Benefits of Housing Loan
Best Finance consultants to get Housing Loans
What are all the Main Benefits of Housing Loan?. How can a private company employee or an Entrepreneur get a housing Loan Easily?. Who are the best Finance consultants to get home loans?. S & P Bank Loan Services is a professional team to avail Home Loans for various individuals and Business people in Chennai, Tamil Nadu, India.
Owning a home is the most desirable thing for every Indian. It acts like our Secure state of mentality and fiscal wealth. Buying a home is the biggest financial dream of any individual.
Home is not the walls and roofs for us. It is much more than a building for any individual. It creates a sense of achievement and success.
What are the benefits of home loans?
There is nothing equal to staying at your own home for real comfort. Owning a home increases wealth and social status. Buying a home with your savings is difficult due to high real estate prices. But buying home with a home loan is easy. Lender finance generally 80% to 85% of the cost of a home. In any case, The home loan also offers you a lot of benefits. Let’s see the benefits of home loan in the below write up.
Property Appreciation:
Over the years, real estate price is in increasing trend. India develops at all fields at a rapid rate and thus property prices steeply increase. Increasing rent and capital appreciation keep people investing in a home. It is one of the best investments for individuals.
Liquidity Benefit:
Many people hesitate to take a housing loan, as it is very big financial liabilities for an individual. If you pay your whole savings and buy a home, there is no housing loan. For your unplanned expenditure, you will have a cash crunch. Even it will be difficult to run your monthly expenses when you buy a home without a loan.
Diversify the investment with your excess cash
Take a housing loan, pay your dues in time, and pay more funds when available. You will have liquid cash always to meet up with any situation. Moreover, You can also diversify your investment with your excess cash. You can create a big asset for you and your family.
Offers in Housing loan:
Housing loan comes with a lot of offers and concessions. It offers low-interest-rate with long repayment tenure. It makes monthly EMIs lower so that your monthly expenses are done without liquidity crunch. No prepayment charges for the housing loans. Whenever you have more funds, you can part pay the housing loan to reduce your liabilities. It also allows for a balance transfer facility. With this facility, you can transfer the housing loan balance to a lender who offers lower interest. Housing loan is a low-cost debt to create an asset.
No hassles from Landlord:
In a rented house, be it minor or major repair, the rented house needs landlord permission. You depend on electricity, water, car parking, and maintenance on the landlord. You always have some worries about renewing the lease agreement. The landlord may ask you to vacate for any reason at any time. If you live in your own property, you live a peaceful life. If you live in your own house, your home is constructed as per your choice. You live without any hassles of the landlord.
Saves you from paying Rent:
Presently, house rent is higher in both metro and urban cities. Rent keeps on increasing year on year. Rent is always an expense. To reduce rent expenses, we may compromise the house in the main location in the city and go for a remote location. It makes us travel a lot for our daily works. On the other side, the rent deposit is a huge amount and does not earn any interest for you. Buy a home with a housing loan and pay EMI instead of rent. You also create a wealthy asset for your lifetime.
Tax Benefits:
To encourage more people to buy a home, the Indian Government offers a lot of tax benefits for a home loan. You can claim more tax deductions for housing loans every year under Income Tax. There are deductions available for principal repayment, interest, and stamp duty and registration charges.
Benefits of Special deduction for first home time buyers
Special deduction for first home time buyers is available. You can also take tax benefits for your second house. You can even take tax benefits for property purchased jointly with your family members. The tax benefit amount varies from individual to individual and based on the loan amount. And also whether house property is self-occupied or lets out. Our professional team can assist you in finding your maximum tax benefits from housing loans.
Contact the Best Housing Loan Consultants
Contact S & P Bank loan Services consultants. In fact, They provide you the gist of various housing loan products available in the market. Of course, they will be with comparative interest rates and other offers. Most of all, We can suggest you the best housing loan products for your needs. You can contact us for assistance in any type of finance in India.
