Home Loan

Home loan interest rates in August 2024: What top 20 banks are offering

Take a look at the top 20 banks that offer the lowest Interest rates for home loans

What is co-applying for home loan? Know risks and benefits

A co-applicant may be named as the secondary applicant on the joint home loan but may share same loan repayment responsibilities and benefits that go with a home loan

Check list of documents to secure after closing your home loan

Completing the home loan closure process involves more than just paying off the loan; it requires careful attention to detail in collecting and verifying essential documents

Selling your home? Here are tips for a hassle-free transaction

Seek valuations from several reputable real estate agents to get a clear idea of your property's worth

Beware, over-leveraging with top-up home loan could cost your home

A top-up home loan's tenure can, in theory, extend up to the residual tenure of the home loan

RBI holds repo rate at 6.5%, home loan EMIs unchanged: What you must do now

The unchanged repo rate means there will be no immediate effect on home loan EMIs

Naredco suggests raising tax relief on home loan interest to Rs 5 lakh

Realtors' body NAREDCO on Tuesday suggested that the tax exemption on interest on self-occupied property loans should be increased to Rs 5 lakh in the upcoming budget from Rs 2 lakh currently to boost housing demand amid a rise in housing prices and mortgage rates. Builders also sought some tax incentives to boost demand and supply of affordable homes. NAREDCO noted that under Section 24 of the Income Tax Act, the deduction allowed on interest on loans for self-occupied property is limited to Rs 2 lakh. "Given the rising property prices and interest rates, NAREDCO proposes increasing this limit to at least Rs 5 lakh," the association said in a statement. The realtors' body mentioned that currently the annual value of property held as stock-in-trade and not let out is considered nil for up to two years from the end of the financial year in which the construction completion certificate is obtained. After this period, the notional income is taxed. It suggested that this provision sho

Cancelling credit card, uncluttering home: Top personal finance stories

Our top stories this week tell you about the procedure to cancel a card and the various storage solutions for your home

Outstanding credit to housing up by Rs 10 trillion in last 2 years: RBI

Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022. The data also showed that the credit outstanding towards commercial real estate stood at Rs 4,48,145 crore in March 2024. It was at Rs 2,97,231 crore in March 2022. According to reports from various property consultants, housing sales and prices have surged significantly in

Home loan: Don't forget to ask your lender these questions before applying

Given the long-term commitment of a home loan, understanding its terms and conditions is crucial before you apply

Bank of India reduces home loan rates by 15 bps to 8.3% till March 31

Public sector lender Bank of India on Tuesday announced a reduction in new home loan rates to 8.3 per cent from 8.45 per cent and fully waived off processing fees as a limited period offer till the end of this month. The bank claimed that at 8.3 per cent, it has the lowest rate among its peers. For SBI and HDFC Bank, which are the industry leaders, the lowest rate begins at 8.4 per cent. The offer is valid up to March 31, it added. The bank also said it is offering special financing for rooftop solar panels at 7 per cent interest rate and with no processing fee. At 8.3 per cent, a 30-year tenor home loan will have a starting EMI of Rs 755 per month per lakh. The loan package is further enhanced with an overdraft facility, providing a flexible and comprehensive financial support system for homebuyers, it said. Besides covering home construction, renovation and furniture, its home loan offering broadens its scope beyond traditional financing to promote clean and renewable energy ..

Banks like Bank of India, HDFC offer lowest home loan interest rates

Take a look at the interest rates offered by leading banks and the projected monthly installments for a home loan

BS IMLC: 'There's a need for re-look at affordable housing definition'

Cost of finance to housing firms is a concern, considering the inherent risks in the industry, said Adhikari

Consider consequences before stopping EMI

The National Commission observed that once proceedings before the Debt Recovery Tribunal were completed, Ahmed could file a fresh complaint if a deficiency in service existed

High-value home loans: Enhance your credit score to boost eligibility

Engage a property lawyer to carry out title and other checks for smooth approval

Realty reality: Will luxury housing in India lose its sheen in 2024?

Luxury housing in India witnessed a record-breaking year in 2023 as the sales of such homes touched an all-time high. Now, is the demand for these costlier homes likely to continue in 2024 as well?

Home loans' share of retail segment decline to 47.2% in Nov, shows data

Unsecured loans extended by banks at Rs 15.35 trillion

65% Indians looking to buy a home in 2024: NoBroker Annual Report 2023

The contributing factors include narrowing the gap between rents and EMIs, increase in affordability and security of owning a home

8.35% interest, discounts on processing fee: Cheapest home loans right now

With interest rates as low as 8.35 per cent and up to a 50 per cent discount on processing fees, it might be the perfect time to consider taking out a loan

Capitalise on festival offers for loans, but heed other conditions too

Loan amount, tenure and prepayment conditions must also suit you