Getting the key to your dream home is a
wonderful feeling. It takes years of hard work and savings for a middle-class
family to finally buy a house. Home loans have come a long way in making home
buying easier for the people of India. Persistent efforts are being made by the
government to give every family a roof over its head; banks and financial
institution are not far behind in making this dream a reality. Offering higher
loan amount, easy terms and conditions and attractive interest rate, lenders
are assisting mid-segment home-buyers in the best possible ways.
One of the most trusted home loan lending
institutions is Indiabulls. It is the second largest housing finance company in
India and is regulated by the National Housing Bank. Based on the pillars of
transparency, integrity, professionalism and customer-centric approach,
Indiabulls aims to share the load of homebuyers so that they can focus on other
aspects of their new home. Indiabulls home loan can be availed by residents
Indians as well as NRIs.
Key
Highlights of Indiabulls Home Loan
Indiabulls offers home loans at highly
competitive rates customized to meet the needs of different buyer segments.
Given below are some of the key reasons why one should opt for
Indiabulls home loan-
Purpose
of Loan- Through Indiabulls, one can take loan not
only to finance the purchase of a house but also for the construction of a
residential house on a plot, for extension or improvement of an existing
residential property or for the renovation of a house. So for every home
related need you have, Indiabulls is there to support you.
Maximum
Loan Amount- As a step towards sharing maximum load
of a homebuyer, Indiabulls home loan can be taken for 90% of the property value,
in case the cost is up to Rs 30 Lakhs. For properties ranging between Rs 30
Lakhs and Rs 75 Lakhs, the loan amount can be up to 80% of the value. For homes
costing higher than Rs 75 Lakhs, up to 75% of the value can be funded through
home loans. The maximum loan amount, however, is subject to the applicant’s
repayment capacity.
Joint
Home Loan Facility- Indiabulls home loan can also
be taken jointly with a co-applicant subject to certain terms and conditions.
Joint home loans are good for those with poor credit scores and they also allow
extra income tax benefits.
Maximum
Tenure- Usually banks grant home loans for a period
of 20-25 years but Indiabulls home loan can be availed for a maximum tenure of
30 years subject to the retirement age of the applicant.
Indiabulls
Home Loan Interest Rate
Indiabulls home loans are available at
adjustable interest rates. These are linked to its benchmark rate which is
subject to change but the monthly EMI outgo remains unchanged. In case the rate
increases, the interest component in your EMI will be increased and principal
amount is reduced and vice-versa.
The table given below shows Indiabulls home
loan interest rates for different property values-
|
Home Loan Amount
|
Adjustable Interest Rates
|
|
Upto and including Rs 75 Lakhs
|
8.65% to 9.75%
|
|
From Rs 75 Lakhs up to Rs 3 Crores
|
8.70% to 10.75%
|
|
From Rs 3 Crores up to Rs 5 Crores
|
8.80% to 11.25%
|
|
Above Rs 5 Crores
|
10.00% to 11.75%
|
A mix of fixed and floating interest rates
is also offered by Indiabulls. The rate is fixed for the first three years
after which interest is charged as per the prevailing adjustable rates of
interest. The interest rate margin will also be adjusted to the benchmark rates
of Indiabulls.
Tax
Benefits on Indiabulls Home Loan
One can avail certain tax benefits on Indiabulls
home loans. Under section 24B of the Income Tax Act, you can get a tax
deduction of up to Rs 2 Lakh towards interest paid on your home loan. Also,
under section 80C, You can get deduction up to Rs 1,50,000 from the Income on
repayment of home loan principal during a financial year.
Other
Benefits of Indiabulls Home Loan
Some other feature of this home loan are-
·
Pre-approved home loan facility
is also offered by Indiabulls.
·
No pre-payment / foreclosure
charges on home loans.
·
One can manage his loan account
online or through Indiabulls latest mobile application.
·
Quick processing and disbursal
of loan; online one click approval facility is also available.
·
Balance transfer facility with
reduced interest rates and EMIs.
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