The benefits of a home loan

These are the benefits of a Home Loan.

These are the Key Takeaways
MORTGAGE LOCANS make it easier to buy your home.
Your Home Loan can be repaid in flexible terms lasting up to thirty years.
MORTGAGE LOANS can provide tax benefits as per Section 80C or 24B.
You can borrow the loan to buy pre-owned and new properties.
MORTGAGE LOANS can have fixed or floating interest rates
Owning a house is a worthy investment. It’s like buying an asset that keeps increasing in value. With the increasing property prices, many people turn to MORTGAGE LOOANS to fulfill their dreams of becoming homeowners.

High Loan Value
The market value of the property can be financed by banks as a Housing Loan. The Home Loan EMI Calculator can be used to calculate the loan amount and down payment.

Multiple End-Uses
You can apply for Home Loans in order to purchase any property you want. The loan amount can be used to buy land, construct a home on the land you already own, or purchase an under-developion, new property. With funds from a Home Loan, you can remodel or renovate your house.

Choose from a variety of interest types
You can choose from fixed or floating interest rates with Home Loans. Fixed interest loans have an EMI that remains constant throughout the loan term. If you choose a floating-interest HOME MORTGAGE, your EMI is affected by the true estate market’s interest rates. If there is low demand for Home Loans, your floating interest Home Loan EMI might be lower.

Flexible Repayment Tenure
Your MORTGAGE LOAN can be repaid in terms that last up to 30 year. Higher tenures mean lower, more manageable Equated Monthly Instalments. This flexibility makes MORTGAGE LOANS a very attractive option.

Tax Benefits
Home Loans have important features, including their tax benefits.

You can receive tax benefits up to INR 1.5 Lakh for principal repayment under Section 80C, Income Tax Act, 1961.
You can claim tax deductions of up to INR 2 Lakh on the interest component of your house loan.

Minimal Prepayment Fees
Prepayment fees are not usually imposed by banks if you repay your Home Loan loan before the stipulated term. Prepayment applies only if you repay your loan before the due date or choose floating-interest sbi home loan.

Final Note
Home loans are an easy way to fulfill your dream of buying a home. It can be difficult to find the right lender with so many available. Be sure to look at different lenders before you choose a house loan provider.