Dream Home isn't a dream anymore!

Posted by Shaheen Shaikh on December 2nd, 2018

Have you waited long enough to buy a house? Wait no more, take a home loan and move into the house of your dreams.

What would you rather choose: Realising a long-held dream now or realising it later?

If you choose the first option, then you are most likely to choose applying for a home loan to buy a house now rather than wait for years to do so. If you have already found a good house that you wish to buy, we suggest applying for a home loan to finance the purchase.

The home loan solution: Buy now, not later

Most people reason that they will save up money to buy a house instead of taking a loan. But realty prices increase every year and even the toughest saving schedule may be insufficient in terms of accruing the money required for the house purchase.

So, by the time you decide to buy a house, the house rates would have doubled or gone up much higher than you anticipated! All that waiting only wastes years of your life, and does not bring you closer to buying a house. Why not take a home loan and buy your dream house now rather than later?

Before you mull over taking a home loan, do consider that:

• The home loan can come through in just a few days from the time you apply, so you can be a proud house owner really soon.
• You get tax benefits on taking a home loan in India.
• The home loan interest rates are the most important factor in the loan proposition. Look for a lower rate of interest so that your EMI is lower. But also check your home loan eligibility before you proceed with the loan application. A home loan calculator can help you make your calculations.
• The home loan gives you tax benefits on both the principal and the interest you pay.
• The home loan entitles you to move into your house and start using it, though full ownership is not granted to you till the time is fully repaid to the bank.

Salaried people have it easier!

It is relatively easier for salaried persons to get a home loan than self-employed ones. This is because the salaried person has a fixed source of income that they can show via salary slips. Also, their loan eligibility and credit score can be easily checked via their annual ITR, and by entering their PAN in the system. The point is, home loans for salaried employees go through much faster, with structured paperwork. In contrast to home loan for salaried employees, self-employed people must show audit reports, profit and loss statements, and have a minimum annual turnover to be able to qualify for the home loan.