Having a home of one’s own is like a dream come true and is one of the most important investments that a person or a family makes. But, people shouldn’t forget this ‘realization of this dream’ comes at a cost, and a lot of compromises every family member has to make irrespective of they like it or not. One wrong step and the entire decision backfires on the buyer, especially if the entire cost is paid by exhausting the savings.
- No compromises with other financial obligations: First and foremost, you won’t be exhausting your savings and thus, neither you nor your family members have to make compromises with their evitable and inevitable expenses. The debt can be settled by paying pocket-friendly EMIs every month for the entire duration of the loan.
- Tax benefits worth 4 lakhs per year: While paying the EMIs, you’ll be able to avail home loan tax benefits on the interest and the principal amount every year. The maximum amount you can claim as a rebate extends up to Rs 4 lakhs (Rs 1.5 lakh per year on the principal component paid towards home loan as per section 80C, Rs 2 lakh on the interest component as per section 24B and additional Rs 50, 000 over and above the rebate available as per section 80C and 24B for first-time buyers as per section 80EE.)
- Prompt repayment boosts CIBIL score: Also, paying the EMIs boosts your creditworthiness and your CIBIL score which further adds to your future loan eligibility.
- Makes you eligible for PMAY benefits: Lastly, having a housing loan in place makes you eligible for PMAY benefits, that, of course, would be available only if you qualify the PMAY eligibility terms.
- No compromises with other financial obligations: First and foremost, you won’t be exhausting your savings and thus, neither you nor your family members have to make compromises with their evitable and inevitable expenses. The debt can be settled by paying pocket-friendly EMIs every month for the entire duration of the loan.
- Tax benefits worth 4 lakhs per year: While paying the EMIs, you’ll be able to avail home loan tax benefits on the interest and the principal amount every year. The maximum amount you can claim as a rebate extends up to Rs 4 lakhs (Rs 1.5 lakh per year on the principal component paid towards home loan as per section 80C, Rs 2 lakh on the interest component as per section 24B and additional Rs 50, 000 over and above the rebate available as per section 80C and 24B for first-time buyers as per section 80EE.)
- Makes you eligible for PMAY benefits: Lastly, having a housing loan in place makes you eligible for PMAY benefits, that, of course, would be available only if you qualify the PMAY eligibility terms.
Reference Read: Buy your First House with Home Loan Facility
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