Buying a home is a milestone many dreams of achieving. It’s a smart investment that not only fulfils your aspirations but cements a future fund pool for your loved ones.
As great as this idea seems to be, funding it requires financial support. Here, loans can be a smart and strategic way to turn your vision into reality. Whether you’re a first-time buyer or looking to upgrade, understanding the benefits and intricacies of house loans is important.
In fact, with the availability of home loan apps, now it becomes even more important to know its ins and outs. Let’s understand further how housing loans can set you on the path to homeownership with confidence and ease.
Why Should You Opt for A Home Loan?
High real estate prices have made it tricky to manage the financial part of owning a home. On the flip side, house loans make it easier by financing more than half of the property’s cost. Here’s why opting for them is a smart investment:
Save on Taxes While Buying Your Dream Home
To help more people buy their homes, there are several tax deductions on both the principal and interest paid on housing loans. You can claim up to Rs 1.5 lakh under Section 80C of the Income Tax Act of 1971 for the principal amount.
Additionally, you can claim up to Rs 2 lakh under Section 24B for the interest. These deductions are only available once the house construction is complete, not while it’s under construction.
Freedom from Prepayment Penalties
Unlike other loans that may have prepayment penalties, floating-rate house loans don’t charge extra if you pay off your loan early. If you have extra money, you can use it to make part payments on your loan to reduce the financial burden.
Easy Instalments
Often, people find it tricky to manage their financial position when buying a house. However, with an easy EMI repayment structure, managing things becomes easier.
Long-Term Repayment Comfort
Housing loans from one of the best home loan apps can offer repayment tenure going up to 30 years. This allows you to spread out the payments and reduce the burden of monthly instalments.
Borrowing Loans from the Best Home Loan Apps
Nowadays, India’s leading NBFCs offer their financial tools and products via some of their loan apps. When you borrow loans from them, you’re signing up for some added benefits. Here are some of them:
Hassle-Free Online Documentation
Home loan apps simplify the qualification process with online documentation, flexible terms, and consideration of various credit scores. To avoid the long queues, you just have to click a few pictures of documents and upload them.
Quick Approval and Processing
The streamlined online application process ensures quick and instant loan approvals. Efficient and seamless house loan processing ensures a smooth borrowing experience. From application to disbursement, everything is handled swiftly and professionally.
User-Friendly Interface
The best home loan apps are designed with intuitive and easy-to-navigate interfaces. Whether you’re a tech-savvy individual or someone less familiar with digital tools, these apps simplify the borrowing experience with clear instructions. You can effortlessly move from one step to the next, minimizing the chances of errors and making the entire process stress-free.
Real-Time EMI Calculation
Several house loan apps have built-in EMI calculators that provide instant and accurate monthly payment estimates. By simply entering different loan amounts, interest rates, and tenures, you can immediately see how much your monthly instalments will be. You can use this feature to check various scenarios and find the most suitable loan terms for yourself.
Buying Homes No More a Distant Dream
House loans have revolutionized the way people achieve their dream of owning a home, offering a straightforward and efficient path to home ownership. With options like Tata Capital’s housing loans, which boast competitive interest rates and flexible repayment tenures, securing your dream home can be easier.
Their user-friendly app simplifies the entire process, helping you to apply for and manage your loan conveniently through EMIs. Whether you’re buying your first home or investing in property, house loans provide the financial support you need. Explore Tata Capital’s amazing house loan options through and turn your dream home into reality by applying for a loan on their app!