Commercial Property for Sale in Bhubaneswar

Home Loan can be availed for both resale of properties, new construction and projects by builder.

• Banks offer loan to intending buyers for the purchase land  and further construction thereon.

• Construction loan is most common type of home loan  availed by majority of Indian population to build a home on  a land which they already own. All housing finance companies and banks provide home loan for construction.

• Home extension/improvement loan - You may avail loan  for  any extension or improvement in your house. The housing finance companies and banks offer loan for home improvement/renovation purposes such as interior designing and furniture and electrical equipment's.

All banks and Housing Finance Companies provide Home loan against properties at different interest rates. SBI charges interest rate of 6.80 percent to 7.05 percent for general customers. Some Banks charge less rate of interest than prevailing rate on the basis of high CIBIL score or loan to be availed in the name of a female member.

Home loan on a fixed interest rate shows that your EMI will not be impacted during the loan tenure irrespective of any market conditions or increase in rate of interest. The interest rate will be pre-determined and remain unchanged for specific period. On other side, home loan EMIs varies periodically over the loan period, if taken on floating interest rate.

 Registration of Charges (Memorandum of Deposit of Title Deed)  Legal Fees for property verification  Valuation Fees / Inspection Fees  Documentation Charges  Home Loan Processing Fees.  Pre-payment Penalty.

Majority of Banks and Housing Finance Companies allows loan period up to 30 years. Customer can avail housing loan up to attaining age of 70 years.

Housing Loan scheme for First Time Home Buyers by the Government of India and all families having income of Rs 3 lakh to Rs 18 lakh per annum are eligible under this scheme provided they plan to purchase or construct their first pucca house. Pradhan Mantri Awas Yojana- Credit Linked Subsidy Scheme (PMAY-CLSS) enables home loan borrowers purchasing or constructing their first pucca house to get subsidy credited into their loan account of upto 2.67 lakh.

Yes, Property insurance is mandatory in order to protect your family and your property against uncertainties like earthquake, fire or any damage and destruction due to natural and man-made calamities, during the loan period.

A moratorium period is the time during home loan period, when the borrower is not required to make any repayment. It is a waiting period before which repayment of EMIs resumes. Normally, the repayment begins after the loan is disbursed and the payments have to be made every month. It gives the borrowers breathing space amid tight liquidity conditions.

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. If the loan is taken in single name, then the borrower can claim a deduction up to Rs 2 lakh on home loan interest and further allowed up to Rs 1.5 lakh on principal repayment u/s 80C .If the loan is taken jointly, then each of the borrowers can claim a deduction for home loan interest up to Rs 2 lakh each and principal repayment u/s 80C up to Rs 1.5 lakh each in their individual tax returns.

Generally, there are three types of costs imposed on a home loan- ● Processing charges- you have to pay the fee to the lender on applying for a loan. This is not a fixed percentage of the amount but varies from lender to lender and loan amount. ● Miscellaneous charges- Some lenders also charge various amounts for documentation and consultation.

No, there are general eligibility conditions that should be met to apply for a Home Loan in Bhubaneswar- ● The borrower should be a resident of India. ● The age of the applicant must be at least 24 years. ● The age of the applicant should be 60 years at the time of loan maturity.

The title deed of the property that you purchase is a mortgage with the lender as collateral when availing of the Home Loan in Bhubaneswar.