Why paying house loan interest works in your favor.Posted by Anurag Mishra on July 25th, 2017 It’s everyone’s dream to own a house of their own. A cozy bedroom, the sound of laughter in the hallways and a relaxed evening cup of tea in the balcony; these are just some of the thoughts that flood our minds when we think of that dream space we would love to call home one day. However, make this dream a reality is becoming more and more of an uphill task, especially with property rates shooting through the roof and the cost of inflation prevalent today. For some, the only option left is a home loan, but even here people are weary. They fear the interest rate will put a financial burden on their income and leave them with a debt they cannot pay back. In these cases, most people end up throwing away money by living on rent. But in actuality, a home loan is the ideal tool to own the home of your dreams and the interest rate can actually work in your favor. Wondering how? This article will explain 3 reasons why paying an interest rate make so much sense than saving money or renting.
It beats facing inflation and rising property costs. You also benefit from the tax benefits of a house loan interest rate. Tax benefit is another reason why home loan interest actually works in your favor. Under section 24of the Indian Income Tax Act, the interest paid can be used to avail deductions up to Rs. 2 lakh annually. So not only do your home loan and its interest rate help you secure your dream home & invest in property but it also helps you save on taxation. These pointers show how paying an interest rate actually works to your advantage! So if it’s the house loan interest rate that’s been holding you back from option from a home loan, then you need to reconsider this option as it can help you with the key to your dream home! Like it? Share it!More by this author |