60 Lacs Home Loan
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?
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car_guy
Stealth
8 months ago
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.
I have tried free home loan advisory session by creditdharma. These guys are really good at what they do.
A 15yr tenure is a sweet spot for most people. Anything above might mean you can't afford it. Anything lower means that if you can afford it, why give up your cash on hand? Prepayment charges are banned by RBI anyway. Pre-pay any time.
Longer tenure == higher interest (net of tax benefit)
Yes. That's true.
It's also the cost of capital, and peace of mind.
I took a longer tenure, collected cash and didn't worry too much about the loan, and one fine day went to the bank and paid 50% of the principal outstanding.
Did I pay more interest? Yes, marginally. Amortize over a few months/years and you'll realise it's (very) low 4 figures of extra interest.
Did I ever worry about the loan -- Never.
Go for any bank that gives you 8.4% or better rate.
Make them compete against each other.
PSB >> Any private bank.
Axis is top notch. HDFC is a miss or hit (mine is with HDFC, not a miss, but probably lucky)
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
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