Benefits of taking a home loan

To own a home is a dream for many. A lot of hard work, sweat, and investment goes into finding the right home for you.

Benefits of Taking home loan

One of the biggest investments of our lives and we need to do it right. Home loans play a very important role when you plan to buy your home. Home loans play a very important role when you plan to buy your home.

Below are a few of them.

1. Liquidity Benefit

When there is a financial crunch and you have to opt for personal loans, the interest rate might be costlier as compared to home loans. So why use your funds when you can take the full benefits of home loans? You can save your own money for other important goals.

2. Growing your fund

Sometimes, even if we are capable of buying a house with our own funds, we still prefer applying for a home loan to save taxes. To invest funds and get attractive returns is always the right choice.

3. Property Due-diligence by Bank

Due-diligence is nothing but verifying all the project-related documents. This exercise from the banks reduces a lot of risks as you have a legal clearance before loan approval. Taking a home loan from a bank that has already approved the project is always safer.

Home loans are a boon to the home seekers who have financial limitations. Now, home loans have become more buyer-friendly. There could be cases where a bank would offer you 90% of the property cost, as a loan. However, there is no blanket rule about this.

The Government of India has also provided tax deduction on the principal as well as interest paid on home loan to make things a lot easier for home buyers.

The Reserve Bank of India has also announced a rate cut on 27th March 2020 to its Home, Vehicle, and MSME customers. The reduction in interest rates is effective from April 1, 2020.

There is nothing like staying at your own home for real comfort. It’s necessary that you take complete benefits of the home loans and gift yourself the home of your dreams.

One can take advantage of a home loan EMI Calculator to arrive at the precise number.

How can home loan EMI Calculator help you?

• Equated Monthly Installment or EMI may be a fixed amount that a borrower must pay back to the lender monthly till their tenure ends.

• It gives you an accurate estimate, which is pivotal for financial planning. There’s no probability of any inaccuracies or ambiguity.

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