Home Loan Tips: If you are planning to take a home loan then keep these things in mind, you will get these big benefits..
Buying a house is everyone's dream. However, to make this dream come true a huge amount is also required. At present, even if you do not have money to buy a house, there is no problem because nowadays home loans are easily available to buy a house. In such a situation, the need to buy a house can be fulfilled through a home loan (benefits in a home loan). At the same time, if you are going to take a home loan for the first time, then you are also going to get these five big benefits.
Tax exemption
The benefit of tax exemption is also available through home loans. Under Section 24 (b) of the Income Tax Act, there is a rebate of up to Rs 2 lakh on interest every financial year and a rebate of up to Rs 1.5 lakh on principal amount repayment under Section 80C.
Benefit of co-applicant
If there is a co-applicant in buying a house, then there are many benefits for him. EMI gets divided, equal benefit of tax exemption is available. Home loans are easily available. The ownership of the house gets divided.
Benefits to women in co-applicant
Many banks offer lower interest rates on home loans if the co-applicant is a woman. This has a huge impact on the interest paid on the loan and the interest gets reduced.
Home Loan Top-up
Top-up home loans can be used for emergency funds. This fund can be used to meet medical emergencies as well as other important tasks. It can also be used for studies.
Pre-payment
The benefit of pre-payment is also available in home loans. If you have taken a home loan and want to pay it off as soon as possible, you can also make a prepayment. Interest is reduced on pre-payment.
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