Loan Services

Home Loan Tax Benefits
The repayment of a home loan consists of two parts: repayment of the principal amount and the interest rate. When filing income tax returns, these parts are claimed as a home loan interest deduction or a tax deduction.
Section 80 EEA allows you to claim tax benefits for the interest component paid on a house loan. This part offers house loan borrowers tax incentives of up to INR 1.5 lakhs on the interest rate they must pay.

Many potential homebuyers face the challenge of not having ample funds to buy a property of their choice. While a majority are dependent on loans, it is not necessary that a homebuyer would be sanctioned a loan amount of their choice. Hence, homebuyers are suggested to get a pre-approved home loan.
Being pre-qualified for a home loan is one of the initial steps a homebuyer takes. In this process, the homebuyer is to provide all the details that show they are qualified to get a home loan of a certain amount. Here, a homebuyer has to provide their financial status, including income, debt and assets. Based on this information, the banks inform you about the amount of loan you are qualified to get. In case you want to know your qualification, you could visit the bank’s website or the bank branch near you.
Pre-approved loans are completely different from being pre-qualified. It is the next step you take after you have pre-qualified. During the pre-approved process, you officially apply for a loan through an application, pay for the application, submit all the required documents that show your financial standing and also your credit rating.
During this process, the lender could tell you the amount of loan you could get and the interest rate. In some situations, the lender can also lock the specific interest rate.