UMMEED HOUSING FINANCE Private Limited is a housing finance company registered with National Housing Bank (NHB) as a housing finance company under National Housing Bank Act, 1987.
“URR” refers to Ummeed Reference Rate. This is the applicable reference rate of interest as decided by the company from time to time based on borrowing rates in the financial market, prevailing market conditions as well as guidelines of any statutory authority (the Reserve Bank of India and the National Housing Bank).
Co-applicants for the loan could include your spouse and blood relatives (close family members). Please remember that property owner is mandatorily required to be a co-applicant
EMI refers to equated monthly installment. This is the amount you pay on a specific date of each month for repayment of interest and principal. This amount needs to be paid till the loan is repaid in full.
You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. *These benefits are in the form of deductions from taxable income. Under section 80C, you can reduce your taxable income by Rs 1.5 lakh for repayment of principal. You can also claim a deduction of a maximum of Rs 2 lakh a year on interest paid on home loans under Section 25.
Given the constant changes in the tax structure & benefits, we would suggest you to please consult with your tax advisor/consultant for the exact tax benefits
Yes, you can repay the loan ahead of schedule by making lump sum payments towards part or full prepayment, subject to the applicable prepayment charges. The details of pre payment charges are detailed in the MITC (Most Important Terms & Conditions) document.
An amortization schedule is a table giving details of how much your loan amount decreases each month when you pay EMIs. The amortization schedule also gives information on how much outstanding principal and interest you are repaying with each EMI.
Loan eligibility is determined largely by your income, repayment capacity property value. Other important factors include your age, number of dependants, your family income (if any), savings history and the stability & continuity of occupation.