A fixed interest rate loan is one where your interest rate is locked in (i.e. fixed) for a certain period.
A variable interest rate loan is one where interest rate changes with change in the RPLR/BPLR whenever reviewed by the financial institution.
Yes. You are eligible for tax benefits on both the Interest & Principal components of your repayments during a financial year under the Income Tax Act, 1961.
NACH E-Mandate is a standing instruction given by borrower(s) to a “lending institution” to debit borrower’s bank account on a periodic basis for instalments like Equated monthly Instalments (EMIs).
It is mandatory as well as advisable to have a co-applicant. Having a co-applicant may increase your eligibility, if co-applicant generates income, and your chances of getting the home loan sanctioned. Moreover, co-owner(s) of your property has to be co-applicant(s), but co-applicant(s) need not be co-owner(s).
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