Owning a house is a dream come true for many. But, with the
skyrocketing property prices, it’s impossible to buy a house just by savings.
This is where taking a housing loan comes into the picture. The government of
India has taken several initiatives in recent years to make housing loans more
accessible to people from all walks of life. But, is taking a loan for house
really worth it? Let’s explore.
1. Tax Benefits:
One of the biggest advantages of taking a housing loan in
India is that it comes with tax benefits. Under Section 80C, the repayment of
the principal amount is deductible up to Rs. 1.5 lakh. Similarly, under Section
24(b), the repayment of the interest amount is deductible up to Rs. 2 lakh. This
not only reduces your tax liability but also saves you a substantial amount of
money.
2. Low-interest rates:
Housing loans come with low-interest rates, making it more
affordable to purchase a house. The interest rates for housing loans in India
can range anywhere between 7%-10.5%. However, the interest rate for housing
loans is often influenced by factors such as your credit score, employment
status, and personal savings.
3. Helps Build Creditworthiness:
Taking a housing loan can help you build your creditworthiness,
which will benefit you in the long term. As long as you repay your housing loan
on time, your credit score will improve, making you eligible for other loans
with better terms and lower interest rates. Moreover, having a good credit
score can give you an edge in the job market.
4. Affords You the Opportunity to Invest:
When you take a housing loan, you’re not just buying a
house, but you’re also investing in an asset that could appreciate over time.
As the value of the property increases, so do the returns on your investment.
Additionally, if the property you purchase is rented out, you can earn a steady
income that can help you repay the housing loan.
5. Long-term Commitment:
Taking a housing loan is a long-term commitment and requires
proper planning to ensure that you don’t default on the repayment. It’s
important to factor in all the expenses, such as property tax, maintenance
costs, and insurance premiums while evaluating your budget. You should also
have a contingency plan in place to cover unforeseen expenses. Get more info, Instant loan without CIBIL.
Conclusion:
Taking a housing loan can be a smart move, provided it’s
done responsibly. It not only helps you buy a house, but it also comes with
several benefits such as tax benefits, low-interest rates, improved
creditworthiness, and the opportunity to invest. However, before you take a
housing loan, ensure that you evaluate your financial capacity and plan your
repayment wisely. With careful planning and the guidance of an expert, taking a
housing loan can help you achieve your dream of owning a house.
Tags:
#housingloan #homeloan #loanservices #cibil
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