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Why you should prefer a Home Loan?

A house is the most precious possession for an average Indian. In order to have this possession a lot of funds are required. Hence the average Indian would apply for a home loan to convert this dream into reality. There are major Banks and NBFCs that provide mouth watering deals which influence the buyer to apply for home loans.

Why take a home loan instead of any other loan?

Home loan offers lower interest rates.

You can get tax benefits on interest amount paid.

You can apply for a joint home loan with your spouse.

How much loan amount can I get?

Depending on your eligibility, the Bank will provide you with a certain loan amount at the interest rate you qualify for. In case you want a higher loan amount than what the lender is offering, you can apply for a joint home loan. Here, the Banks and NBFCs will calculate eligibility of both; you and your partner. Hence you can get a higher loan amount.

Reasons why you should prefer a home loan?

Lower Interest rates: When you apply for a home loan, it is the most secured loan available. Hence Banks and NBFCs offer lower interest rates available. If you compare it with other types of loans, housing loan offers lower rates and also a lot of benefits which can help you during taxation (mentioned below).

Tax Benefits on Home loans: You can get tax deductions under these sections; Section 24 for Interest payment made up to 2,00,000 in one year and Section 80C for principal repayment up to 1,50,000 in one year. If you are a first time home buyer, you might also get an additional deduction of 50,000 under Section 80EE for interest payment. Hence a buyer can save around 3,50,000 – 4,00,000 in one year.

Where should I apply for the best home loan?

Ruloans allows you to compare home loan deals from more than 20+ Banks and NBFCs. You can compare interest rates, terms and conditions in order to understand which deal fits your needs. Hence you can apply by visiting our website and unlock the best home loan deals available in the market today.

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