Home Loans
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Home Loans :
Home Loan is designed for purchase of ready property or for construction of existing property.
Finwizz's offers you a basket of options to choose from its wide relationship withPremier Banks and Financial Institutions, with over a decade of experience serving and pleasing customers.
Few of the financial institution partnered with us for Home loans are ICICI Bank, Standard Chartered, Axis Bank, Citibank, Kotak Mahindra, Reliance & more. Finwizz Team will understand your requirement and propose a customized loan solution which offers the best loan amount, Rate of Interest, Processing Fee, Tenure etc., at one go.You can soon be on your way to owning your dream home!
We make it safe, simple and swift. You just have to reach out to us and let us know your requirement or situation and we strive to fulfill your need by working our muscles all day, while you sit back and relax.
What is a Home Loan?
Buying a house is perhaps the biggest aspiration for most people. Today, making this dream a reality has become really easy, thanks to the variety of Home loans available in the market.
Whether it is a first home that you are looking at or the second, whether it is for your family to live in or to simply make an investment, Home Loans make it possible. So what exactly is a home loan?
A home loan is a where the consumer borrows money from a lender (typically be a Bank, an NBFC or a housing finance company), to purchase a residential property and offers the same property as a security.
When to apply?
You may apply for a home loan after deciding which property to acquire. Even if you haven’t decided, you can still apply and your financier will let you know what loan amount you are eligible for.
Home Loans may be used to do the following:
- Purchase a property within an under-construction residential development.
- Purchase a ready property, from a builder or its current owner.
- Purchase a plot in private development OR from current owner Or a government development authority.
- Finance the construction of your house on a plot you already own.
- Purchase a Plot as well as finance the construction of your home
How is my eligibility determined for a Home Loan ?
Your Home loan eligibility is determined based on:
- In the event it is a property under construction by a developer, the credibility of the developer and past performance on their projects will also be taken into account.
- By having a co-applicant, you can club the income of both you and your co-applicant to get a higher eligibility on your home loan.
- Typically, most working couples manage their finances in a way that certain expenses like EMIs are met from one partner’s account and running expenses from the other’s. In such cases, income proofs of only one partner may give the lender an inadequate picture of the loan servicing capability of the couple; in such cases it is advisable to have your spouse as a co-applicant.
- Co-applicants need NOT necessarily be co-owners. Other members of one’s immediate family may also become co-applicants to a home loan- this is limited to Spouses, Parents & siblings.
- When Calculating Eligibility including a Co-applicants you can club sources of income be it from Business , Rental and employment income
To know your eligibility noworto apply, please call us on +91 80 465 77 000 or email us at sales@finwizz.com.
We Offer :
- Loan with simple documentation, quick processing and disbursal.
- Enjoy the convenience of doorstep service
- Get the best in market interest rate for your personal loan
- You need not worry about collaterals or guarantors
- Try out the 'Balance Transfer Option' to get rid of high Interest current EMI’s and get slash up to 2% on interest rates on your current loan.
Advantages of Home Loan :
Sense of accomplishment
Buying a home is one of the biggest financial investments you may make in your lifetime; and that's not just because of the sentimental value.
Capital Appreciation
For each one of us who has seen property prices boom over the last five years, the prospect of mouth-watering capital appreciation is the biggest argument for buying a home. Construction costs alone, which account for more than 70 per cent of the flat's cost, have risen at 15 per cent annually in the past decade.
Low interest rate
Buying a home is a long-term decision of over a 10-year period; There could also be situations in which the interest rates fall, allowing you to prepay your loan and own your home. For instance, those who bought property in 1995, at an interest rate of 18 per cent, not only saw interest rates fall dramatically over the next decade, to bottom out at about 7.5 per cent, property prices too appreciated steeply. This works as a double boost to wealth.
Tax Benefit: Interest paid
As per Section 24(b) of the Income Tax Act, 1961 a deduction up to Rs. 1.5 lakh towards the total interest payable on the home loan towards purchase / construction of house property can be claimed while computing the income from house property. (The deduction stands reduced to Rs. 30,000 in case of loans taken prior to March 01, 1999).
Tax Benefit: Principal Repayment
As per the newly introduced Sections 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to Rs. 1 lakh on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.