Owning a home is like a dream. Home is the best place to live in. We can enjoy every corner of the home, unlike a rented home. We have to think twice while using or shifting things from one place to another. Whether we are self-employed or we are salaried we have to start building our home at the starting point of our stability.
Now, a question arises: how without saving? We all have solutions in the form of loans. We can easily avail a home loan. Types of home loan we have:
- Home Purchase Loan
- Home Improvement Loan
- Home Construction Loan
- Land Purchase Loan
- Home Extension Loan
These are the various types of home loan which are available in the market.
Benefits of taking a home loan:
- Tax Benefits: By taking home loans we have a kind tax benefit Under Section 80C, you may claim tax deductions on principal repayment of up to Rs. 1.5 lakh. The interest rate we have to pay is in the two-part: principle and interest
- Home Loan Eligibility: There are small eligibility criteria for the home loan for young professionals. The only factor is your age should be less than 65-70 years.
- Loan Amount: Although the loan amount depends upon the various factors like credit score, repayment tenure, monthly income.
You can check the EMIs of your loan with the help of a home loan EMI calculator.
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