To address the lengthy procedures and time needed in sanctioning of Home Loans, we have come up with the INSTANT HOME LOAN option. In this we help you get a pre-approved Home Loan. With pre-approved Home Loans, you get instant loan approval. This type of instant housing loan is approved well before you finalize your property. Some of the benefits of home loans are, Property prices tend to rise over a period of time. Hence, it is always better to buy a property as early as possible.
Availing a Home Loan to acquire a property rather than waiting to accumulate the money for making the purchase later makes more sense as this helps one overcome the issue of rising property prices while in the process saves one from buying the same property at a much higher price at a later date. Taking a home loan also ensures that the money which was going towards paying rent now goes towards the Home Loan EMI.
• The Government of India offers various tax benefits on the repayment of the Principal as well as Interest on Home Loans. For instance, under Section 80C of the Income Tax Act of 1971, an individual can claim a deduction the Principal Amount repaid in a given financial year. Similarly, the individual is also entitled to a deduction, on the interest paid towards the Home Loan in the same financial year.
What are the Terms of Repayment?• Home Loan is possibly one of the only loans wherein you can enjoy exceedingly long repayment tenures ranging from 10 years to 30 years at a stretch. The extended tenure can contribute largely in reducing your EMI outgo per month, thus making it fairly feasible for you to avail the Home Loan and enjoy its benefits. Also, if you are sure of a consistent rise in your income, you can even opt for a Step-up Repayment Plan, wherein your Home Loan EMI will keep increasing as time progresses. This will help you in repaying your loan faster, while also saving on the overall interest outgo.
Is a Home Loan buying better than Renting?• When you say you are saving up to buy the latest phone in the market, it often makes sense as you can save the amount over a span of 2-3 months. However, the same cannot be said for saving up to buy a home. A residential property often costs lakhs of rupees, a sum which cannot be saved by simple efforts. A better way is to opt for a Home Loan instead. In this case, you can gain access to the requisite sum of money instantly and use it for purchasing on building the home of your dreams, while putting the otherwise saved money towards your EMI. Trust us, this is a complete win-win situation, and that too for more than one reasons.
What are the eligibility criteria for Home Loan?