Tag: home loan

What to do if you have defaulted on a home loan

When the Choudharys bought their dream apartment with a home loan, the future looked bright. Then the pandemic hit and like many homeowners, the Choudharys...

Keep boosting your investments each year, or when income rises

I work in the manufacturing sector with a take-home salary of ₹65,000 and my wife is working in the IT sector with a take-home salary...

Go for home loan refinancing when rates are low, tenure long

With home loan rates near rock bottom, is it a good time to refinance your home loan? Let us take a look by first understanding...

Know when you can claim both home loan and HRA deduction

I stay in a rented house in Delhi because I want to avoid a long commute to work. I have also bought a house in...

Women availed bigger home loans in FY21: report

Indian women availed themselves of bigger home loans in FY21 amid the pandemic, according to a report titled Home Loan Refinancing in 2021 by BankBazaar.com,...

Should you prepay your home loan or invest surplus cash?

When the equity markets are performing well, and interest rates are low, many borrowers wonder whether they should invest surplus money or prepay their home...

Has the second covid wave turned things in favour of homebuyers?

Despite the change in circumstances, if you are still not sure if now is the right time to buy a house or not, let us...

What happens to loans when a borrower dies?

Many families who lost breadwinners are unsure what happens to the deceased’s loans or credit card outstanding. Engaging with collection agents would be the last...

Pros and cons of home loan overdraft facility

Big ticket size and longer repayment tenure, stretching up to 20-30 years, often cause home loan’s interest cost to exceed principal. In their bid to...

Getting a joint home loan with a family member can be tricky

“Lenders have more restrictions for joint loans due to succession and inheritance laws. They don’t want to be embroiled in disputes between legal heirs if...

Missed home loan EMI? Know the consequences

MUMBAI: Normally, individuals secure loans to buy a home. Where these home loans are issued for the long term, there can be a chance that...

Difference between repo rates, MCLR, base rate and prime lending rate

Borrowers had long complained that lenders were quick to increase interest rates on home loans when the Reserve Bank of India (RBI) increased policy rates....

Tax benefits on home loan that you need to know about

If you have an on-going home loan or have taken a home loan recently, then there are certain tax benefits you can avail on the...

Will you benefit from the home loan rate cuts?

SBI has reduced home loan rates to 6.7% for loans up to ₹75 lakh, while Kotak Mahindra Bank‘s offer starts at 6.65%. SBI has a...

Capital losses can be set off against capital gains

I have taken a loan for construction of a house in joint capacity with my father. But I am not a co-owner. Can I get...

What to keep in mind before taking a loan to buy a used car

As the lockdown is lifted in a phased manner, the auto industry expects the sale of cars to rise. Many of these buyers are looking...

RBI allows banks to restructure retail loans

Though the Reserve Bank of India (RBI) did not extend the moratorium in its monetary policy review on Thursday, it allowed banks to restructure the...

Interest paid on refinanced loan may get tax break

With the drop in interest rates on home loan, many borrowers are realizing that they are paying fairly high rates in comparison. At times, the...

Should you take a home loan from a bank or an NBFC?

Banks are offering home loans at interest rates below 7%. Besides lower interest rates, the transmission of rates is more transparent in the case of...

Check if a home loan switch works for you

If you have an ongoing loan with a tenure of over 10 years, a difference of even 50 basis points (bps) can result in substantial...

New tax regime may put more cash in your hand, but be cautious

The Union Budget 2020 announced a new simplified tax regime, which Finance Minister Nirmala Sitharaman claimed would reduce the amount of tax paid. The idea...

Don’t just consider the interest rates when taking a home loan

New customers can now get home loans at much lower rates than what was available earlier. “The sub-7% is the lowest interest rate on floating...

Home loan moratorium can affect tax benefits

The tax benefit you get on the home loan principal repayment will reduce if you take the moratorium that is now available for six months...

EMI moratorium facility can affect tax deductions on your home loan

The tax deduction benefit you get on the home loan principal repayment will reduce if you take the moratorium that is now available for six...

Why banks are rejecting loan requests

S.C. Upadhyay, 54, who lives in Surda, a small town near Jamshedpur, Jharkhand, applied for a personal loan with the same public sector bank with...