Benefits of Taking a Home Loanby Loan Kumar Loankumar
wishes to have a house of their own. And getting a home is both exiting as well
as frustrating. With the sky soaring property rates it as almost become
impossible to get a descent home with even our entire savings. Hence availing a
home loan comes handy in such cases that solves the problem of cash as well as
fulfils our desire of a house. A home loan is the amount of money borrowed from
a bank or any other financial institution that enables us to purchase a house.
Though a home loan is a huge liability considering the amount of money of money
involved, it has many great benefits to offer such as the following.
Low interest rate-buying a home is a
long term decision, and the rate of interest of the home loans continues to go
up and down. There could be times when the rate of interest for the home loans
falls that enables us to repay the loan and own a house. Banks and home loan
lenders often give better rates of interest to the new borrowers.
Sense of accomplishment- getting a
home is huge financial investment that we make in our lifetime. The amount that we sum into buying a house
for ourselves makes it to the largest component of our investment portfolio.
Capital appreciation-the booming of
the property prices and the prospect of tempting capital appreciation is the
biggest argument of buying a new house. Apparently the rent of the houses too
seems to keep up with the inflation. Getting a home of one’s own can shield us
from the trends of inflation for a long term.
Tax benefit -applicants even can
avail the tax benefit from the home loans. Under Section 80 CCE of the Income
Tax Act, 1961, repayment of principal amount upto rs100,000 on home loans are
subject for tax deduction. One can avail thus benefit as once all the
conditions have been met.
• Sufficient tenure for repayment-
home loans offers a maximum tenure of twenty years to the borrowers for the
repayment of the loans.
is such a platform that helps in availing various types of loans such as home
loans, personal loans, business loans, loans against property. It is committed
towards its client to provide them with the best service. Loankumar has ties
with all the leading banks and other financial institutions that ensure a
hassle free loan approval to its applicants.
Created on Jul 30th 2018 07:26. Viewed 795 times.