Home Loan is offered to individuals who wish to purchase or construct a house. The property is mortgaged to the lender as a security till the repayment of the loan. The bank or financial institution will hold the title or deed to the property till the loan has been paid back with the interest due for it.
Indians with a regular source of income, which includes salaried individuals, self-employed professionals, self-employed business people, NRI .The individual applying for the loan should be above 21 years of age, when the loan period begins and should be less than 65 years when the loan period closes.
Section 80C and Section 24 grant income tax rebates to people who have taken Home Loans. These tax deductions are capped at 1 lakh for the principal repaid and 1.5 lakhs for the interest repaid.
Yes, you can take loan for construction in one city while working in another city.
Your loan balance decreases as you pay each EMI and the amount of interest charged each month decreases as the loam balance decreases.