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sbi home loan life insurance compulsory home loan


Loan Faqs
Faq

Can I avail of a home loan in India if I am an NRI (Non Resident Indian)? :

Yes, various banks offer home loan to Non Resident Indians for buying a property in India.
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What is a fixed rate home loan? :

In a fixed rate home loan the interest rate on home loans charged by the bank is constant over the tenure of the loan. You should go for a fixed rate only if you feel that the rate of interest prevailing in the market have touched rock bottom and the rates can only move upwards
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How do I know about my eligibility for a home loan? :

There are eligibility criteria that have to be met for getting a home loan. You can not get any amount of home loan irrespective of your income. The amount of loan given by financial institutions depend on lots of factors, including your income, age, qualifications, work experience, number of...
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Is it necessary to get property insurance, while availing a home loan? :

It is advised to buy insurance as your home would be one of your most valuable assets. However, most banks do not stress on this issue.
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What is a floating rate home loan? :

In a floating rate home loan the home loan interest rate charged by the lender keeps changing with respect to the rates in the market over the tenure of the loan. Normally the rate charged is on the basis of their cost of funds and the prevailing market rates. These rates change periodically....
Faq

Can the property be sold, even when the home loan is outstanding? :

Yes, the property can be sold after getting consent of the lending bank. This consent letter by the bank usually mentions the amount at which the home loan can be considered fully paid off. This amount is inclusive of prepayment charges as applicable and calculated at a future date to give you...
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Can I get a home loan for purchasing a home overseas? :

No, currently no financial institution provides loan for purchasing a house abroad.
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If the value of the underlying property falls does it affect the EMI amount or the tenure of the loan? :

No. fluctuating value of the property does not affect the EMI or home loan liability.
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Can a fixed rate loan be converted to a floating rate loan and vice versa? :

Yes, you can convert floating rate home loan into a fixed rate one with no extra charges. However, banks charge a small fee for converting a fixed rate product to a variable rate product. The swap can be done any number of times and at any point of time.
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What are the charges other than interest that are levied by banks? :

Almost all lenders charge certain administrative or processing fees apart from interest for providing a home loan in India. These charges include legal fees, technical fees, stamp duty and prepayment charges
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What are the tax benefits for repaying a home loan? :

You can claim both the interest and principal components of your repayment during the year. Interest can be claimed as a deduction under Section 24 and you can claim up to Rs. 150,000 or the actual interest repaid whichever is lower. You can also claim tax benefits for principal up to the maximum...



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