Home Loan Benefits

Home Loan Benefits

Everyone dreams of a beautiful home; everyone wants to live in his own home. Are you also the one who no longer wants to live in a rented house? Now you can fulfil your dream. Yes, you can buy your own home loan benefits. There are numerous lenders available in the market to provide you a home loan.  

Financeseva, provides home loans with lowest interest rates, flexible tenure, and the highest loan amounts. Additionally, there are various benefits of home loans. Here, we are describing the benefits of getting a home loan in the following points.  

Income tax benefits: A home loan is eligible for tax deduction under Section 80C of Income Tax Act. The Act allows to claim a deduction of such interest also, called the pre-construction interest. A deduction in five equal instalments starting from the year the property is acquired or construction is completed is allowed, over and above the deduction you are otherwise eligible to claim from your house property income. Although, it is capped with maximum value of Rs 2 lakh. It also gives a deduction on the principal amount of the loan as well as on the other charges.

Low interest rate: There could also be situations in which the interest rates fall, allowing you to prepay your loan and own your home loan. For instance, those who bought property in 1995, at an interest rate of 18 per cent, not only saw interest rates fall dramatically over the next decade, to bottom out at about 7.5 per cent, but property prices were appreciated steeply too. This works as a double boost to wealth.