In the context of the Indian real estate market, "building code" refers to a set of regulations and guidelines that dictate the standards and specifications for the construction, design, and safety of buildings. Here's a comprehensive guide to understanding building codes in India: 1. Definition of Building Code: Building codes are a collection of rules and standards established by government...
October 2023
In India, the Prime Lending Rate (PLR) is a crucial reference rate used by banks to set interest rates on various loans, including home loans, personal loans, and business loans. Here's a comprehensive guide to understanding PLR: 1. Definition of Prime Lending Rate (PLR): PLR is the interest rate at which commercial banks offer loans to their most creditworthy customers. It serves as a benchmark...
In India, there are several types of home loans to cater to diverse financial needs and circumstances. Understanding the different types of home loans is crucial for making an informed decision. Here's a comprehensive guide to the types of home loans available in India: **1. Home Purchase Loan: This is the most common type of home loan used for buying a new or resale residential property. The loan...
In the context of home loans in India, "Pre-EMI" refers to a specific type of repayment arrangement that is commonly associated with under-construction properties. Here's a comprehensive guide to understand Pre-EMI: **1. Definition of Pre-EMI: Pre-EMI stands for "Pre-Equal Monthly Installment." It is a type of partial interest payment made by borrowers to the lender during the construction phase of...
Yes, in India, you can get a home loan pre-approval, which is a preliminary approval or conditional offer from a lender indicating the amount you can potentially borrow for your home purchase. Here's a comprehensive guide on home loan pre-approval: **1. What is Home Loan Pre-Approval? Home loan pre-approval is a process where a lender assesses your financial and creditworthiness to determine the...
Your salary plays a significant role in determining the home loan amount you're eligible for in India. Lenders assess your income to ensure you can repay the loan comfortably. Here's a comprehensive guide on how your salary influences your home loan amount and ways to increase your eligibility: **1. Income Eligibility Ratio: Lenders typically use a fixed percentage of your salary to calculate the...
When applying for a home loan in India, you'll need to provide a set of documents to support your loan application. Here's a comprehensive guide on the documents needed to apply for a home loan: 1. Know Your Customer (KYC) Documents: These documents establish your identity and address. Aadhar Card: It serves as both proof of identity and address. Passport: An accepted identity and address...
In India, when you're considering a home loan, you'll often encounter two types of interest rates: fixed and floating. Each has its own characteristics and implications for your loan repayment. Here's a comprehensive guide on the difference between fixed and floating interest rates in India: 1. Fixed Interest Rate: A fixed interest rate remains constant throughout the loan tenure. This means that...
In India, home loans come with several additional charges apart from the interest rate. It's crucial to be aware of these charges to effectively manage the financial aspects of your home loan. Here's a comprehensive guide on the various charges associated with home loans in India: 1. Processing Fee: A processing fee is charged by the lender for the evaluation and processing of your home loan...
In India, home loan borrowers can avail of several tax rebates to reduce their overall tax liability. Here's a comprehensive guide on the tax rebates available on a home loan: 1. Tax Rebate on Home Loan Interest: Under Section 24(b) of the Income Tax Act, Indian homeowners can claim a tax rebate on the interest paid on their home loans. As of my last knowledge update in September 2021, the maximum...