By Sreejita Talukdar, Content Writer, Homes

Home Loans: Fulfill the 'DREAM' with the help of 'DREAM-BUILDERS'

Home is abode of happiness. Home is the strong shelter which covers you from any danger like a stringent power. We all admire and weave a dream of having our own house where we can spend quality leisure with our loved ones. Buying a home or owning a property is not that easy as it reflects. In the country like India, majority of the population belong to middle class and lower middle class group, beyond that lies the BPL and EWS section, who find it an immensely tough nut to crack. But at the end of the day our desire for the dream house doesn’t let us to sleep until we achieve that. Now-a-days people are fascinated to own their property rather than paying a hefty amount for rent.

Unlock the comfort of your dream castle and embrace ultimate luxury without feeling the burden of liabilities.

Market reports show that, the loans above Rs.75 lakh accounted for nearly 30% of new mortgage origination in April-June last year. The loan values from Rs.35 lakh to Rs.75 lakh constituted 31.4% of new loans and less than 37% of the mortgages were for loans below Rs. 35 lakh.

Significantly, after the addition of fintech solutions and platforms which are helping in winding up any work within few minutes without even visiting the banks have attracted the young generation. This decade has witnessed a sharp and significant growth of online platforms for loan applications and processing. The number of home loan enquiries has got increased specifically in Tier-II & III cities. According to the realty experts, growing population and favorable mortgage rates are said to help the real estate industry move forward.

Factors Influencing the Demand of Home Loans

In simple words, housing loan or home loan is a financial instrument which allows you to borrow money in small tranches while building the house. It helps you with the supply of money in every step of your new venture.

Initially it may reflect as a major financial burden to you, but when the housing loan is completed and repaid in full, you do not have to worry about any expenses like rent, except for the usual utility payments.

Home loan has the highest tenure of repayment which may go up to 30 years. So, by increasing the tenure of repayment anyone can reduce the burden of equated monthly installment.

With each passing day, the price of property is getting increased and in some major metro cities like Bengaluru, Mumbai, and Hyderabad it has surged up to a sky-touching height. In such a case if you own a property in these cities after 3-5 years, you will get 10x hike in the prices in case you resale your property.

According to, section 80C of Income Tax of India 1971 Act, an individual is eligible to claim a deduction of up to Rs. 1.5 lakh. A deduction of up to Rs.2 lakh is allowed on the interest portion under Section 24B of Income Tax of India Act. Government of India provides a system of tax deduction on the principle as well as in the interest rate, to encourage more and more people to buy their own home.

In case you are buying the second house, you can claim the entire amount of housing loan interest paid under Section 24B of Income Tax Act.

Landing on the customized assurance of the home Loan, get the keys of your ‘Abode of Happiness’ and start making memories !!

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