Home Loan: Why do many people take loans to buy a house despite having money, you should also know this important thing..

People who do not have enough money to buy a house often resort to home loans, which are paid in installments. However, many capable people also prefer to take home loans because it has many benefits. (Home Loan Benefits)

Benefits of taking a home loan -

Property is legally verified -

The biggest advantage of taking a home loan is that the legal verification of that property is done. This ensures that there is no dispute of any kind on your property. When any bank gives a loan, all the records of the property are fixed. In which it is proved whether the property is disputed or not.

Tax Saving -
Tax saving can also be done by taking a home loan. Whenever you take a loan to buy a house, tax exemption can be obtained by paying interest. Under Section 24(b) of the Income Tax Act, a deduction of Rs 2 lakh can be availed every year on home loan interest.

Not only this, a deduction of Rs 1.5 lakh is available on the payment of the principal amount under Section 80C of the Income Tax Act. If two people take a home loan together, then both can avail of separate tax benefits.

Savings are important-
According to market experts, it is better to take a home loan instead of buying a house by exhausting your savings. A home loan with low interest rates can be more attractive in the future. It helps you to keep your savings safe for future needs.

You can top up your home loan-

If you take a home loan and if you need more money for home interior, then you can top up your home loan. This is a much cheaper option than a personal loan, and the good thing is that there is no additional charge for this.

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