I'm planning to take a loan for 60Lacs.
which is the best bank to take from to get the lowest interest rate.
what should be the duration of loan 5 or 10 years - based on getting Tax exemptions.
Wait for few days...
Government gonna launch good scheme for 50-60lacs loan.
Btw psbs are good like sbi pnb boi etc.
Make it 15-20y loan to extract maximum tax benifits.
5y or 30y ain't good idea 💡
Play with emi calculator to understand what I said above
Any link for the this - Government gonna launch good scheme for 50-60lacs loan.
Do the tax benefits trump the almost double one ends up paying due to interest?
Go for either SBI or LIC housing finance. PSBs are notorious for doing due diligence, seeing that you are employed in a good comp that shouldn’t be a problem.
Also, do go for housing loan not loan again property since that is expensive.
Last point, take loan against your mother/wife since that would have lower ROI and you can be a co-borrower which shall help you in tax benefit (up to 2 lacs/year) with the tenure of 15-20 years (do enquire in case you pre-pay the loan amount there is low penalty which is usually the case with psbs)
I got one from hdfc in November 2023 at 8.4% intrest, the application process was headache but had, bent to their tantrums for saving some on intrest.
ICICI had best application process, all on app, approved in 2days, but they didn't went below 8.6%.
Also take the longest tenure available 15-20 yrs, you can always do prepayment if want to finish even in 2yrs without penalties.
Based on your question it seems you need to do a bit of reading . U may curse anonymous person now . But on long term it will pay you .
Why I say this -
Tenure is based on liquidity and debt service capacity and not bank
Tax exemptions again do not have direct dependency on term of loan .
It basically shows your disinterest for an important part of life called Finance .
BTW Congratulations for you new home !
Yes , I'm a novice in the field. it's my first time buying a house. Asking basic questions seemed a good starting point
Fair enough . Read and read it will help you more than any answer here . U can definitely take time out for such a important thing . After that any specific questions may be yes posting it here will help
I have tried free home loan advisory session by creditdharma. These guys are really good at what they do.
No session available with them
Write down all your problems in the comments and let some random stranger give you advice.
Start commenting.
It’s so painful to see the amount of money I end up paying on the name of tax. Presently doing - 1.5L of LIC and pf + 50k NPS + HRA. What else can be done? My CTC is 55LPA.
Asking from people who consider that one should strive towards owning a house (or an even stronger stance that not owning a house is not an option for them).
Really want to understand their POV.
Why are you comfortable taking 15-2...
I was thinking about this few days back...Today a swiggy employee validated my thoughts so posting here.
Layoffs are mainly in cream jobs(20-30% which is hardly 2-3cr source tax web) and in India mainly home loans or highly consumable l...
