Home Loan Interest Rate: It is everyone’s dream to buy their own home. However, to fulfill this dream, a large amount of money is required. If you do not have the money to buy a home, then there is no need to worry because nowadays it is easy to get a home loan. With a home loan, you can fulfill your dream of buying your own home. Here are 5 benefits of taking a home loan for the first time.
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Tax Benefits: With a home loan, you can also get tax benefits. Section 24B of the Income Tax Act provides a tax deduction of up to ₹2 lakh on the interest paid for every financial year. Section 80C provides a tax deduction of up to ₹1.5 lakh on the principal repayment of the loan.
Co-Applicant Benefits: If you are going to buy a home, you can also have a co-applicant. This has many benefits, such as sharing the SMI and getting tax benefits. With a co-applicant, you can also easily get a home loan. The ownership of the property can also be divided among the co-applicants.
Benefits for Women: Many banks offer lower interest rates for home loans to women. This can have a significant impact on the interest rate and the EMI of the loan.
Pre-Payment Benefits: With a home loan, you can also get pre-payment benefits. If you want to pay off your home loan quickly, you can make a pre-payment. This can reduce the interest rate on the loan.
Home Loan Top-Up: You can also use the top-up facility of a home loan for emergency funds. This fund can be used for medical emergencies or other important expenses. It can also be used for education expenses.
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