Know Advantages of taking a home loan

If you are planning to buy a new home, but are still having second thoughts about it, then just sit back and relax. The best and easy option for you is to apply for a home loan. A home loan should not be looked as a mere debt but as a tool of convenience. We have listed a few reasons which prove that a home loan can be beneficial for you. You will benefit from the rise in prices of the property over time. Your home’s appreciation, in most cases, is likely to surpass the amount of interest you end up paying over the home loan tenure.
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 Also, you have the option to rent it out and earn income. There are no prepayment penalties in case of floating rate home loans. So, whenever you have surplus funds, you can use it for making prepayments on your home loan. A home loan can also help you save a tremendous amount of tax. As a borrower, you can claim deduction both on interest paid and the principal amount of the loan under Section 24 and Section 80C respectively of the Income Tax Act. In conclusion, a home loan is the cheapest form of credit available. It can help you to have a great cash flow and is the best tool to help save tax.


Hence, when investing in a home, buyers should not shy away or avoid a mortgage, but instead embrace it.

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