The first step is to complete the application form. The application form may vary from bank to bank, but almost 80% of the information they need is identical.
Most of this is your personal and professional information. Some banks are offering doorway service these days, but some banks demand a mandatory visit to their branch once.
Many benefits come along with a home loan. Home loans help you to achieve your goal of buying a new home by making tax benefits available to you.
Such tax benefits will add up to your savings and EMI flow. Look at the following points and determine your tax advantages based on the amount of your loan.
The lender of the home loan gets to benefit from both the interest paid and the primary re-paid tax benefits. Under Section 24(d) of Income Tax, the interest deduction payable on the home loan is up to Rs. 2,00,000.
Under Section 80(c) of Income Tax- the primary loan repayment sum together with other savings & investments is eligible for a tax deduction for maximum value: Rs. 1,00,000.