21st
Century Builders always has your convenience in
mind, for quick and easy processing of Home
Finance.While all our Residential Projects are
cleared with all leading Home finance
Institutions for homeloan approvals , we
recommend that you contact the following
companies for preferred customer service.
ICICI
IDBI
Here's a quick insight into Home Finance
and its Advantages.
Q: What are home
loans?
A:
These are loans you have access to, depending on
whether you want to buy or build a house and can
also be used to repair or extend an existing
house.
Q: Who can avail of
these loans?
A:
According to lending institutions, any Indian
resident who is over 21 years of age at the
beginning of the loan and below 65 at its
maturity can avail of the loan. Salaried
Employees as well as Self-Employed citizens can
apply. NRI Salaried and NRI Self-Employed, under
RBI guidelines, can approach only nationalized
banks and other HFCs for loans.
Q: Why should you
opt for a loan to buy a house?
A:
Taking a loan seems like a good option when the
money at hand is insufficient to buy the house
of your dreams.Consider couples in their
twenties and thirties. They enjoy a good income
currently, but their accumulated capital isn't
enough to purchase a house. Whereas a home loan
can give them access to capital against their
current earnings. Also, if you take a
10-year-old loan when you are thirty, you could
repay it by the time you're forty. So you don't
have to be burdened with the interest and are
free to plan your retirement savings.
Q: What is the
quantum of loan that you can avail of?
A:
Loan sanctions depend on your repayment capacity
- which is based on >your current income and
your future repayment capacity. You could
include your spouse's income to enhance the loan
amount. The maximum loan that can be sanctioned
varies with each bank/institution and ranges
from Rs.10 lakhs to Rs.1 crore.
Q: But is it
feasible to take such a big loan?
A: A
home loan is very different from a personal loan
like a car loan for instance. You utilize a home
loan for financing an asset that will hold its
value and even appreciate over the period of the
loan. Though its price could fluctuate in the
short term, Real Estate will show capital
appreciation over the years.
Q: How does that
benefit me?
A: The value of your house generally appreciates
while the loan remains constant. If you had
opted to wait, save up and buy a house, it
would, in the long run cost you much more. Home
loans also come with many tax benefits. |
