Before taking a home loan, know this important thing: banks never tell you the benefits.

Home Loan Tips: Before taking a home loan, there are some things that banks never tell but if you know them, you can benefit. Let us tell you the complete information.

Buying a house is everyone's dream. People save a lot of money for this dream. Only then they are able to buy a house. But many people do not have enough. In such a situation, home loan comes in handy for people.

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Banks and financial institutions nowadays offer home loans very easily. You just have to provide some documents and the process starts. As soon as the loan amount, interest rate and EMI structure are set, you get the funds.

Banks and financial institutions nowadays offer home loans very easily. You just have to provide some documents and the process starts. As soon as the loan amount, interest rate and EMI structure are set, you get the funds.

But this is where people get hasty. Before taking a loan, people usually look at the terms and EMI calculations given by the bank. But there are some things that banks never tell openly. For example, how you can avoid paying high interest on the loan or how you can avail some discounts.

Banks usually do not tell that you can customize the EMI of the loan. If you want, you can also take EMI in step-up or step-down mode. This does not put much burden on your pocket in the initial years and when your income increases, you start paying more EMI.

The interest rate charged on home loans is between floating and fixed rates. Banks often promote floating because fixed rates are risky for them. But if interest rates are going to fall, then floating may be better. Therefore, it is very important to know this.

Some banks do not charge prepayment or foreclosure charges. But in some places, this charge is still being taken. If you want to repay the loan quickly, then find out about this charge beforehand. Otherwise, you may have to bear unnecessary expenses later.

Let us tell you that some tax benefits also come with home loans, which people often miss. Under section 80C and 24B, you can get exemption on both principal and interest. If you find out all these things, then you will not have to face any problem.