Financing a home goes beyond the purchase price of the property you like and includes other expenses such as furnishings and fixtures, brokerage, stamp duty, and registration, apart from parking and maintenance fees, if applicable. All this can accumulate into a sizeable amount and while you can use your savings or cash in on investments, taking a home loan can be an ideal solution. It offers several benefits such as an ample amount, allows you to repay instalments, and keeps your investments for the future intact.
Read on to know about these and other advantages in store for you when you take a home loan.
Instant financing via online loan apps
Convenience has a big part to play in your home purchase and accessing finances for it easily and simply can go a long way in reducing your stress. Today, you can apply for an instant loan via an online loan app. For instance, Bajaj Finserv Home Loan App allows you to view the features of the loan so that you can understand it better, check pre-approved offers, and calculate your repayment and apply – all with a few taps on your smartphone!
Affordable and substantial sanction
With a sanction of up to Rs.3.5 crore via the Bajaj Finserv Home Loan, you have all the funding you need to avoid any compromises in purchasing your dream home. Further, with long tenors that stretch up to 20 years, you have enough time to repay your loan comfortably. Choosing a lender who offers nominal interest rates can make the repayment even easier, so remember to compare rates before going ahead and applying.
Flexible options to leverage your finances
Reputed lenders offer you flexible repayment options too. For instance, you can avail the Bajaj Finserv Home Loan via the flexi hybrid facility, where you can enjoy a principal holiday of up to four years. This helps you manage your cash flow better during the initial years of repayment.
Tax benefits to maximize savings
Repayments towards your home loan can also help you claim tax deductions. Under Section 80C, you can claim tax deductions up to Rs.1.5 lakh for the principal and the stamp duty and registration charges. Section 24(b) allows for a maximum deduction of up to Rs.2 lakh for the interest you pay towards your loan repayment. Further, if you have taken a loan jointly, both you and the co-applicant can claim deductions separately.
Top-up loans extend financing
Many lenders offer you the option of availing a top-up loan to finance your needs with ease. For instance, Bajaj Finserv offers a top-up of up to Rs.50 lakh. With a top-up loan, you can address myriad expenses, be it home-related or for any other needs. Since applying for it is easy as the lender already has your credentials, you can secure it instantly and at nominal interest rates, for a long tenor that matches your existing home loan.
Now that you know the benefits of choosing a home loan, apply for one via loan apps in India such as the Bajaj Finserv app. This will allow you to make the most of a substantial loan amount, flexi facilities, top-up loans, customized insurance schemes, and everything else you need. You can also check your pre-approved offer and calculate repayment beforehand, so download the Bajaj Finserv app today and become a homeowner with ease!