A home loan, which is also known as a house loan, is a sum of money borrowed from a financial institution to buy or construct a house. It offers high-value financing for longer tenures at fixed or variable interest rates to help homebuyers. A home loan falls under the secured loan category since the property which is being bought is kept as collateral with the lender until the borrower has repaid the complete loan amount.
Advantages Of Marudham Capital Home Loan
Multi-Purpose LoansMarudham Capital housing loans allow you to do much more than just buy a property. You can avail of our housing finance to purchase a ready-made or under-construction housing property, buy a plot and construct a house on it, extend or renovate your house, transfer your outstanding house loan balance, and much more!
Attractive Home Loan Interest RatesOur loans for home come with attractive interest rates, starting from just 9.20% per annum*. Furthermore, depending on your loan eligibility, income, credit score, and other parameters, we can determine the best home loan interest rate for you. This way, you can buy your dream house without worrying about hefty EMIs.
Easy Eligibility CriteriaWith Marudham Capital, you can get a high-value house loan by fulfilling simple eligibility criteria. You can use our home loan eligibility calculator to know the maximum loan amount that you can avail of from us. You can also apply for housing finance online and get pre-approved offers.
At Marudham Capital, we provide loans for homes of up to Rs. 5 crores at affordable interest rates starting from just 9.20% per annum*. Our housing loans are tailor-made to help you purchase or construct a new house without any hassles. We provide you with the flexibility to choose your loan amount, tenure, and EMIs as per your specific requirements. On top of everything, we will ask for minimum documentation and ensure instant approval.
Instant approvalGet approval in just a few simple steps by availing our Home Loan online.
Quick processingGet your housing loan processed quickly with no hassle.
Loan tenure up to 30 yearsOur loans for home provide you with the flexibility to choose your tenure as per your repayment capability. You can adjust your tenure within 5 to 30 years to keep your loan EMIs within your monthly budget. You can also start with lower EMIs and gradually increase them as your income grows.
To encourage more and more people buy their own house, government of India provides tax deduction on the principal as well as interest paid on home loan. An individual is eligible to claim a deduction of up to Rs 1.5 lakh under Section 80C of Income Tax of India 1971 Act in a financial year. While a deduction of up to Rs 2 lakh is allowed on the interest portion under Section 24B of Income Tax of India Act. The deductions under income tax are only available after the construction of the house is complete. You can’t claim the income tax deductions while the property is under construction. Read: to know more about home loan deductions.
In case of second house, you are eligible to claim deduction for the entire amount of housing loan interest paid under Section 24B of Income Tax Act.
Unlike other loans where lenders charge prepayment penalties on payment made towards home loan , there are no prepayment penalties on floating rate home loans . So, whenever you have surplus money, you can utilize it for making part payment towards your home loan and lower your burden. However, there will be prepayment charges in case of floating rate home loan.
In case of home loan you have the facility to transfer your home loan to different lender if he is giving you loan at a lower interest rate.
For many people buying house with own money is not possible, home loan as it can be repaid in easy monthly installments makes it easier to buy a house.
Among all types of home loan, It has the longest repayment tenure which goes up to 30 years, so one can reduce the burden of equated monthly installments by extending the tenure. Use our house loan EMI calculator to know how EMI change as you change your home loan tenure.
You will also benefit from the rise in prices of the property over time.
As rent in metro cities is quite high they put strain on your monthly budget. It is better to pay the EMIs and own a house.
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