Home Loan Benefits: For those who do not have enough money to buy a house, a home loan is very helpful because through this a lump sum amount is arranged and the borrower gradually returns the loan amount in installments. But many people have enough money, but still, they take a loan from the bank to buy a house. That is because home loan also has many benefits. Know about such benefits here-
First benefit
The first benefit of taking a home loan is that you get confirmation that there is no dispute on the property you are buying. The reason for this is that before approving the loan, the lender checks the title and records of the property to ensure that there is no dispute on it. All the necessary documents are verified through legal verification, which ensures that the property is not occupied by anyone else.
Second Benefit
The second biggest benefit of taking a home loan is income tax. If you are buying a house with the help of a home loan, you can save lakhs of rupees in tax every year. According to the current rules, under Section 24 (b) of the Income Tax Act, a rebate of Rs 2 lakh is available every financial year on interest payment. Under Section 80C, a tax exemption of up to Rs 1.5 lakh is available on principal amount repayment. If a home loan is taken with the help of a co-applicant, then both the applicants can avail of different tax benefits and can save a total tax of up to Rs 7 lakh.
Third Benefit
Home loans are cheaper than other types of loans. Experts believe that in the future it can be made even more attractive by reducing its interest rates. In such a situation, instead of spending your savings to buy a house, it is better to take a home loan with better interest rates. Save the savings for your retirement fund and other future needs. With this thought in mind, people buy a house by taking a home loan even if they have money.
Fourth benefit
Home loans can be topped up. If you have bought a semi-furnished or old apartment, then its interiors cost a lot of money. In such a situation, instead of spending your savings or getting work done by taking a personal loan, it is better to get your work done by top-up the home loan. Top-up on a home loan is cheaper than a personal loan, apart from this there are no hidden charges and you get a good amount of time to repay it.
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