4 Tips to Help You Close Your Home Loan Early
Want to close your home loan early? Here 6 Smart ways To Close Your Home Loan Faster and Early.
Important Points to Consider Before Prepaying Your Home Loan
We, Indians, are averse to debt. Therefore, whenever we have surplus funds, we use it to prepay our loans. However, a home loan should not be seen under the same lens as other lending products such as car loan and personal loan. Unlike other loan products, home loan offers a number of benefits, which might…
How to Avail Home Loan Subsidy Under Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojna (PMAY) – Credit Linked Subsidy Scheme (CLSS) is a government scheme launched with an aim to make buying home easier for: Economically Weaker Section (EWS) Low Income Group (LIG) Middle-Income Group 1 (MIG-I) Middle-Income Group 2 (MIG-II) The scheme offers subsidized home loan interest rates based on your household income. The…
How is RLLR different from MCLR?
The Reserve Bank of India (RBI) had introduced Marginal Cost of funds based Lending Rate (MCLR) on April 1, 2016, to make up for the limitations of Base Rate, which was the lending rate benchmark at that time for all retail loans extended by commercial banks. However, the delay by banks in passing on the...
Hallmarked Gold, KDM Gold and 916 Gold – What is the Difference?
हिन्दी में पढ़ें The purity of gold has always been one of the greatest concerns for buyers in India. But with the advent of hallmarking by BIS in India, buyers are feeling more confident with their gold purchases. To ensure you are not cheated when purchasing physical gold (gold coins & Jewellery); it is suggested...
PMAY CLSS for MIG Extended Till March 31, 2021: Know How You Can Avail It
The Covid-19 pandemic and the nationwide lockdown has severely impacted the affordable housing segment in India. To give a boost to the housing sector and for the relief of the mid-income families, the Finance Minister Nirmala Sitharaman on May 14, 2020, announced the extension of interest subsidy on home loans under the Credit Linked Subsidy…
Banks Offer 3-month Moratorium on Home Loans: Should You Pay or Defer?
हिंदी में पढ़े The Reserve Bank of India (RBI), on 27 March, allowed all financial institutions to offer a moratorium of three months on the repayment of credit card dues and term loans including home loan. The step was taken with an aim to provide a temporary financial relief to all those who could be...
RBI keeps repo rate unchanged: Here’s what it means for home loan borrowers
In today’s monetary policy review, the Reserve Bank of India (RBI) has maintained status quo. With the central bank keeping its key policy rates unchanged, the repo rate currently stands at 5.15% and reverse repo rate at 4.90%. The Monetary Policy Committee has also decided to continue with the accommodative stand till required to revive…
Union Budget 2020: Section 80EEA deduction extended to FY 2021
Carrying on with its aim to achieve ‘Housing for All’ by 2022, Finance Minister, Nirmala Sitharaman in her Union Budget 2020 speech proposed to extend the tax deduction allowed under Section 80EEA of the Income Tax Act, 1961. Before the announcement, the deadline to avail this additional home loan tax benefit was till March 31,…
How Home Loans Can Help You Save Big on Your Tax
In an effort to encourage more people to invest in properties, the government offers multiple home loan tax benefits under the provisions of the Income Tax Act, 1961. You can avail these tax deductions and significantly save on your income tax outgo. To learn about home loan tax benefits and the process to claim them, read below.