-move apartment, resale or an under-construction property with Axis Bank Shubh Aarambh Home Loan. The minimum home loan tenure is 20 years with a maximum home loan amount of Rs 30 Lakhs. With two Axis home loan schemes, a total of 12 EMIs gets waived off.
See Also: How to Select The Best Home Loan in India? What Should I Consider?
Axis Bank Home Loan Schemes offer loans at 8.55% and 9.2% a year on floating rate home loans for salaried employees. Its 12% for fixed rate schemes. It’s higher for self-employed borrowers with interest rates of 8.65% and 9.4%. LIC HF charges interest rates of 8.10% depending on borrower risk profile and credit score.
Home Loan with EMI waiver is for the long term. It’s for those with a modest income and those who can’t pre-pay home loans. If you stick for the entire home loan tenure, you are rewarded with home loan EMI waiver.
See Also: Why is Your Home Loan EMI Still High?
Home Loan with EMI waiver makes it difficult to prepay loans. Shubh Arambh doesn’t allow you to prepay a large amount which would reduce loan tenure to 3 years and 11 months. For Axis Fast Forward Scheme its 9 years and 11 months. LIC HF doesn’t allow even partial pre-payment till first waiver of 5 years is due.
Home Loan EMI waivers have a major catch. They don’t allow prepayment when you get savings, annual bonus and so on.
See Also: Ways to Reduce Your Home Loan EMIs by the Experts of IndianMoney.com
You May Also Watch
Iframe Content
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.