Home Loan in Ashok Nagar, Bhubaneswar

A Home Loan is a Secured Finance Provided by a Bank or a Financial Institution to enable its Customer to Purchase, Construct or improve their Home, One can also avail a housing loan to buy a plot of land and construct on it. Home Loans are also issued to extend/ repair/ renovate/ alter a new or second-hand property. Bank used to provide up to 90% of the Cost of the property depending upon the eligibility and are repaid using Equated Monthly Installments (EMIs) spread over a fixed tenure. The EMI is calculated on a reducing balance basis. A reducing balance loan means that in the initial days of the loan, the interest component of the EMI is high. But gradually, as you keep on paying more EMIs, the interest component of the EMI goes down and the principal component increases towards the end of the tenure. Benefits of availing a Home Loan An accomplishment – Every individual dreams of owning a house in their name. A home loan allows you to accomplish this feat and realize your dreams. This is one of the biggest financial investments you make in your lifetime and can therefore be considered an accomplishment. # Avail Govt. Subsidy Up to 2.67 Lakhs under PM AWAS Yojana # Capital appreciation – Land is an appreciating asset in most cases. Construction costs have also increased over the years. As rents get more expensive with inflation, investing in your own house can shield you from inflation. # Benefits in interest rate – In the 90’s, banks used to charge up to 18% interest on loans. Today, you are able to get a home loan at 8.30% annually. The decrease in the interest rates coupled with capital appreciation makes it a dual benefit plan.

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