Market Value of the property refers to the approximate value of the property in the prevailing market. 

You can apply once decided to purchase or construct a property, regardless of whether the property has been chosen or not, or whether the construction work has started or not.

The lenders offer multiple ways for borrowers to repay housing loan – issuing standing instructions (SI) to your bank to pay the EMI through Electronic Clearing System, or issue post-dated cheques from your salary account

Repayment of the principal amount starts from the month subsequent to the one when you disbursement of your loan amount was completed.

Till the complete amount is disbursed, you will only pay pre – EMI, i.e. interest component on the disbursed amount. 

Tax deduction is allowed for the amount of interest paid towards the home loan under affordable housing scheme. Deduction allowed is Rs. 150,000 during a financial year, over and above the deduction of section 24 .

You can avail of tax benefits on both – the principal amount and the interest amount of the Housing Loan under Govt. of India’s Income Tax Act, 1961. The benefits  are updated during the budget – hence, you could reach out to our Chartered Accountant to learn more about most updated Tax rebates and benefits