Benefits of applying for a home loan in 2021
15 Jun

Home is a shelter from all sorts of storms, It gives you comfort and joy. Home gives the homeowner a sense of identity and its ownership is secured.

So if you want to experience this ownership sense, pride and joy, this is the right time to plan your home purchase now. We know it is difficult to buy a home through our savings entirely. You can apply for a Home Loan and live your dream of owning a home. The home loan can’t be taken only for the purchase of the property but also for the construction or renovation of the house.

There are numerous advantages of profiting from a home loan. Below are key benefits of taking a home loan at present time.

1) Property Price Is Low

The property price is low at present so people can easily afford a house with the help of a home loan. Presently homebuyers have numerous alternatives in the reasonable home segment. This has a two-dimensional advantage for home buyers – toward one side, you can manage to buy a permanent spot for a lower sum than you had planned. On the opposite end, you can enjoy different advantages of purchasing a home with a home loan, for example, tax benefits, paying a limited quantity as an upfront installment, and so on.

2) Low-Interest Rates

Home loans have become entirely reasonable today with interest rates moving lower recently. Lower interest rates bring about lower EMI sums which makes the home loans more alluring and reasonable.

The major advantage of a home loan is that you can become the owner of the house today without sufficient capital.

Also, your home loan reimbursement tenure can stretch out as long as 30 years relying upon your loan qualification and different standards of the home loan providers (the more extended your loan tenure, the lower is the EMI amount). This gives you the solace of reimbursement over an extensive stretch without putting pressure on your finances.

3) Enjoy Capital Appreciation

In the present time, you get the property at a reasonable cost with a home loan and you will get benefit from the rise in the prices of the property over time.  Home loans are the only loans that permit reimbursement tenure of as long as 30 years. Therefore, you can decrease the burden of your EMIs by broadening the tenure. You can use a simple online tool to know how your EMI will change with the change in tenure.

4) Reduction In GST Rates On Home Purchase:

The GST (Goods and Services Tax) rates on home purchase have been reduced outstandingly which is a plus point for the home buyers to purchase a house at present time. As of now, the GST rate imposed on the acquisition of residential homes is 5% (1% for affordable homes) without the advantage of input tax credit (ITC). So buying a home today will give you the benefits of these lower rates.

5) Saves You From Paying Rent

As lease in metro urban areas is very high they put a strain on your month-to-month financial plan. It is smarter to pay the EMIs and own a house. if you haven’t enough capital with you, you can buy a house easily with a lower interest rate.

Since you know the world of advantages around home loans, you can venture out into home possession and start this energizing excursion. you may consider how to approach availing a home loan, which is one of the initial steps to your home buy.

Are you ready for the purchase of your new house with these benefits of a home loan? If yes, then take the first step and apply for a home loan as soon as possible and make your dream come true.

To repeat now’s a fun opportunity to settle on the important choice of turning into a homeowner; venture out today.