Only difference in a house and a home is the feeling of belongingness.
The biggest hurdle before owning a house remains the capital (money) to buy that property. The savings in this phase of life are generally small and quite insufficient to buy a flat or a house. Moreover, expenses other than grocery are gradually increasing with increasing requirements. In such a situation, home loan becomes an important tool to resolve this situation.
Home loans are the loans people take to buy a house and repay the same in the next 20-25 years. While buying a house, home loan to an extent of 80% of the total purchase cost is provided by the lender and only 20% is required to be shed from your own savings. 80% of the loan amount is to be paid in next 20-25 years in the form of monthly EMI. The good part about home loans is that they are available at a very low interest of 8.50% with Indiabulls Home Loans.
Getting a loan today is not very difficult. Normally it takes a couple of days to complete all formalities. So as soon as you finalize your dream home, you may apply for home loan by submitting your details on this link https://www.indiabullshomeloans.com/eHomeLoans/ and start your process. You may apply, get it sanctioned and get the amount disbursed online.
Home loan comes with a host of advantages:
Firstly, you will be eligible for subsidy under Pradhan MantriAwasYojana to the extent of INR 2.67 lakhs. This scheme is applicable till 31st March, 2022 and is applicable for applicants under EWS and LIG categories with an annual income of up to Rs 3 lakhs andRs3-6 lakhs only with a carpet area below 30 meters and below 60 meters respectively. Also, in case of buying a new flat or plot for building a house, the ownership should be in the name of female member only or jointly with wife.
Also scheme may be availed by MIG category people with two parts. In MIG I, the subsidy to the extent of 4% for a loan amount of Rs 9 lakhs and in MIG II, the subsidy of 3% for a loan amount of up to Rs. 12 lakhs. Even people buying costlier houses and availing loans with higher amount may avail the scheme. However, while availing the loan of higher amount, the subsidy will be restricted to loan amount of Rs9 or Rs12 lakhs only. The maximum amount of subsidy specified according to the scheme is Rs2.30 lakhs and Rs2.35 lakhs respectively.
Secondly, the amount paid as principal up to an extent of Rs 1,50,000 per year can be claimed as exemption in Income tax under section 80C of Income Tax Act.
Thirdly, the interest paid towards home loan to an extent of Rs 2,00,000 per year is exempted from Income tax.
Additionally, home loans also give you a relief from the ongoing rent payments which eventually gets converted into your EMIs. Thus, with almost similar cash-flows, a person not only shift to his own house but also build an asset for the family.
After owning a house in the city, the entire city seems to be your own. Your affection towards that space increases by time and actually understands why your parents are not ready to shift with you despite their poor health conditions. We never know when this space covered with bricks becomes one of the most important part of our lives.
