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A home loan is a contract between the lender company and the borrower where the lender pays complete cost of house to the respective builder or person retailing the house. Borrower then pays back whole loan amount along with the interest, in form of monthly payments called EMI to the lender.

It is every common man’s dream to own a house. Today home loans have transformed dreams into reality for us. A person struggling to fulfil his every day needs, can barely think of the luxury of owning a house. Housing loans have brought about a change, it has given man the power to fulfil his goals and think big.
Market Knowledge
Loans have made purchasing a house easier than ever before. Still one should tread carefully to make the most of this service. One should be completely aware about the type of property one seeks. Banks and lending companies offer loans for ready property, under construction property, self construction and home improvement.
The lenders companies have tie ups with builders so that prospective buyers are assured of housing loans without any hassles.

Payback Terms
The borrower has to pay back the loan amount in form of EMI. EMI is evaluated on the basis of principal amount and the rate of interest. The rate of interest can be kept flexible or fixed. Many lender companies also cover house insurance. If opted, its premiums are added with EMI amount only and thus come very light on pocket. The EMI amount also depends upon the down payment made.

Other Benefits
House loans not only helps you buying a house of own it has the income tax benefits also. Under the IT act, any interest paid on money borrowed to purchase, construct, renovate or reconstruct the property is allowed as a deduction. The entire amount of interest paid is allowed as a deduction if the loan is been taken for the property that is let out.
Moreover the interest paid on new loan taken to repay the original housing loan is also allowed as deduction.

Simple Steps
Keeping in mind the convenience of their customers, the whole procedure of issuing the loan online is kept easy and short.
Firstly, select a program rate and point structure that suits one’s needs. Then the loan application has to be filled in a secured environment. Within 24 hours of receiving the application, the loan is assigned to a professional processor. After reviewing the information given in the application, all the queries of the borrower are verified. The application is then sent for electronic submission. The applicant might be asked to produce some specific documents. Once the documents are verified, the loan gets sanctioned.

The lender companies also take care of the applicants who are ineligible. The company recommends a competing mortgage company that may be able to serve them better.
These loans thus get you to buy a house of own in easy and affordable instalments. Further the tax benefits make the home loans more attractive than any other loan products.