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Get quotes from multiple home loan lenders at one place at Fincover. Compare quotes from different loan provides and make a well-informed choice.
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What is a Home Loan?
Buying a house is everybody’s dream. It’s an expensive dream and not possible for most people without using up a lifetime of savings. A home loan helps you realize your dream and keep your savings intact at the same time. What is more, it comes with many benefits.
You can get a home loan to build a new home or renovate an existing home. Low – interest rates, flexible repayment options, tax benefits, long tenures, top-up facilities, and prepayment options are some of the benefits of a home loan. A home loan is a long-term commitment unlike a Personal loan or other types of loans. Therefore, it is essential to exercise caution while applying for a home loan. Fincover helps you in getting the loan at the best rates.
The home loan market is crowded with lenders, so it isn’t easy to pick the best loan option that meets your requirement from the clutter. At Fincover, you can compare, analyse, and choose the best home loan from India’s leading banks. You can find comprehensive information about home loans and apply online immediately from the comfort of your home.
Features and Benefits of Home Loans
Tax Benefits
Taking a home loan makes you eligible for tax benefits on both payment of interest on the loan and repayment of the principal. You can claim tax deductions on the interest and principal components of your home loan under sections 80C, 24b, and 80EEA(for first time home buyers) of the Income-tax Act, 1961, subject to certain conditions.
Longer Tenure
Among all the loans, home loans provide you with the longest tenure. Most banks give up to 30 years to repay the loan with interest. You can use our home loan EMI calculator to understand how the EMI changes with different tenure options.
Balance Transfer
If you have taken a home loan and find another lender who offers lower rates, you can take advantage of this and transfer your loan! Check our balance transfer calculator to know further details.
Asset Building
Buying a home means you are buying a tangible asset. As we all know, property prices are always on the rise with development. You can benefit immensely from rising property prices over time.
Easy buying
For most people, buying a home from their savings is nearly an impossible task. A home loan helps you get closer to your dream home as you can repay it in flexible EMIs.
Tax Benefits on the 2nd home
If you apply for a loan to build a second house, you can claim complete tax exemption of home loan interest under section 24B of the Income-tax Act, 1961.
Save on Rent Expenses
Rent costs are always spiralling as cities grow larger and more cities crop up. Instead of wasting your money on rent, you should apply it towards EMIs after buying a home.
Eligibility Criteria
Fixed and Floating Interest rates
Fixed Rate Home Loan
Floating Rate Home Loan
Types of Home Loans
Banks provide home loans for different purposes. Before applying, analyse your requirements and apply the appropriate type of loan to avoid rejection.
Documents Required to get a Home Loan
Usually, home loans require a set of documents to be submitted to the lenders. Some of the standard documents required for processing a home loan are:
- A loan application form duly filled
- ID Proof such as PAN card, Aadhaar card and Voter ID card
- Age Proof like Driving License or Aadhaar card
- Address Proof like bank passbook, Ration Card, Voter ID)
- Proof of Income for salaried borrowers like a bank statement, IT returns and payslip
- Proof of Income for self-employed borrowers like IT returns, the balance sheet of your company
- Proof of business address
- Property related documents such as registered sale deed, NOC from the builder and complete building plan.
Home Loan Fees and Charges
In addition to the interest rate, several charges may apply from time to time until you pay a home loan back in full. Some of the standard charges are,
Home Loan EMI Calculator
A Home Loan EMI Calculator a tool from Fincover that helps you determine the monthly home loan instalment (EMI) with ease.
You can calculate your home loan EMI in a matter of a few seconds with our Home Loan EMI Calculator.
Just input a few details and get accurate information about the repayment schedule.
Step by Step approach to use our Home Loan EMI calculator
- Step 1: Input the loan amount you want to borrow
- Step 2: Input the applicable interest rate
- Step 3: Enter the tenure and click on “Calculate”
Things to Know before Applying for a Home Loan
As mentioned, home loans can have two types of interest rates namely,
- Fixed
- Floating
If you want a short tenure loan, it's better to go with a fixed rate loan. When you want a longer duration loan, it's good to go with a floating interest home loan.
- Typically, home loan amount disbursal happens within 10 to 15 days after application as the lender needs time for document verification and eligibility.
- Check if you are eligible for a home loan with our Home Loan EMI Calculator to save your time and money.
- Enter all the details and confirm your eligibility, and you will have an idea about terms and repayment before applying for a loan.
- Apart from the rate of interest, there can be many hidden charges that you have to pay.
- These would be mentioned under Home Loan Fee and Charges.
- It's always good to read and understand the documents of each loan documents thoroughly before making a final choice.
- Ensure you read the terms and conditions of the loan you want to take and fully understand about the repayment, prepayment and several other things related to house loans.
Why should you apply for a Home loan at Fincover?
Fincover lets you compare, analyse and pick home loan quotes from multiple banks. Based on personal requirements, you can choose the one which fits you the most.
Best Interest Rates
Transparency
Privacy
One-stop destination
How to apply for Home Loan at Fincover?
Fincover gives you an option to compare home loans from several lenders. You can compare and apply easily.
- Enter your name, email ID, PAN Card, Property Cost, and Property Area.
- Click on get quotes, to view the home loan offers from banks and various non-banking financial companies.
- Compare the interest rates, processing fees, EMIs on the different home loan offers.
- Select the one which suits your requirement.
- Get an instant e-approval from the lender. Our support team will help you through the documentation process and an agent from the lending institution will contact you for disbursal.
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