Plan your home loan with confidence and make informed decisions
Current Trends: As per RBI data, home loan interest rates in India currently range between 8.05% to 9.70% for most major banks. SBI and HDFC are offering competitive rates starting from 8.40%.
Tax Benefits: You can claim up to ₹1.5 lakhs under Section 80C for principal repayment and up to ₹2 lakhs under Section 24(b) for interest payments on self-occupied property.
Optimal EMI Ratio: Financial experts recommend keeping your EMI to income ratio below 40% of your monthly take-home income for comfortable repayment.
Prepayment Strategy: Making annual prepayments of just 5% of your outstanding loan can reduce your loan tenure by up to 3-4 years and save lakhs in interest costs.