Home Loan: These are the many benefits of buying property or house on loan, even the property dealer is not able to cheat...
20-30 years ago, buying a house or a car by taking a loan was not considered very good. Now times have changed and people do not look down upon taking a loan. This change has happened because loans given by organized sector institutions have civilized the recovery methods. Besides, there are many benefits of taking a loan from these institutions which make the loan attractive.
No burden at once – The biggest advantage of taking a loan is that you can buy an expensive house by making a very small down payment. After this, you have to pay EMI every month. Due to this, your pocket does not have to bear the burden of lakhs and crores of rupees at once.
Tax benefits- If you have a home loan, you can deduct its principal and interest from taxable income. People taking home loans can deduct interest up to Rs 2 lakh from their taxable income.
Due diligence – This is probably the biggest advantage of a home loan that makes it attractive. Any bank examines all the documents before giving you a loan. The bank checks whether the property is legal or not. Only after that, you are given the loan. With this, the possibility of fraud on you becomes almost zero.
Availability of money- We do not know when and at what time in the future we will suddenly need money. In such a situation, it is not wise to invest all the cash in buying a house at once. At the same time, if you deposit a small amount every month as EMI, then you will have funds available for any emergency.
PC Social media