Loanfasttrack is a free service provider. Loanfasttrack has a dedicated professional team which helps you to arrive at a smarter decision evaluating the attractive offers and best discounts from multiple banks.
Owning a home of own is a dream for every person. Bank loan is usually taken when one cannot afford to pay the full price of a house. Banks and other financial institutions offer home loans to people who meet the required eligibility.
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You can use the home loans for tax savings only when the construction is completed. The tax benefit on home loan is divided into two sections as mentioned below:
Pre-EMI is paid while the house is under construction. So, you cannot use the pre-EMI as the tax deduction source. Once the construction is completed, the total pre-EMI interest paid is shown in the five equal instalments in the subsequent years.
NOTE: -
Pre-EMI is only the interest paid during the period. If you have paid any principal amount, that is not eligible for the tax deduction. That is lost forever.
The eligibility criteria are related to your age, income, past repayment history and the cost of the property. It also considers your work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc. Banks normally lend up to 3-4 times the annual gross income as a home loan subject to your obligations if any.As all banks and financial institutions have different criteria or specifications, work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc.
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