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Tata Capital > Blog > Benefits of Applying for a Home Loan in 2020?

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Benefits of Applying for a Home Loan in 2020?

Benefits of Applying for a Home Loan in 2020?

Most of us have personal and emotional expectations with our dream home. It is where we want to feel comfortable, safe and connected with family.

Do you also want an ideal home, but are falling short on finances? Don’t put such milestone wishes on hold. Use ahome loan calculator and apply for a house loan, especially now, when financing brings the following bouquet of benefits.

Tax benefits

Tax-saving is a significant benefit of home loan because of the various tax deductions available under Sections 80C, 24, and 80EEA of the Income Tax Act. Individuals applying for loans can get a tax rebate of Rs. 1.5 lakhs on principal repayments.

Attractive interest rates

While the ongoing pandemic is unfortunate, it also presents you with an opportunity to avail of housing finance at surprisingly low-interest rates. This makes 2020 one of the best years to apply for a housing loan. If you are not sure about the kind of EMI you can afford, use an online home loan EMI calculator to evaluate your potential monthly instalments.

Safeguard liquidity

Denting your hard-earned savings whilepurchasing a residential propertyis counterproductive because you may require those funds during an emergency. Therefore, it is wiser to save them for a rainy day by availing of low home loan rates on offer in 2020.

Additional Read: Why is 2020 the Right Time to Buy a House

Boost credit score

Maintaining a punctual reputation of EMI payments develops your credit ranking and adds value to your credit score. With a good credit rating, you enhance your home loan eligibility for a second house loan, if you ever need one. A high CIBIL score can also fetch you a lower interest rate on any future loans you take.

Say goodbye to rent

Rents have the potential to go through the roof, especially in metropolitan cities. You will only have an additional strain on your budget if you encounter a sudden increase in rates, which means paying off EMIs on your own house is a better option. To evaluate how your finances and other parameters for housing finance, use a home loan eligibility calculator.

Additional Read: How to Plan a Right Budget for New House this 2020

Comfortable repayment tenure

Housing finance comes with comfortable EMIs that reduce your repayment headache. You can take up to 30 years to pay off your house loan, which means you don’t have to cringe on a comfortable lifestyle. You can use an EMI calculator for home loan to accurately gauge your EMI depending on the tenure.

Property due diligence

Another benefit when youapply for housing finance is that lenders perform background checks on property and developers before sanctioning a loan. This helps you steer clear of investing in dubious real estate and untrustworthy builders.

Additional Read: What are must haves when buying a new home in 2020?

Parting thoughts

There they are, all the fruitful benefits of taking easy home loan. Considering this is an ideal time for buying residential real estate, you can start your dream homeownership application now.

If you are looking for a lending institution of repute, turn to Tata Capital! With us, you can count on an array of EMI options, reasonable home loan interest rates, and quick processing.

To know more about our housing finance options, get in touch with us today!

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