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Home Loan Interest Rates
Home Loan EMI Calculator: Everyone wishes to have their own home at some point in time in their lives. Checkout Zee Business home loan EMI calculator to calculate your monthly installments. Plan your home loan EMI online using free loan calculator, Loan EMI Calculator.
This is a home loan calculator to calculate home loan EMI on a monthly basis. You can use this free home loan EMI calculator to figure out your monthly EMI on your home loan. A home loan is for borrowers who are looking to buy a house for their own or to construct a house on the land they already own. The maximum duration for a home loan is 20 years although some banks may offer repayment up to 25 years or even 30 years. Banks will usually finance up to 80% of the total value of the home. This can go up to 90% in cases the property a borrower is looking to buy is already approved by the bank. Interest rates for a home loan are usually flexible and linked to the prevailing interest rates in the country as directed by the repo rate or monetary policy of the Reserve Bank of India.
Home loans are also eligible for tax benefits as up to Rs 2 lakh a year on the interest of a home loan paid can be used to bring down your income tax outgo for each financial year. Home loans, because of their large ticket size, take time to be disbursed and banks have stringent checks to assess the repayment capacity of the borrowers and their future prospects. It helps if the borrower does not already have another loan and the EMI burden is low.
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