Latest Home Loan News

Budget 2021: Further boost to the affordable housing sector and buyers

One of the Budget announcements that caught everyone’s attention included affordable housing incentives. 

In the 2019 Budget, an additional interest deduction of Rs 1.5 Lakhs was announced on affordable housing loans. In Budget 2021, extending the eligibility for this deduction upto 31st March 2022 was proposed. What this effectively amounts to is an enhanced interest deduction upto Rs. 3.5 Lakhs for persons buying a home, costing upto Rs. 45 Lakhs.

Furthermore, affordable housing projects, too, received an additional tax holiday for a year. The Finance Minister is clearly keen on boosting demand and supply in the affordable housing segment.

- February 25, 2021

RBI rationalises risk weights on new loans till 31 March 2022

Recently, the Governing Board of the National Health Authority (NHA) sat and reviewed the implementation of health facilities under the PMJAY scheme. The meeting concluded with approval from the authorities to integrate the existing health facilities of Central Ministries with PMJAY for employees (government as well as contractual employees). Other beneficiary groups, such as building and construction workers, manual scavengers, road accident victims, and Central Armed Police Force (CAPF) personnel, can also access these facilities.

- February 27, 2021

Home loan interest rates at a new low

It is a suitable climate to invest in property as interest rates on home loans have received a significant haircut. Renowned lenders such as SBI are providing home loans at an all-time low interest rate of 6.70% onwards, which would be further determined by your loan amount and CIBIL score . The lender is also providing a 100% waiver on processing fees and additional special concessions on Women’s Day and using the YONO app alongside.

Private lenders such as Kotak Mahindra Bank are also offering home loans at a record interest rate of 6.65%. The lender is also providing a 100% waiver on processing fees.

It must be noted that both of the aforementioned rate cuts are valid only up till 31st March 2021.

- March 5, 2021