1.Home Loan
1.Fixed rate based
Fixed home loan interest rate is one where the rate does not fluctuate with changes in market forces.
2.Floting rate based
A floating interest rate implies that the rate of interest is subject to revision every quarter.
3.Hebrid home Loan
Hybrid home loans are a combination of fixed and floating interest rates,
other Important things
a. A home loan is a secured loan that is obtained to purchase a property by offering it as collateral.
b. A home loan comprises both principal repayment and interest payments. Tax deductions can be availed under both these categories under Section 80C and Section 24(b) of the Income Tax Act respectively.
No comments:
Post a Comment