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About Home Loans

Five Things You May Not Know About Home Loans
First :: You can avail a loan for buying your home not only before buying one but typically also within six months of buying it as a refinance at same interest rates

Second :: In case you rent out a house bought with borrowed money, you can claim the entire interest paid on the borrowed capital as deduction from rent earned. If interest exceeds rent in a year, the loss can be set off against salary or business income in the same year

Third :: There are loans available in the market that offer an overdraft facility at a small cost with home loans. This helps reduce interest on home loan by parking temporary surplus into these linked home credit accounts
Fourth :: You can improve your home loan eligibility by adding your earning immediate family members as co-applicants. These include spouse, brother, sister, parents, children (21+)
Fifth :: Floating rate home loans can be prepaid partly or fully at any time without any prepayment penalty. Fixed rate loans typically carry prepayment penalty close to 2%

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