HOME LOAN
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What is a Home Loan?
Everyone dreams to have their own home, and a home loan can make that dream come true. A home loan is financial help obtained from banks in which the banks lend money to the borrowers, and borrowers return money in monthly installments. It can easily fit your budget and supplement your long-term goal of buying a home.
Types of Home Loans
- Land Loan- A loan provided by banks to purchase land for residential construction.
- Home Construction loan- A loan that allows people to construct their home on a piece of land.
- Home Improvement loan- A loan for improving
and repairing your existing home. - Home conversion loan- A loan to transfer an existing home loan to another home loan type within the same bank.
- Home renovation loan- Loan for the external and internal renovation of the present home.
- Home extension loan- A loan to increase or extend space in the home.
- NRI loans- A loan designed for the convenience of non-resident Indians.
Why do We Need Home Loans?
A home loan is a stepping stone in reaching the life goal of buying a home. A home loan involves low-interest rates and there is no penalty for prepayment. It is also one of the best options to save tax deductions especially if you fall under the 30% income tax category. The following reasons showcase the need for home loans.
Ease of Buying a Home
Not everyone can afford to buy a home in one go. A home loan provides the facility of repaying the loan in instalments. This facility of home loans makes them affordable for everyone.
Growth of Funds
A home loan can grow your funds by saving you from tax deductions by the government.
Capital Appreciation
The price of properties increases with time. This will benefit you in buying the property before price inflation. Even if the price of property increases by 5-6% in upcoming years, your monthly installment amount won’t increase.
Stress-Free Repayment
Freedom From Rent
Stress-Free Repayment
A home loan has a repayment latency of years. Some home loans also have a latency of up to 30 years, this reduces the stress and burden of monthly installments.
Freedom From Rent
A home loan is nothing but investing in your own home. When you pay rent that money is just lost, but if you take a home loan it helps you for building something of your own in the long run.
What We Do?
Taking a home loan is one of the most rewarding steps in achieving life goals. At Finoplus we provide the best assistance for availing a home loan with EMI. Our experts analyze your budget and suggest the ideal home loan option according to your funds. To get a home loan at the lowest interest rates, fill out the form given below.
