Five reasons why this is the best time to get a home loan for your own home

Buying a home is no less than awarding yourself for lifetime achievement. But often the overall process is not as straightforward as it sounds.

People also realized the importance of having a property or a home of their own. So, currently, the demand for a home loan is also increasing.

Also, opportunities do not come knocking your door every time. However, when they do come, get ready to optimize on it to the fullest.  

This article is for those people who are still looking for reasons why it is best to opt for a home loan:

1. Interest rates are more affordable than ever

If one looks at the housing loan interest rates, the interest rates are going through several up and down cycles. Therefore, one can benefit from falling interest rates. 

Home loans have become a lot more attractive in 2020. Most of this could be attributed to progressive policies from the central government and also the efforts of the Reserve Bank of India, to make housing loans affordable to common people. 

At present, home loans are available at an affordable interest rate which turns out to be the cheapest in nearly a decade. For people from low and medium-income groups, the government has started the Pradhan Mantri Awas Yojana, wherein it allows people to buy houses at subsidized rates. 

There are also few housing finance companies such as Shubham housing Finance, Adhaar from where you can avail the benefit of the PMAY Home Loan scheme.

2. Housing Finance Companies offering better terms and conditions

With the changing times and the changing market, dynamics have pushed housing finance companies to become more consumer-centric. Most of the housing finance companies offering loans with little or no prepayment penalties. However, taking a home loan from Shubham Housing finance has many more benefits as it doesn’t provide you prepayment penalties, no hidden charges, and many more.  

3. Poor real estate industry

We all know that the real estate industry as a whole is going through a torrid time. The real estate markets and the banking lenders are offering deals to the home buyers in the purchasing process. 

4. Avail plenty of tax benefits

The Indian tax department offers plenty of tax benefits on home loans, which every homeowner can take advantage of. To begin with, Section 24 allows homeowners to avail of a deduction of up to Rs 2 lakh on interest payments.

Section 80C of the Income Tax Act offers deduction on principal repayment of up to Rs 1.5 lakhs. Apart from this, there’s a tax break for new homeowners as well, wherein Section 80EE offers a deduction of up to Rs 1 lakh.

5. Capital Appreciation

With the prospect of mouth-watering capital appreciation is the biggest argument for buying a home. It has seen that over the past decade, there has been a rise in the investment market. Rents too seem to keep up with inflation; having a home/ property is one of the few investments that can help you benefit in the long term.

To sum it up, the housing market in India has undergone a period of stagnation and low sales, and most of the parties concerned are doing everything they can to improve this very situation. Investing right now would mean that you will get a house of your choice on terms easily agreeable to you.