Factors you should know before avail All home Loans.
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Specifications
There are several specifications to calculate your home loan eligibility like age of applicant, income, credit status, CIBIL Score, financial background, repayment capacity of the applicant and loan amount, and tenure of the loan.
Fixed-rate
Fixed-rate EMI which means paying the same amount every month floating rate EMI means rate changes along with a change in market conditions.it can fluctuate. It helps the students to claim the entire interest paid on education loan as a deduction under Section 80E of the IT Act for up to 8 years.
duration
Once you take a home loan, you have to be regular in paying EMIs. Only after repaying the total loan i.e. Principal +Interest over the period of time, you will become the complete owner of your house
Financial burden
Loan agreement should be read carefully before signing. Check for all the terms and conditions in detail.