Home Loan Resale Purchase
A home loan is a credit facility that an individual avails from a lending institution on interest for buying a property already owned by any other individual or entity, constructing, extending or upgrading a residential property. Since home loan involves a huge amount, it is backed by collateral, which usually is the property for which the borrower is taking the loan.
If at any time a borrower defaults on the loan, the bank has the right to liquidate the collateral to recover the outstanding loan cost.
List of Feature/ Eligibility applicable to all applicants :
- Purpose of loan : Can be used to buy, construct, extend or upgrade a residential property.
- Loan-to-Value : Up to 90% of a property’s value.
- Tenure : Up to 30 years.
- Tax exemption : Tax benefit on home loan interest and the principal amount under Section 24(b) and 80C of the Income Tax Act, respectively.