Home Loan

About Home Loan

A Home Loan is a specific amount of money which you borrow from a bank at a rate of interest to purchase a home. According to the rate of interest charged, you need to pay a particular amount of money as EMI every month. The borrower can avail funds of upto 90% of the current market value of the property.

If in case, the borrower is not able to repay the loan, the lending bank has the absolute right to recover their remaining loan by sealing out the property of the borrower.

Home Loans from Loan Mart are the absolute easy and hassle-free accessible financing option, when it comes to buying a property.

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Here are some of the products of a Home loan:

New Home

This is the most common type of mortgage and is commonly used to purchase move-in ready properties, properties under construction and used homes/property for resale. According to the RBI guidelines, lenders can offer loan-to-value (LTV) ratios of up to 75-90% of the property’s value.

Home Construction Loan

This type of mortgage loan is available to individuals who need funds to build a house. The loan is available only if you own the land and plan to build a house on it. As with a composite loan, here the payment depends on the stages of building a house.

Land Purchase

Would you like to buy a plot of land today to build your dream home but are having difficulty obtaining a loan due to the nature of your business or lack of sufficient proof of income? LoanMart can finance your dreams

Home Renovation

As your family grows, so do your dreams and strive for an even better quality of life for your children. The LoanMart Home Renovation loan is the financial support you need to make your beloved home fit your lifestyle.

Features of Home Loan

Here are some of the features and benefits of a Home Loan:

Tax benefits

The main benefit of a home loan is an income tax deduction that you can claim for interest and principal repayments. You can claim up to Rs. 1.5 lakh for principal repayment u/s 80C, up to Rs. Rs 1.5 lakh stamp duty u/s 80C.

Lower interest rate

The interest rate on a mortgage loan is much lower compared to any other type of loan available. If you run short of cash, you can get a top-up on your existing mortgage at a lower interest rate than a personal loan to fix the problem.

Due diligence of property

When you apply to a bank to buy a house, the bank will conduct a thorough due diligence of the property from a legal point of view and verify that all submitted documents are valid. This due diligence by the bank will reduce the risk of fraud. If the bank approves the property, it means that you and your home are safe.

Long repayment tenure

Unlike any other loans, home loans have a longer repayment period, as much as 25-30 years. This is due to the significant amount of credit that you have to take out to buy a house

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All loans are not created equal, personal loan has become a great option for people to use.