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7 Benefits of Applying for a Home Loan
7 Benefits of Applying for a Home Loan
Owning a home is one of the biggest dreams of everyone’s life. But with the booming property rates, it becomes next to impossible for many people to purchase a house only with their savings. In this case, they need external financial support, and the best choice for getting financial aid is opting for a home loan provider in ahmedabad.

7 Benefits of Applying for a Home Loan

Introduction

Owning a home is one of the biggest dreams of everyone’s life. But with the booming property rates, it becomes next to impossible for many people to purchase a house only with their savings. In this case, they need external financial support, and the best choice for getting financial aid is opting for a home loan provider in ahmedabad. Taking a home loan means unlocking so many benefits with it.

So, let’s learn about the advantages of taking a home loan.

Advantages of taking a home loan

1)  A place to address as your own

Having your own house is the most significant accomplishment in your life. And if you are hesitating to purchase a house due to a lack of funds, then a home loan will definitely solve your problem and fulfill your dream of buying a house. It will also relieve you from paying rent, landlord’s nagging, and transferring home.

 

2)  Tax benefits

One of the significant benefits of taking a home loan is the tax benefits that come with it. The government of India provides tax subsidies on home loans under Income Tax Act, 1971.

According to this act, you will get a tax deduction up to Rs.1.5 lakh on principal payments under section 80C. You will also get a tax deduction of up to Rs.2 lakhs on interest payments you make under section 24B. If you want to learn more about tax benefits, you can consult our home loan consultant in ahmedabad.

 

3)  Capital appreciation

We all know the rates of real estate properties in India are increasing in leaps and bounds. The market value of the house you buy today will be significantly higher after a few years.

The capital appreciation of real estate property you will purchase is higher than the interest you will be paying for a home loan. So, availing of a home loan to buy a property is the wisest decision.

 

4)  Long repayment tenure

One of the good things about a home loan is that it gives you the benefit of long repayment tenure. Home loans usually have a repayment tenure of up to 30 years. Long repayment tenure means a smaller EMI and a less financial burden. You can quickly pay off your monthly home loan EMIs with ease without compromising your other expenses and way of living.

 

5)  Relief from prepayment penalties

Banks charge prepayment penalties when you repay your loan before completing its pre-decided tenure. But when you apply for a home loan, you don’t have to worry about prepayment penalties. Here, you can get rid of the burden of a home loan whenever you want.

 

6)  Low-interest rate

A home loan mostly has a long repayment tenure, and it offers two types of interest rates. The first is a fixed interest rate, and the second one is a floating interest rate.

The floating interest rate is connected with the up and down cycle of the financial market. And if you choose to go with a floating interest rate, you will be able to take advantage of the falling rate of interest at some point in the cycle.

 

7)  Improves your credit score

Regular payment of monthly installments of your home loan will improve your credit score. And your improvised credit score will increase your home loan eligibility. Your increased loan eligibility will help you get another loan in the future.

 

Conclusion

Nowadays, availing a home loan is more straightforward, more convenient, and more flexible than in the past. That means the dream of purchasing your own home is not a difficult task anymore. And with AGIL Finance, obtaining a home loan is easier than other financial institutions. AGIL Finance is one of the best home loan provider in ahmedabad . We will provide you with a home loan with minimum documentation, maximum flexibility, and quick disbursal. Please email us at [email protected] for any queries regarding a home loan and get help from our home loan agent in ahmedabad.