Buying your home is like a cherished dream for everyone. We plan right from the day we start earning for the dream property, location, whether it should be constructed or bought an apartment or flat. Your house reflects your personality as well as your lifestyle.
Although, there are various ways of financing your home like borrowing from friends or relatives, taking money from traditional financiers, selling your share stocks, etc. however, other than profit in equity stocks, traditional financers/ personal loan prove quite costly and borrowing from friends or relatives would be against your dignity.
Also, there is a fear of getting a rift in the relationship if not paid on time. Therefore, the best way to finance your house would be taking a housing loan from reputed banks or finance companies.
There are leading government bank and non-banking finance companies that cater clients with customized housing loan policies at low-interest rates. These interest rates come under fixed or floating concept, a fair amount of loan tenure to repay and flexible way to repay your housing loan.
With quick and convenient online medium public or private finance companies are available day-in and day-out at your service.
So, here are some qualities that make applying for a home loan a lucrative option:
You can avail home loan for variety or reasons under the different segment of construction, property purchase in the new or old building, home renovation, extension, plot purchase, etc.
When start investing in a property or modify you will make a room for better earning on your house, increase its value and strengthen the chance of earning more on the home in the form of rent or higher price in the future date.
When you add more amenities, better living standards it helps us transfer the expenses on the rent we earn. It makes it more viable for lenders like PSU banks and finance companies to offer financial assistance in the form of home loans.
Home loan is one of the most preferred loans in the market because they come with a tax benefit under section 80C, 24 & 80EE of the Income Tax Act, 1961. If the interest rates you may exceed a certain limit, you will automatically be eligible for the benefit.
They offer a secure way to finance your dream project. These loans come with interest rates as low as 8.50 to 9.50% and generally categorized as fixed or floating rate basis.
Under a fixed rate, the ROI remains constant through the loan period, while in floating rate the rate of interest gets linked to market condition and would change periodically.
They are linked to parameters like base rate, inflation, government reforms and policies, and each bank then selects its own method of fixing up the base rate.
Some leading private sector banks offer loan in the form of adjustable rate of interest loan, tru-fixed loan (which is fixed or 2-3 years and then gets converted to a variable) and similarly Tru-fixed loan (10 years fixed rate variant).
With internet services, managing home loans is now at the click of the button on your laptops or smartphones. You don’t have to personally visit the bank, fill up form get copies and submit them.
You can apply for a home loan anytime and anywhere at your comfort. A computer, laptop, tablet or smartphone device and good internet connection are all that you need to apply for house loan from any part of the nation.
So, just visit online and apply for your dream home now!