Home Loan and Benefits

by Sammon Adword SEO Executive

Everyone dreams for his or her own home but having one is a deal. Especially in today’s scenario when high real estate price makes it extremely difficult for the middle class to upper middle class to fulfill their dream home mission. The difficulty can be resolved only by two ways, either applier should have lots of money or if not them Home Loan option is always there for you. Apply for a home loan online or offline that is extended for an individual to fulfill their dream home requirement. There are banks and various NBFC’s who offers loan facilities and in return, the property is mortgaged. You can avail home loan for constructions and renovation purpose also. There are numerous schemes released by banks and NBFC which individual can avail as per their requirement.

The Home loan helps in funding 80% of the cost of the property. Other than this there are various other benefits attached to it. Apply for home Loan to avail the following benefits.

· The Indian government is encouraging more and more people to have their own home. And to import this more beneficially Indian Government provides tax deduction on the principal as well as interest paid on home loan. The maximum deduction of up to Rs. 2 lakh is allowed under section 24B and an individual can claim a deduction up to Rs. 1.5 lakh under section 80C.

· There is a tax benefit on the second house which can be availed under section 24B of Income tax of India Act.

· There are no prepayment penalties on floating charges of home loan. Hence you can use your surplus money in making a part of your home loan payment.

· In case of a home loan, you can transfer your loan to a different lender if they are offering you a loan at a lower rate of interest.

· In today’s scenario buying a home is not that easy. But the home loan is making it possible for many. As it offers easy monthly installments that you can choose as per your requirement.

· Out of all loans home loans in Delhi has the longest repayment tenure. This tenure payment goes up to 30 years.

So, having your own home gives you the freedom to enjoy your own space in your own ways. Also, it saves rent which is a big bulky amount in metro cities. Apply for a home loan and live your dream in real on your own terms and conditions.

Article source : https://makesmymoney.blogspot.com/2018/12/home-loan-and-benefits.html