Home Loan

A fixed-rate home loan carries a fixed interest rate that remains constant throughout the loan tenure, providing stability and predictability in monthly repayments. In contrast, a floating-rate home loan features a fluctuating interest rate based on market conditions, typically linked to a benchmark rate like the RBI's repo rate. 

While floating rates might offer lower initial rates and potential savings if interest rates drop, they also carry the risk of increased repayments if interest rates rise.

Yes, you can avail of tax deductions on home loans under Section 80C and Section 24(b) of the Income Tax Act, 1961. Under Section 80C, you can claim a deduction of up to ₹1.5 lakh on the principal repayment annually, and under Section 24(b), you can claim up to ₹2 lakh on the interest paid against the home loan. This may change as per new policy updated by the government, so make sure to update yourself with the latest information from reliable sources. 

A co-applicant for a home loan can be a spouse, parent, sibling, or an immediate family member of the primary applicant. The primary requirement is that the co-applicant have a steady income to help enhance the loan eligibility. Having a co-applicant can also improve the chances of loan approval and allow you to apply for a higher loan amount due to the combined incomes.

Joint home loans involve two or more co-applicants applying for a home loan together, such as your spouse, parents, or an immediate family member. The incomes of all co-applicants are considered to determine loan eligibility and the loan amount, increasing your chances of loan approval.

Joint home loans can enhance loan eligibility, offer tax benefits to both co-applicants and make it easier to manage the home loan repayment.

No, you cannot buy a single property with two home loans as it is considered fraudulent. However, you can apply for two separate home loans for different properties. To determine your eligibility and loan approval, lenders assess your repayment capacity based on your income, existing liabilities, and credit history.

The maximum home loan amount you can get depends on several factors, including your income, age, credit score, repayment capacity, and the lender's policies.  Your existing financial obligations and the stability of your income might also influence your loan eligibility. Since the maximum home loan amount differs for various lenders, you must contact Tata Capital for the loan amount you are eligible for. Visit the relevant product page for more information. 

There are many loan options available for those with poor credit scores. For example, the FHA loan is a government-backed program for first-time homeowners, and those with credit scores of as low as 580 can apply.

With an interest rate of 8.75%, the EMI would be approximately: 
 

- 5 years: Rs, 41.226

- 10 years: Rs. 25,012

- 15 years: Rs. 19,930

- 20 years: Rs. 17,610

- 30 years: Rs. 15,663

Home loan balance transfers, also known as home refinancing, is a process through which individuals can transfer their home loans to a different financial institution. It can benefit those struggling to keep up with loan repayments and high EMI amounts.