Quick Answer: Is Home Loan A Good Option?

Which home loan is better HDFC or SBI?

The lowest interest rate of SBI is lower than that of HDFC bank.

SBI offers cheaper loan options.

SBI charges a processing fee of 0.20% while HDFC charges @ 0.25%.

If you want to go for a higher loan amount, you should go for HDFC because its higher processing fee is lower than that of SBI..

Which is the best option for home loan?

Best Bank for Home Loan in India 2020#1. ICICI Bank Home Loan.#2. State Bank of India Home Loan.#3. HDFC Bank Home Loan.#4. Axis Bank Home Loan.#5. Dewan Housing Finance Ltd. ( DHFL)#6. Indiabulls Home Finance.#7. LIC Housing Finance Home Loan.#8. PNB Housing Finance.More items…•

Is it better to pay home loan or invest?

You take a loan at an EMI you can afford. Eventually, your income increases and you find that can pay back more of the loan than you had originally planned. … On the face of it, long-term investments in an equity mutual fund will possibly fetch higher returns than the interest that savers are paying on housing loans.

Is it right to take home loan?

A loan, when managed well, is the biggest realiser of our dreams. … A home loan is one of the cheapest borrowing tools which comes with a low rate of interest. Unlike other loans, there’s zero prepayment penalty on home loans with floating interest rates. So, there are definitely some advantages in taking the loan route.

Documents Required for Housing LoanSalariedResidential Address proof of Primary Borrower and Co-borrower(s) – Any one of passport, Aadhaar card, voter I card, landline bill, registered rent agreement, driving license, bank statement or passbook or utility bill. Bills and statements must not be more than 3 months old✔3 more rows

What is benefit of home loan?

1.Deduction for Interest Paid on Housing Loan The interest portion of the EMI paid for the year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh under Section 24. From Assessment Year 2018-19 onwards, the maximum deduction for interest paid on Self Occupied house property is Rs 2 Lakh.

How many times can take home loan?

You can take as many home loans as you wish, there is no limit set on the number. Your financials should be able to back your wishes though. Banks or any lending institute looks for a source of income which you would use to repay the loan amount including all the interest and other fees.

What is the 28 36 rule?

The rule is simple. When considering a mortgage, make sure your: maximum household expenses won’t exceed 28 percent of your gross monthly income; total household debt doesn’t exceed more than 36 percent of your gross monthly income (known as your debt-to-income ratio).

How much loan can I get on 35000 salary?

If you are taking a home loan for 35,000 salary, you can get a maximum loan amount of Rs. 20,16,481 at say an 8.5% interest rate for a tenure of 20 years. In this situation, the home loan EMI amount you would pay is not more than Rs. 17,500.

Is getting a home loan difficult?

A recent study by Fannie Mae found that most people think that the requirements for getting a mortgage are more stringent than they actually are. According to the study, the financial requirements set by mortgage lenders aren’t nearly as hard to meet as borrowers think.

How much loan I can get if my salary is 60000?

You are eligible for a home loan of approximately Rs. 36 Lakh, if your in-hand salary is Rs. 60,000….How much home loan can I get on my salary?Net Monthly incomeHome Loan AmountRs.50,000Rs.37,28,676Rs.70,000Rs.52,20,1463 more rows

How much home loan I can get if my salary is 20000?

Salary / Income per MonthSalary / Income per MonthSBI Home Loan EligibilityLIC Home Loan Eligibility20000120000011000002500014000001200000300001700000150000035000200000018000002 more rows

Is home loan a good idea?

Yes, it is good to take a home loan, if you do not have the funds to finance the purchase of a home. … A home loan is an excellent way to get the home you desire by paying the principal amount and interest rate over the loan tenure. You can get loan tenures going up to 30 years.

Can I take 2 home loans?

Yes, you can own multiple properties and Apply For a Home Loan for more than one house. However, it depends directly on your income and probability of paying off the debt. You can take the credit from the same finance company or bank, or may explore other avenues.

What are the rules for home loan?

Home loans are usually sanctioned for maximum long tenure of 30 years. It is observed that the average period people take to pay off their home mortgage fully is around 8 years. As per RBI circulars, banks are not allowed to charge prepayment penalty or charges on floating rate home loans.

What is the EMI for 20 lakhs home loan?

Housing Loan Interest CalculatorEMI for various home loan amounts15 years20 years₹ 20 Lakh₹ 17,698₹ 15,207₹ 25 Lakh₹ 22,123₹ 19,009₹ 30 Lakh₹ 26,547₹ 22,811₹ 50 Lakh₹ 44,245₹ 38,0181 more row

Which bank gives cheapest home loan?

These 10 banks are offering the lowest home loan interest rates for salaried individuals.BANK NAMERLLRMaximum Interest RatePunjab & Sind Bank6.907.60SBI Term Loan6.657.45IDFC First Bank7.008.00Indian Bank6.807.356 more rows•5 days ago

How hard is it to get home loan?

There is no hard and fast rule for credit, but the Federal Housing Administration (FHA), which helps first-time buyers, requires at least a 580 for its loans with the lowest-required down payments. In general, borrowers falling into the poor-to-fair credit range — 501-660 — will face a harder time.