In the present situation, it is hard to purchase a house without taking any home loan. You can find various options in the market such as Bank of Baroda home loan, SBI home loan, Axis Bank home loan, BHW Birla home loan, etc., which makes your dream of purchasing a house into reality. It is a good asset as it helps in building an asset with the loan and moreover, you can also enjoy tax benefits. But you must act carefully otherwise it will become a cause of concern to you. Let's have a look on some of the useful tips which can help in getting a good home loan deal-
You can borrow only up to 80 per cent of the total value of the property which you are intended to buy. In such a case, you should start making arrangements for paying remaining 20 per cent down payment amount. Make sure you are planning for at least five years in advance as it will help you in accumulating enough funds. It is advisable to accumulate a high amount as down payment so that you will bear less EMI burden.
While applying for a housing loan, you should see your repayment capacity and should not consider your loan eligibility. It is advisable to limit your EMI within 40 per cent of your take home home salary, if you are the only member in the family who is earning.
If your spouse is earning then you should go for joint home loan. In this way, you will be able to get high loan amount and can also get maximum tax benefit.
If you will take loan from your friends, parents or any other person then also you can get tax benefits for the interest on the loan, up to Rs 1.5 lakhs per year. However, it is not possible to claim the principal amount under Sec 80 C, which is applicable only if you will take loan from banks or financial institution.
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You can borrow only up to 80 per cent of the total value of the property which you are intended to buy. In such a case, you should start making arrangements for paying remaining 20 per cent down payment amount. Make sure you are planning for at least five years in advance as it will help you in accumulating enough funds. It is advisable to accumulate a high amount as down payment so that you will bear less EMI burden.
While applying for a housing loan, you should see your repayment capacity and should not consider your loan eligibility. It is advisable to limit your EMI within 40 per cent of your take home home salary, if you are the only member in the family who is earning.
If your spouse is earning then you should go for joint home loan. In this way, you will be able to get high loan amount and can also get maximum tax benefit.
If you will take loan from your friends, parents or any other person then also you can get tax benefits for the interest on the loan, up to Rs 1.5 lakhs per year. However, it is not possible to claim the principal amount under Sec 80 C, which is applicable only if you will take loan from banks or financial institution.
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Housing Loans Scenario In India Choosing A Home Loan Notable Points
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