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Home loan - ಹೋಂ ಲೋನ್ ಬಗ್ಗೆ ನಿಮಗೆ ಗೊತ್ತಿಲ್ಲದ Exclusive Information

Home loan - Everything You Need to Know

Home Loan is Given by Banks, Housing Finance Companies, NBFCs

Home Loan Can be used to:

Buy a Plot Land

Construct a house

Repair/Renovate house

Home loan is secured loan.

House is collateral or security till the home loan is repaid.

Types of Home Loans

New Home Loans

Pre-approved Home Loan

Home Purchase Loans

Home Loan for Construction

Plot Loans

Home Loan Top Up

Home Extension/Renovation Loans

Balance Transfer Home Loan

Home Loans for NRIs



Down Payment

Eligible Loan Amount


Fixed rate of interest

Floating interest rate

Equated Monthly Installment (EMI)

Processing fees


Occupancy Certificate

Reset Clause

Basis Point

Tripartite agreement

Eligibility: Age: 21 to 60 years and self-employed should be between 21 to 65 years.

Job Stability

Income Level

Credit Rating

Other Loans

Resident Type

Types of Interest rates on Home Loans:

Fixed rate

Home Loan Fees & Charges:

Processing fees

Prepayment charges

Conversion fees:

Cheque dishonour charges

Fees on account of external opinion

Home insurance

Default charges

Incidental charges

Statutory/regulatory charges

Photocopy of documents C

Change in loan term

Application Fee

Technical Valuation Charges

Administrative Fee

Balance Transfer Charges

Legal Fee

Franking Fee

Notary Fee

Indemnity Cost

Recovery Charges

Floating rate of interest.

Home Loan Tax Benefits:

Deduction for Interest Paid on Housing Loan

Deduction in respect of interest paid towards home loan during pre-construction period

Deduction on Principal repayment

Deduction For Stamp Duty and Registration Charges(limit 1.5 lakhs and should be claimed same year)

Additional deduction under section 80EE A

dditional deduction under section 80EEA

Deduction for Joint Home Loan

Remember below points while choosing a home loan

: Due diligence

Interest rate negotiation

Check for hidden charges

Compare different lenders


Read Terms & Conditions

Credit score

Reasons for Home Loan Rejection:

Bad or low credit score

Incorrect personal details in credit report

Rejection of loan by other banks

Unstable income

Age factor

Location of the property

Poor repayment capabilities


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