Lenders usually offer a loan amount up to 60–80% of the property value, depending on your eligibility. Your monthly income, credit score, existing EMIs, and repayment capacity are key factors. A common rule is that your total EMIs (including the new loan) shouldn't exceed 40–50% of your monthly income.
Yes! Under Section 80C of the Income Tax Act, you can claim up to ₹1.5 lakh per year on the principal repayment. Additionally, under Section 24(b), you can claim up to ₹2 lakh per year on interest paid (for a self-occupied property). If the home is under joint ownership and both co-owners are earning, they can each claim tax benefits separately.s.
To apply for a home loan, you'll need documents such as proof of identity (Aadhaar, passport), proof of address, income proof (salary slips, bank statements, ITRs), property documents, and employment or business proof. Requirements may vary based on your job type and the lender's policies.
Home loan tenures range from 5 to 30 years, depending on your eligibility and preference.
Yes. Most banks and NBFCs offer home loans to Non-Resident Indians (NRIs), subject to income and employment criteria. Documentation and repayment must be in Indian Rupees (INR).
Foreclosure charges differ from one bank to another, as each financial institution sets its own policies and fee structures.
