Can I get a 100% loan? Getting a 100% home loan sounds ideal, especially for first-time buyers. But in reality, banks in India usually do not offer 100% home loans. Most banks and financial institutions offer up to 80%–90% of the property value as a loan. The remaining 10%–20% is called a down payment, which you have to pay from your own pocket. 🏦 Why You Cannot Get 100% Home Loan: Banks follow guidelines set by the Reserve Bank of India (RBI). For safety, they ask buyers to invest something from their own savings. It also reduces the bank’s risk if the property value drops. Even if you have a good CIBIL score, stable job, and low existing loans, 100% home loans are generally not approved by reputed lenders. https://www.laxmigroup.co/home-loan-interest-rate-emi-calculator/

How do prepayments affect my loan and EMI? Prepaying your home loan means paying extra money toward your loan before the scheduled EMI dates. This can reduce your loan burden significantly. Here’s how: When you make a prepayment, your bank uses that amount to lower the outstanding loan balance. As a result, the total interest you pay over the loan term decreases. You can either reduce your loan tenure (finish the loan earlier) or reduce your EMI (monthly payment). Most people choose to reduce the loan term because it saves more on interest. If you're planning a prepayment, use a home loan interest rate EMI calculator to see how it will impact your EMI and interest. For example, if your home loan is ₹25 lakhs at a 9% interest rate for 20 years, prepaying ₹1 lakh could save you thousands in interest. By using a home loan interest rate EMI calculator, you can check: How much your EMI will change after prepayment How many months you can cut from your loan term How much total interest you can save A home loan interest rate EMI calculator helps you make smart decisions based on your financial goals. In short, prepayments help reduce your home loan burden and can save a lot in interest. Always check the impact using a reliable home loan interest rate EMI calculator before making a decision. https://www.laxmigroup.co/home-loan-interest-rate-emi-calculator/

Can I pay the home loan early? Yes, you can pay your home loan early. This is called prepayment or foreclosure, and it helps reduce your loan burden. By paying early, you save money on interest, shorten your loan term, and become debt-free faster. When you use a home loan interest rate EMI calculator, you can clearly see how your monthly payments and interest change if you prepay. Many people don’t realize how much interest they can save by simply making one or two extra payments every year. This is why using a home loan interest rate EMI calculator before and after prepayment is helpful. Some banks may charge a small fee for early payment, especially if your loan has a fixed rate. But most home loan interest rate EMI calculators online can show whether it's still worth it. If your loan is on a floating rate, most lenders do not charge a penalty. Always use a home loan interest rate EMI calculator to check: https://www.laxmigroup.co/home-loan-interest-rate-emi-calculator/

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What are the tax benefits associated with home loan EMIs in India? If you’ve taken a home loan, the Indian government allows you to claim tax benefits on your EMIs to reduce your total tax outgo. A typical EMI includes two parts – interest and principal, and both offer tax deductions under different sections of the Income Tax Act. ✅ Tax Benefits on Home Loan EMI: Interest Payment – Section 24(b) You can claim a deduction of up to ₹2,00,000 per year on the home loan interest component of your EMI under Section 24(b). 💡 Tip: Use a home loan interest rate EMI calculator to estimate your monthly interest outgo. Principal Payment – Section 80C You can claim a deduction of up to ₹1,50,000 per year on the principal repayment part of your EMI under Section 80C. 💡 This is also applicable if you use a home loan interest rate EMI calculator to track your repayment split. First-Time Home Buyers – Section 80EEA If this is your first home loan, you may get an additional deduction of ₹1.5 lakh on interest, subject to certain conditions. https://www.laxmigroup.co/home-loan-interest-rate-emi-calculator/

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