Benefits of Taking a Home Loan

by Loan Kumar Loankumar

Everyone 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.

Loankumar 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.