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Home Loan in India
Due to a boom in the real sector in India, housing loan sector has taken a new turn in the market. With the growing need of houses, the requirement if home loans have in ascended. As tax incentive are provide to housing finance sector in India, during the 2001 annual budget, buying and selling transactions of residential properties is augmented as compared to other years.
The real estate market in India has undergone transformation to keep itself align with international standards with more emphasis on cost control & quality as well as documentation methods. Moreover, the class of buyers these days is generally young customers who possess a thorough knowledge of all legal documentations and approvals related to property. The buyers of the properties are usually the end-users and not the investors. Real estate loans are also provided to home developers, builders and promoters according toothier financial standing and experience so that they can return the loan payment with minim installments. Emergence of Housing Finance Sector Real estate sector in India has the maximum tendency to generate income & meet the growing demands for equipments, materials and services. Housing finance companies have emerged keeping in mind the requirements of buyers for loans to invest in properties. However, both Indian and NRI customers are facilitated with home loans by varied financial instructions at fixed or floating interest rates and attractive EMI options as well. No tax benefits are provided to NRI customers before they file returns and become liable to avail tax benefits. Housing loans are provided for following purposes:
EMI’s equal to Rent Today, the amount spent by a city dweller for paying a rent stand equal or less than EMI of home loan. Earlier, housing loan sector was wholly dependent upon public and nationalized banks of India. But with the passage of time, public sector banks emerged with the huge cut in interest rates. This has further empowered the customers with huge borrowing power. Moreover, HCF’s are also offering incentives that attract investors such as:
Finance Criteria: Finance companies follow certain eligibility criteria before providing home loans: Salaried Employed :
Self-employed :
However, real estate boom has provided a new dimension to financial sector for home insurance or home loans. This has further given a new edge to varied financial institutions that provides attractive offers to customers and simultaneously contributes in the increased investments in realty sector. Furthermore, 13 new institutions have forayed in to the business of housing finance from last three years: Banking Institutions & Public Sector Housing Finance Organizations :
Financial Institutions :
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