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Why Should You Opt For A Home Loan Now?
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Home loan is a long term commitment, and can be an extremely bumpy financial rollercoaster. This can occur when you have an unpleasant experience with the bank you are taking the home loan from, a high interest rate and various other reasons. The best part is home loan rates can be refinanced at any time according to the customer’s preferences. Buying your own house is a huge step and can sometimes be a source of frustration, anxiety and accomplishment. With increasing property rates, it is very difficult to buy a home from your savings.
Reasons why you should consider home loans:
1.Sense of accomplishment- Buying a home gives you more mental satisfaction than living in a rented apartment. It is also one the biggest investment you would make in your life. Buying a home holds financial as well as sentimental value in your heart. Buying a house of your own also makes it the biggest component of your investment portfolio.
2.Capital appreciation- Those who have seen property prices increase over the last few years, the prospect of acquiring a capital assets is the biggest achievement. The cost of construction on its own has risen to 15% annually over the past one decade. House rents also increase year after year to keep up with the inflation. Constructing your own home can shield you from the increasing costs and inflation during the long run.
3.Low interest rates- Buying a house is a decision of over a 10 year period. The home loan interest rates can fluctuate considerably. Therefore, it is obvious that you can benefit from the decreasing rates at some point of time. There can be instances where the housing loan interest rates fall rapidly, allowing you to pay your loan faster. For example, if you brought a property in 1995 at an interest of 18 percent, so after a decade the interest rate will not only fall but the price of the property will also appreciate. This will boost your wealth.
4.Tax benefit- As per section 80CCE of the Income Tax Act of 1961, the repayment of up to 1 lakh of your home loan is subjected for deduction from the gross income. This is possible only if certain conditions are fulfilled.
As you can see, there are plenty of benefits when it comes to opting for a home loans. But like any other loans, one would need to first be aware and understand the home loan rates before beginning the application process for it. Understand and being aware of this loan rates will allow one the opportunity to make the most of one’s investment while ensuring that one gets the most out of it. Additionally, it also ensure that one can also repay back the borrowed funds with ease.
The author is a seasonal writer on topics of finance and the housing loans sector. Through her writing, she articulates aspects that are important to people availing facility such as home loan interest rates, documents, home loan eligibility criteria that help to make the best decision.
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