Planning to Buy a New Home? Finance It This WayOctober 13, 2020
Mumbai: Many people dream of owning a house and making it their home for all the years to come. It is a once in a lifetime decision that requires careful planning and a substantial amount of funds. No matter how comfortable a rented property is, the contentment of living under your roof is something else. There is no doubt that property is an asset that will reap you several benefits over the years. However, not everybody can afford to purchase a house.
A home loan is the ideal financial assistance that will help you fulfill your dream of owning a house. Whether you are short on cash or do not want to drain all your savings into buying a new property, a home loan is a way to go.
A home loan has become a popular borrowing tool for countless homebuyers, considering its many advantages. If you are still hesitating to applyfor a home loan, read on for the benefits they offer:
- Sense of Fulfillment
There is no greater joy than buying your own home. However, it might be challenging for those who cannot afford a house due to a lack of funds. A home loan lets you turn your dreams into reality by providing the necessary financial aid and a sense of accomplishment. Buying a home holds not only sentimental value but also most of our earnings. Therefore, it becomes crucial to make a cautious decision.
- Capital Appreciation
Property is an excellent investment that can yield significant returns over time. However, if you live in a rented place, it can do the opposite effect on you. Living in a rented home, you will have to pay the rising property rates to keep up with inflation. On the other side, if you take a home loan and buy your property, you can take advantage of capital appreciation. A home loan has a fixed rate of interest and can shield you from property inflation.
- Tax Benefit
You can avail of a tax benefit for both the interest paid on home loan and the principal repayment. Under Section 24(b), you can avail a deduction of Rs. 2 Lakhs on the total payable interest.
- Savings Intact
Buying a home can drain your entire life’s savings in one go. It is one of the crucial investments and decisions you make. A significant benefit of taking a home loan is that your savings remain intact and handy in case of any emergency. You need not wait all your life to accumulate sufficient capital for your dream home. A home loan is a safe and secure way to live in your own home.
Choose Home Loan for Affordable Housing
Who doesn’t want a house of their own? However, having a stable income is not enough to finance a property all on your own. Therefore, a home loan is a popular option among many when it comes to buying a house. You need to check your eligibility using a home loan calculator online and make your application in a few simple steps.
Ensure availing a home loan from a reputable bank like Axis Bank that offers home loans at lower interest rates and smaller EMIs. They have an easy to follow application procedure, offering home loans starting from Rs. 3,00,000. You can choose between fixed or floating interest rates according to your repayment capacity.
So, what’s stopping you from fulfilling your dreams? Apply for a home loan today.
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