Advantages of taking a home loan

1. Home Loan

2. Advantages of taking a home loan

3. Owning a home is like a cherished dream for every individual. We all plan for own our property, get home constructed or purchased at some point of life. A house also reflects your personal property and the income earning capacity. There are various ways of financing your house such as borrowing from relative or friends, taking loan from traditional finances, selling stakes in your stocks, etc. But all these come at very expensive rates and immediate repayment basis. Besides, there is always a fear of creating a rift amongst the relation if not paid on time. The best way to finance your house would be taking home loan from leading banks or finance companies. There are leading government & private banks that cater clients with customized home loan policies at a relatively low rate of interest based on a fixed or floating concept, a fair amount of tenure to repay and flexible ways to repay your housing loan. With online facilities these public or private banks are available day-in & day-out at your service.

4. Here are some qualities that make applying housing finance a lucrative option:

5. You can avail home loan for various purposes under different segment such as construction, property purchase in new or old buildings, home improvements, extension, etc. • When you invest in a property or modify you make room for better earnings on your house, increase its value and therefore strengthen the chance of earning more on the house in the form of rent or price at a future date. • Similarly, adding amenities help us transfer the expenses on to the rent we earn. This makes it viable for banks and finance companies to offer financial aid in the form of home loans.

6. Home loans are one of the most preferred loans in the market because they come with tax benefits under section 80C. If the interest you pay exceeds a certain limit, you are automatically eligible for the benefit. • Home loan offers a secured way for financing your dream project. These loans could be taken at interest rates as low as 9 to 10% and come under fixed or floating rate basis concept. Under fixed rate loan the ROI remains constant throughout the loan period, while in floating rate loans the ROI is linked to market conditions and may change periodically. They could be linked to the base rate, inflation, or other parameters, each bank selects its own methodology to fix this base rate. Some leading private sector banks offer loans in the form of adjustable rate of interest loan, Trufixed loan (2 to 3 year fixed rate variant) or Trufixed loan (10-Year Fixed Rate Variant).

7. With internet-based services, things are now at the click on button for you. You don’t have to visit banks, fill up forms, get copies attested and submit them. You can apply for home loan anytime and anywhere from the place of your choice and comfort. A computer, laptop, tablet or smartphone device and good internet connection is all that you require to apply for housing loans from any part of the country. Ensure that you keep all the relevant detail handy as well as scanned copies for submission before applying for loans. Once verified and approved, you will get a phone call from the respective bank for loan disbursement in your bank account. Source: http://blogs.rediff.com/homeloaninterest/2016/07/28/advantages-of-taking-a-home-loan/

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