With the establishment of the Real Estate Regulatory Authority (RERA), realty transactions have become transparent, thus boosting the sector’s sales. It thus augments the right time for individuals to invest in the purchase of their dream house at a fair price.
Financing such purchase with a home loan only makes fulfilling this objective much more beneficial, for multiple reasons.
- Attractive interest rates
As compared to other types of credit, home loans rates offered by several financial institutions are competitive and affordable.
- An extended repayment tenor
Home loans also come with an extended tenor of up to 20 years, which defers the liability over a long duration and makes repayment of the advance convenient.
- Affordable EMIs
The presence of an extended tenor along with low interest rates pulls down the EMIs to an affordable range. You can thus select a suitable tenor that keeps the installments within your repayment capacity. Utilize a home loan EMI calculator to arrive at a suitable tenor for repayment.
- Assurance of the property’s undisputed ownership
Before approving the loan, the lender thoroughly verifies for any dispute on the property, thus ensuring that your property is free of any legal claims.
- Tax deductions
A home loan also brings tax benefits borrowers can avail under Sections 24(b) and 80C of the Income Tax Act 1961.
- Top-up loans
Home loans also offer top-up loans that you can avail on the balance transfer facility. These loans can be utilised for any purposes required by the borrower.
Housing loans also come with simple eligibility criteria. You can apply for the advance with minimum documents for easy approval and utilise these benefits.
