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3 Key Advantages of Taking a Home Loan

Buying a house is one of the biggest investments one may make in their life, and it has emotional value too. Living in your own home is a great joy and gives you a sense of financial independence. However, the amount of buying a house can be huge, and you may find yourself short on money.

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3 Key Advantages of Taking a Home Loan

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  1. 3 Key Advantages of Taking a Home Loan

  2. Introduction Buying a house is one of the biggest investments one may make in their life, and it has emotional value too. Living in your own home is a great joy and gives you a sense of financial independence. However, the amount of buying a house can be huge, and you may find yourself short on money. It is where a home loan comes to the rescue and helps you fulfill your dream of purchasing a house. Many banks and private companies are offering affordable home loans to buyers. You can apply for a loan to build or buy a house of your choice and repay the loan amount in EMIs within a specified period. Here are the top 3 advantages of taking a home loan.

  3. Tax Advantages One of the biggest benefits of getting a home on a loan is the tax benefits. You can claim a tax deduction under section 80C for repaying the principal part of the loan amount. Also, you can claim a deduction for paying the interesting part of the home loan under sections 24 and 80EEA.

  4. Build Credit Score Repaying the loan amount or monthly EMIs on time improves your CIBIL score. Thus, lenders will categorize you as a liable and safe borrower who makes payments on time, boosting your eligibility for applying for other loans as per your needs. You can make the most of this opportunity and apply for a loan at more affordable interest rates in the future.

  5. Ease of Buying a Home The home loan amount makes it more convenient for middle-class salaried or self-employed people to afford their own homes. Many leading banks and Non-Banking Financial Companies (NBFC) provide home loans for plot purchase, home construction, and renovation. Those who have regular income and the capacity to repay the amount should apply for a home loan. The affordable home loan and longer tenure ranging from 20 to 25 years make it easy for homebuyers to repay the amount conveniently. 

  6. Conclusion These are some key advantages of taking a home loan. Make sure you research and compare multiple options before finalizing a lender.

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