Posted On: 01-May-2021
Home is the biggest dream for everyone, especially in the middle-class section, it is pride. When you become a homeowner your value increases, tension-free life, joy and happiness reside with you.
Home buying is not an easy task too, many people suffer from the financial crisis, in that time Home Loan is the only option where you can acknowledge all your problems with the help of a financial institution (BANK OR NBFC) where you get a home loan to own your dream home.
In the past getting a home loan us tiring job but now the Home Loan process made easy through Eswari Capital, you just apply by clicking on www.eswaricapital.com where you can easily apply Home Loan within minutes.
Important benefits of Home Loans:
The following are the important benefits of Home Loan
Remove Financial Hurdles:
Banks are the medium to help financial problems while purchasing a home. For example, you have a plan to purchase a home but do not have a sufficient amount, at that time you can opt for a home loan and the bank can provide up to 90% loan on the total amount on the property. Some NBFC's may provide 100% too, based on their terms and conditions.
Lowest Interest Rates:
If you go personal loan or Business loan the interest amount will start from 13-18 percentage or in some case more than that based upon the risk which a bank believes.
Whereas if you opt for a Home Loan the interest amount will be minimal, it will start from 6-10 percentage. As bank believes home as collateral even though if the customer not in a position to pay, the bank can acquire the right over property.
HOME is an investment and earn rental income :
For example, if you stay in a rental house yearly you're paying 1 lakh as rent, whereas if you opt for a home loan where you can pay less than 1 lakh of EMI per year then you're in a safe position and also if you give one portion of the house that will give you rental income every month. So investing in a home is always profitable. Where you're paying the exact amount as rent and earning extra income from rent.
As per section 80c, the interest paid on a home loan is deductible from income tax up to 2 lakhs. And tax benefits on a home loan is up to 1.5 lakh per annum. So buying a house on loan is profitable and useful for households.
Reduction in GST rates on home:
Before April 2019, the GST was 8% on homes but the central govt-led projects like affordable homes the GST will be levied at 1% like the Rajiv Awas Yojana, the Pradhan Mantri Awas Yojana Jawaharlal Nehru National Urban Renewal Mission, and housing schemes of state governments, and there is no applicability of GST on home loan repayment as far as the borrower concerned. The bank charges GST on processing fee, technical fee and legal fee.
The above article clearly explains the benefits of a home loan. Require funds to build or purchase a home, Eswari Capital is the best option for easy finance and faster home loans. Get maximum benefits through Eswari Capital home loans. Quick process, faster approvals and easy disbursement.