{"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 Cost-Effective Borrowing Tool<\/b><\/h2>\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

No More Renting<\/b><\/h2>\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

Become a Homeowner<\/b><\/h2>\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

Enjoy Tax Benefits<\/b><\/h2>\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

Due Diligence of Property by the Bank<\/b><\/h2>\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>\n

Better not drain all your funds at once and find the <\/span>best bank for a home loan<\/span><\/a>. With easy EMI payments, there’ll be no liquidity crunch.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"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 A Cost-Effective Borrowing Tool A house loan is a highly affordable borrowing tool to finance the purchase of a […]<\/p>\n","protected":false},"author":17,"featured_media":1847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[75,78],"tags":[92],"_links":{"self":[{"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/posts\/1846"}],"collection":[{"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/comments?post=1846"}],"version-history":[{"count":1,"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/posts\/1846\/revisions"}],"predecessor-version":[{"id":1848,"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/posts\/1846\/revisions\/1848"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/media\/1847"}],"wp:attachment":[{"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/media?parent=1846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/categories?post=1846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wackyfolk.com\/wp-json\/wp\/v2\/tags?post=1846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}