The Importance of opting Longer tenure Home Loans

The Importance of opting Longer tenure Home Loans

Traditionally Indians used to hesitate and dislike to take home loans in the past two decades to construct or buy and they used their retirement fund or some long-term savings for buying home. From past, one decade due to the increase in the demand for the housing sector, banks and other financial home loan Aditya Construction Company Hyderabad

lending institutions made easy access and availability of homes loans to the customers.

Improvement in the standard of living and income of an individual not only contributed to savings but also improved the creditworthiness of the individual. In modern times the young generation of India is ready to buy homes at an early age.

Undoubtedly many of us when we borrow home loan amount we opt for short tenures of EMI and clear the loan as soon as possible. But the Aditya Construction Company Hyderabad

real fact of benefit is to choose for the home loans for a long-term tenure EMI that is for more than two to three decades.

Some of the benefits of Opting for longer Tenure Home Loans include: 1 ) Eligibility for Higher Loan Amount The home loan eligibility of an individual is determined by his or her income source and the ability to repay in the form of EMI’s every month. If you choose lesser Aditya Construction Company Hyderabad

duration, there would be higher EMI, but also you will be eligible for a smaller home loan amount. On the contrary, if you opt for longer tenure EMI, you will be eligible for Higher Home Loan amount which will help you to buy your dream home.

2) The Repayment option If you have taken loan home under floating interest rate, then there are no charges on the prepayment of your home loans. Furthermore, if you are not borrowing from another bank or any other financial institution, you can prepay your Aditya Construction Company Hyderabad

fixed rate of interest home loan by prepaying some percentage of your loan outstanding every year without any prepayment fees.

3) Benefits of Income Tax Home Loan experts always suggest to get higher loan eligibility to avail income tax benefits it is best to opt for a longer tenure home loan Home loan offers good tax benefits than any other loans. Section 24 of Income Tax Act provides benefits to the borrower on the interest rate of the home loan and the longer the home loan tenure, the better the tax Aditya Construction Company Hyderabad

advantage. One and a half lakh is the maximum amount that is deducted under the section 80C. Book your new flat in our Ongoing Projects Aditya Beaumont Aditya Capitol Heights Contact us for site visit : --------------------Aditya Construction Company Contact : 040-45695555 mail to : enquiry@adityacc.com

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