Home Loan: Those who do not have money to buy a house take the help of home loan. Which is paid in installments. But many people have enough money to buy a house, yet they take home loan. This is because there are many benefits of taking a home loan.
Benefits of taking a home loan –
Legal verification of the property is done
The biggest advantage of taking a home loan is that the legal verification of that property is done. This makes it clear whether there is any dispute on your property or not. When any bank gives a loan, then all the records of the property are fixed. In which it is proved whether the property is disputed or not.
Tax Saving
Tax saving can also be done by taking a home loan. Whenever you take a loan to buy a house, tax exemption can be obtained by paying its interest. Under Section 24(b) of the Income Tax Act, a deduction of Rs 2 lakh can be availed on the interest of home loan every year.
Not only this, a deduction of Rs 1.5 lakh is available on the payment of the principal amount under Section 80C of the Income Tax Act. If two people take a home loan together, then both can avail the benefit of separate taxes.
Savings are important
Market experts believe that it is better to buy a house by taking a loan than to buy a house by exhausting your savings. Home loans can be made more attractive in the future. In this, a home loan with low interest rates can be useful for you. You should save your savings for future needs.
You can top up your home loan
If you take a home loan and later need money for the interior of the house, then you can get the home loan topped up. This loan is cheaper than a personal loan. In which no separate charge is taken.