Home loan scheme is such a scheme with the help of which people can build their own house and can also get it completely repaired because, it is a type of loan which is taken from the bank to buy a house or land for the house. That is, the loan taken from the bank for any land or house is called a home loan.
People who do not have sufficient amount of money to buy a house or land, they join the home loan scheme and take loan from the bank and then buy the house or land. If you want to know about the home loan scheme, then here you are being provided complete information about what is home loan scheme and easy method of taking loan.
What is a home loan scheme?
Under this scheme, people whose annual income is Rs 3 lakh are counted under EWS (Economically Weaker Sections) and people whose annual income is up to Rs 6 lakh are included under LIG (Low income group). People earning this much income can get the benefit of interest subsidy up to 6.5 percent on taking a home loan of up to Rs 6 lakh. Apart from this, now by joining this scheme, people earning Rs 12 lakh to Rs 18 lakh annually can also avail the benefit of interest subsidy up to 6.5 percent. Under the Pradhan Mantri Awas Yojana, people earning up to Rs 6 lakh annually are provided interest subsidy up to 6.5 percent by the government on taking a loan of Rs 6 lakh. By joining the home loan scheme, you are given a benefit of Rs 2.67 lakh on buying a house.
On the other hand, people earning an annual income of Rs. 6 lakh to Rs. 12 lakh are given an interest subsidy of up to 4% by the government on taking a home loan, which means you can say that you can avail a benefit of Rs. 2.35 lakh. Along with this, people earning an annual income of Rs. 12 lakh to Rs. 18 lakh are given an interest subsidy of up to 3% by the government on joining the home loan scheme, in which consumers are given a benefit of up to Rs. 2.30 lakh. Apart from this, if the interest rate on home loan is 9%, then under this scheme you have to pay only 5% interest and if you take a loan of more than this amount, then you have to pay interest on the remaining amount at the normal rate. The maximum time limit given to you for repaying all types of loans can be 20 years.
Easy ways to get a home loan
You can take a loan from your employer
There are many companies that give a part of the salary as an advance to their employees as a loan to expand their business, but this loan can be up to six times your monthly salary. You can be given up to 24 months to repay this loan.
Interest rate: 5-8% (Sometimes this interest rate can be zero as well.)
Advantages: You can get this loan amount in just three days.
Limit on taking home loan
If you take a home loan for a period of up to 20 years, you can be given a loan of up to Rs 50 lakh, but if the tenure of your home loan is not more, then you will get a loan according to your tenure.
Interest rate: 9-13%
Advantages: You can get it in just three days. Apart from this, if you are not able to repay the amount of this loan on time, then you can also be punished for it.
Personal Loan
If you take a personal home loan, then the loan amount can be given to you within 30 minutes to three days. If you have a good relationship with the bank, then you will get the loan amount very soon. On the other hand, if you get a pre-approved loan offer, then the loan process becomes very easy for you, but after taking this loan, you have to pay 2-3 percent charge as processing fee. Along with this, you have to pay GST on the monthly installment and if you repay the loan amount before time, then you have to pay a charge of 2-3 percent for this too.
Interest rate: 13-24%
Advantages: Instant payment on taking a personal loan from your bank
Loan against property
If you already have your own house and you take a home loan on that property to buy a bigger house, then you can get a loan of Rs 5 lakh to Rs 10 crore on it. The loan tenure can be from 2 to 15 years. Banks provide you a loan up to 65% of the property value, but you need to get the house insured to get a loan against your property. The processing fee for this is 1.5-2% and if you repay your loan amount before time, then you have to pay 2-3% fee for this.
Interest rate: 9.5-13%
Advantages: Low interest, large amount received.
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