Availing a home loan and repaying it back requires you to plan your finances well ahead of time. While doing so, you also needs to calculate and ascertain how much interest and principal you are paying throughout your tenure. This is highly recommended by all financial experts and home loan providers. Furthermore, all efforts should be taken to avoid financial burdens and unwelcome expenditures, so as to save your valuable money for yourself and your family.
The maximum term of your home loan can be up to 30 years and it cannot extend beyond your retirement age or 60* years (whichever is earlier).
*60 years for salaried individuals and 70 years for self-employed individuals.
You can avail loan for a maximum amount of Rs. 5 Crore. You can transfer 100% of the principal outstanding amount including interest and other charges based on foreclosure statement.
Your home loan amount depends on your annual income and ability to repay the loan. You can increase your home loan amount by adding an earning co-applicant.
You can pay your home loan EMIs through:
Electronic Clearing Service (ECS)/ National Automated Clearing House(NACH)- based on standing instructions, given to your bank
Post Dated Cheques (PDCs) - Drawn on your salary/savings account. (Only for locations where ECS/NACH facility is not available.)
*As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is Rs. 2,00,000/- for the interest amount paid in the financial year and up to Rs. 1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
Loan Term
Loan Amount
Modes of Repayment
Tax Benefits