Taking a bank loan is always advisable as it gives you various benefits as below … 1. A Housing loan as it would enable you to get tax exemptions as per Income Tax rules. 2. A Housing Loan can be given by a bank only after all the due diligence of legalities of property so
Surly Part-Payment & Prepayment in housing loan can be done at any stage. There is no Part-Payment & Prepayment penalty applicable if loan is on floating rate of interest. If loan is on fixed rate of interest then Part-Payment & Prepayment charges varies from 1.00% to 2.00% bank to bank.
In Home Loan bank do offer loan from 5 yrs to 30 yrs which varies bank to bank & age of the borrower.
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. EMI is based on the loan amount, rate of interest and the repayment period.
Processing fee in housing loan varies bank to bank, normally it’s start from 5000.00 to 0.50% of loan amount.?
