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Frequently Asked Questions

In how many years can I repay the home loan amount?

You can opt for a loan period of up to 20 years or outstanding tenure of the proposed loan to be taken over whichever is lower and can vary depending on your profile.

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Is there any tax benefit available on home loans?

Yes. Borrower can claim tax benefits on the availed home loan as per below details.

  • Tax benefits on principal repayments:  Up to Rs. 1.5 lakh as principal repayment on your home loan will be allowed as a tax deduction under U/S 80C and 80CCE of the IT Act of 1961 if it’s a first home. In case of second home or under construction properties, tax benefits on principal repayments will not be applicable.
  • Tax benefits on interest paid: Tax benefits on interest paid vary depending on self-occupied or let out property or if the property is under construction.

Summary of tax benefits on principal and interest paid is as below

Tax Benefits On Principal Repaid On Interest Paid
First Home – Self Occupied Actual principal repaid subject to a maximum of Rs. 1,50,000 (Rs. 2 lakh for senior citizens) can be claimed as investment eligible for tax deduction under section 80C. Actual home loan interest paid subject to a maximum of Rs. 2 lakh (Rs. 3 lakh for senior citizens) if house construction completed within 5 years from the end of the financial year in which loan is taken
If construction of house not completed within five years then Rs. 30,000 is tax exempt
Additional exemption of upto Rs. 50,000 on interest paid for loans upto Rs. 35 lakh with cost of home upto Rs. 50 lakh.
First Home – Rented/ Vacant (deemed to be let out property) Upto Rs. 1,50,000 (Rs. 2 lakh for senior citizens) eligible for tax deduction under Section 80 C. The deduction is available only if the property owner is staying in a different city for work. Exemption on interest is capped at lower of two, a) Rs. 2,00,000 or b) actual interest paid for all properties owned by a tax payer.
Second Home or Additional Property None Exemption on interest is capped at lower of two, a) Rs. 2,00,000 or
b)actual interest paid for all properties owned by a tax payer
Under Construction Property None The interest paid can be claimed in equal parts in five financial years post completion or handing over of property within the overall annual limit of Rs. 2 lakh.

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Is Prepayment of Home Loan allowed?


Yes, Prepayment is allowed on Home Loan.

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Can I close my Home Loan? What are the Charges for prepaying my loan?



Prepayment / foreclosure is allowed on Home Loan without any charges.

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What are the advantages of Home Loan EMI Calculator?

A Housing Loan EMI Calculator helps you to calculate the monthly installment amount and decide whether you can afford the financial commitment of a home loan in the long term. If you want, you can change your EMI amount depending on the amount of loan you are taking and the time period for which you'll be paying the EMIs

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For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

* Rs. 5,000 Flat processing fee applicable for women applicants.