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Can I Apply for a Home Loan Second Time?
How to Apply for Second Home Loan?
Quick Tips to Learn Before Seeking a Second Home Loan
Documents Required to Fulfil the 2nd Home Loan Eligibility
Tax Benefits a Second Home Loan Can Fetch You
After securing a home loan to purchase or refurbish a home or property, you may still desire
a second home. To do this,
a second home loan is needed. The approval for your second home loan is dependent on several
important factors, one of
the most important one being – your repayment capacity.
While it is possible to seek a second home loan, it great depends on your credit
score and current financial obligations
The process of applying for a second home loan is not too different from that of your first.
However, it is recommended
that you complete repaying the first home loan. Completing payment on time shows that you
are trustworthy, and this
often influences lenders to strongly consider your second home loan bid. There are
exceptions but taking a second home
loan while the first home loan exists limits the amount that you can receive.
One of the advantages of a second home loan is that it comes with certain tax benefits.
These are different from the
ones enjoyed during the first home loan. You can secure a second home so long as you fulfil
the 2nd home loan
The Bajaj Housing Finance Home Loan Eligibility Calculator and our Home
Loan EMI Calculator are viable tools to help you
decide if taking out a second home loan with make financial sense for you. Based on the
information you provide, it
projects your EMI forecast which can help you gauge your repayment capacity.
Whether the second home loan is for a new bigger home for the family or a home that you
will lease to prospective
tenants, you need to know how to apply for it. Read on to learn more about the
requirements for a second home loan, the
tax benefits, and the home loan eligibility.
You can apply for a second home loan through the lender who approved your first home loan
application or with another
lender like Bajaj Housing Finance. Whichever way you choose to go, every applicant must
do their due diligence and find
out the best loan terms the market is offering at present and how they can be the best
fit for it.
These quick tips below will help you get a better shot at securing your second home loan.
You can expect the tax benefits on a second home loan to be equal to the first. You receive tax deductions up to Rs.1.5
lakh and Rs.2 lakh for the principal amount and interest repayments. This is backed by Sections 80C and 24 of India’s
Income Tax Act. Meanwhile, if the property your new home loan will purchase is to be leased, then there is no upper
limit for tax deductions on interest payments only.
Now that you know how to apply for a second home loan, approach Bajaj Housing Finance for attractive offers on a second
home loan at friendly interest rates.
Check through our available home loan options today to see the one that fits your second home needs best.
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