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4 Key Regulations and Rules for Housing Loans

When it comes to paying for a house, home loans are a great option. The loan rate and your own unique financial situation should be taken into consideration. It is highly recommended that you read the home loan rules & regulations and guidelines in India before applying for a home loan.<br><br>For more information click here: <br>https://www.grihashakti.com/knowledge-centre/housing-loan-rules-and-regulations.aspx

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4 Key Regulations and Rules for Housing Loans

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  1. 4 Key Rules and Regulations for Housing Loans To buy a home in India, you need to be aware of the home loan rules and regulations. 1. Valuation of the Loan When applying for a bank loan, LTV is an important consideration. The lender's eligibility and the property's value determine this. Here is the RBI's new home loan Rules: LTV for loans under 30 lakhs is 90% LTV for loans over 30 lakhs but under 75 lakhs is 80%. LTV over 75 lakhs are 75% 2. Pre-payment Penalty RBI's new rules and regulations regarding home loans are very flexible. Pre-paid liabilities arising from non-business home loans with floating interest rates will no longer be subject to the penalty/charges previously applicable. 3. Documentation and Eligibility A home loan is a loan used to purchase a house. Lenders determine interest rates, repayment terms, and loan periods. Documents and security are required for home loan applications to be considered valid. 4. Flexibility to Switch A floating interest rate loan can be useful if you have taken out a home loan at high rates and now wish to switch to the current rate. Taking out another loan at a lower interest rate will save you a fixed amount of interest. https://www.grihashakti.com/knowledge-centre/housing- loan-rules-and-regulations.aspx

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