Top Reasons to Say Yes to Apply For Tata Capital Home Loan Right Now
The dream of owning a house you can call your own is something that each one of us aims to turn into reality at some stage of work life. Irrespective of the size of the house, small or big, the cost of purchasing a home is certainly huge and occupies a significant part of one’s financial life. And to realize this dream, thinking of buying a home solely through one’s saving or investment of money is not possible, or even if it is, it would usually take several decades of one’s work-life years to reach that mark. Hence, in such scenarios, availing of a Tata capital home loan can come to your rescue, as it would fund a majority part of the property’s cost. By availing of a home loan, borrowers just need to adequately accumulate the down payment before submitting the application for a loan. Moreover, in the present economic scenario, there are not one but multiple reasons to say yes to taking a home loan and avail low and attractive Tata capital home loan interest rate.
Let us take note of the benefits of applying for a home loan right now:
All-time low-interest rates for many lenders
It’s no surprise that this is the prime reason for many prospective home buyers to avail of home loans in the present scenario. Many banks and HFCs are currently offering extremely low home loan rates around the range of 6.5%-7% p.a., with most having all-time historically low rates. This is exactly what prospective homebuyers should take advantage of by availing of home loans at such a low Tata capital home loan interest rate. Taking home loans at historically low interest rates would also translate into much lower EMI amounts and lower overall interest costs.
However, prospective borrowers must remember that most home loan lenders like Tata capital home loan offer floating interest rates, implying that the rates would change during the tenure, whether it’s an upward movement or downward.
Realize the lifelong dream of owning a home
Tata capital home loan is no less than a bridge between our dream and reality of owning a home, which is amongst the topmost financial goals everyone has. By making it affordable, achievable and repayable for borrowers to only contribute the accumulated down payment or margin money, which is usually around 10-25% of the property’s cost and bear the rest of the cost of the property, it becomes easier to realize the goal of owning a home. Moreover, with the all-time low Tata capital home loan interest rate being offered in recent times, it becomes even more imperative for people to grab these low and lucrative rates and own homes soon if they can afford it financially.
Avail affordable property prices
In the present market scenario of the housing sector, prospective homebuyers have many housing property options based on factors like location, budget, builder, facilities etc. In recent years, the affordable segment of homes has seen a big rise in demand and popularity, and thus, it leaves prospective homebuyers with multiple options in this segment. Having access to affordable property prices as well as Tata capital home loan is what can act as a catalyst in prospective buyers going ahead to purchase a home in an affordable manner without stressing their finances much and taking the help of home loan EMIs as well.
Benefit from the reduced GST rates and stamp duty charges
Besides the extremely low Tata capital home loan interest rate, another impetus available currently in the housing industry to provide motivation to prospective homebuyers to go ahead and own a home with the help of a home loan is the reduction in GST rates as well as stamp duty charges in various states/cities by their respective governments. Such incentives are aimed to create a positive impact on prospective buyers and also tends to promote them towards making this decision of home purchase sooner rather than later as well. Hence, those who are financially capable of purchasing and repaying the Tata capital home loan EMIs comfortably should go ahead to realize their dream of owning a home in the present scenario with lots of favourable conditions.
Become the owner of a long-term appreciating asset in the form of home
Over the past decades, it’s been seen that property prices tend to keep rising or falling in the market as per economic scenario and demand. As per the historical trends, it’s widely believed that owning a house property is viewed as a good investment move, as property acts as a long term appreciating asset in all likelihood. Especially over the long term, the presence of multiple or even a single boom in property prices can be helpful in raising the value of one’s property to a large extent, subject to the factoring in of parameters like the inflation, geographical location, market’s demand and supply etc. More often than not, a well-located residential property usually witnesses a decent incremental rise in the investment value of the property and thus, can be sold at the appreciated value, if required.
Tax benefits on both home loan interest and principal payment
Under Section 80C of income tax, home loan principal repayment can be claimed for tax deduction up to Rs 1.5 lakh. This is subject to the condition that the loan has been availed for purchase or construction of a residential property. Also, keep in mind that the construction of property must be completed within 5 years from the end of the financial year in which the home loan was taken. Remember that in case the house property is transferred or sold within 5 years, tax deductions claimed so far by the home loan borrower would be reversed, i.e. added back to their income in the year of the sale, and then taxed according to applicable tax slab.
The interest repaid towards a home loan taken for a self-occupied property can be claimed up to Rs 2 lakh under Section 24b of the income tax act. Whereas in the case of let out property, there is no upper limit for claiming interest deduction.
Also, remember to avail of the additional and extended benefit of Section 80EEA.In this year’s budget 2021, the government has again further extended the benefit of this tax deduction for home loans availed till 31.03.2022. One has to be a first time home buyer to avail of this benefit, and the value of housing property should not exceed Rs 45 lakh.
Repay the big-ticket loan in easy EMIs
Given that home loans involve big-ticket size due to involvement of purchase of property, their repayment tenures are therefore much longer than other loans, going as high as 30 years for most lenders. Such long tenure availability allows the borrowers to conveniently repay the home loan in smaller EMIs as per their repayment capacity. Tata capital home loan is equipped with this key home loan feature of repayment tenures of up to 30 years, which is aimed to make it convenient and suitable for homebuyers to repay the home loan without adversely impacting their finances and liquidity.