Home Loan EMI: These are the 4 big benefits of buying a house on loan..
In today's time, there will be very few people who buy a house with the money saved from their salary. Industrialists or those who have inherited money from their ancestors can buy houses without any help. It has now become very difficult for a common working person to buy a house without taking a loan. It has almost become a necessity. Till a few years ago, loans were looked down upon. Debt has always been considered bad in Indian society. However, now things have changed and people are buying houses by taking loans.
Experts also advise taking a loan to buy a house. Even if only a small amount of money is financed from the bank, taking a home loan can prove to be good in many ways. People are aware of its tax benefits, but apart from this, there are some benefits of home loans about which people know less. Today we will tell you about some such benefits of home loans.
Tax saving
Most people know about this. This home loan is the biggest selling feature. You get a tax exemption of up to Rs 1.50 lakh on the principal amount and up to Rs 2 lakh on the interest paid on it. However, this exemption can be claimed only on a completely constructed house. You will not get tax exemption on under under-construction flat or house.
No charges on prepayment
If you take a loan from the bank and try to repay it in full before time, the bank will charge you a prepayment charge. Home loans are different in this matter. You can make a prepayment of a home loan without any extra charges. Meaning, that whenever you have money, you go to the bank and deposit the money apart from the monthly EMI. With this, your loan will end quickly and you will not be charged any penalty.
Validity of property
Very few people know or think about this point. According to real estate experts, this is a big advantage of home loans to which people should pay attention. Any bank checks all the property documents thoroughly before giving you a loan. Is the property legal, is its title transfer correct and is there any dispute over it? After this, you are given a loan. In this way, it is ensured that your future property is not involved in any legal entanglement. Therefore, even if a little, it is advisable to take a home loan from the bank.
Payback time
In comparison to any other loan, a home loan gives you much more time to repay the money. You can get time up to 30 years for home loan repayment. Longer tenure means you are less burdened with heavy EMIs.
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