{"id":1846,"date":"2021-11-20T12:27:20","date_gmt":"2021-11-20T12:27:20","guid":{"rendered":"https:\/\/www.wackyfolk.com\/?p=1846"},"modified":"2021-11-21T14:27:07","modified_gmt":"2021-11-21T14:27:07","slug":"5-good-reasons-to-opt-for-a-home-loan-today","status":"publish","type":"post","link":"https:\/\/www.wackyfolk.com\/5-good-reasons-to-opt-for-a-home-loan-today\/","title":{"rendered":"5 Good Reasons to Opt for a Home Loan Today"},"content":{"rendered":"
India witnessed a marginal year-on-year decline of 0.5% in the rates of residential properties between May and June in 2021. So, now is the time to buy your dream home before prices start rising. For that, consider buying a home loan. A house loan calculator can let you know how much to repay monthly based on the borrowed amount, repayment tenure and interest rate. Here, this guide will help you know the 5 top reasons to get a home loan today.\u00a0<\/span><\/p>\n A house loan is a highly affordable borrowing tool to finance the purchase of a property. With floating interest rates, there is no prepayment penalty on this loan.\u00a0<\/span><\/p>\n Choose the best bank for a home loan. It must compare the current home loan interest rates in the industry and offer low rates. Maintain a good repayment history of loans and credit card bills to build a high CIBIL score, preferably between 700 and 900. This can improve your eligibility to enjoy low-interest rates.\u00a0<\/span><\/p>\n You can save on rent by taking a home loan. When you pay rent, you don’t pay for something that you own. That makes it a kind of economic loss. Moreover, you may experience annual rent hikes, usually higher than inflation and unpredictable. So, instead of paying an increasing rent, how about paying a specific amount of EMI every month? Visit the official website of the best bank for a home loan. Then use the <\/span>house loan EMI calculator<\/span><\/a> to check the EMI payable as per the chosen loan amount, repayment tenure, and interest rate.\u00a0<\/span><\/p>\n A home loan can help you be a homeowner. How soon? Once you repay the loan! Want to pay little by little as per your capacity? The best bank offers a long tenure of up to 30 years to repay a home loan. The longer the repayment period, the lesser is the EMI amount! At the end of your tenure, you’ll have built a long-term asset for the security of yourself and your family members.\u00a0<\/span><\/p>\n The best part of getting a home loan is enjoying tax benefits under the Income Tax Act. Section 24 permits you to claim the interesting part of your EMIs paid in a year as a deduction from your annual income up to 2 lakh INR at most. You can also claim the deduction in this respect during the pre-construction period. Besides, you can claim the principal part of the EMIs paid in a year as a deduction up to 1.5 lakh INR, under Section 80C. Moreover, deductions for registration charges and stamp duty can be included.\u00a0<\/span><\/p>\n The lending bank will exercise thorough due diligence before it finances a project. For that, it will verify the project documents, their legal clearances, and titles before approving a home loan. Thus, you get to know whether the project is legally approved.\u00a0<\/span><\/p>\nA Cost-Effective Borrowing Tool<\/b><\/h2>\n
No More Renting<\/b><\/h2>\n
Become a Homeowner<\/b><\/h2>\n
Enjoy Tax Benefits<\/b><\/h2>\n
Due Diligence of Property by the Bank<\/b><\/h2>\n