Ideal Time To Take Your Home Loan is Now!

Owning your own home is more important than ever. The feeling of owning your own home is a feeling of pride and joy. It is also the best time to invest in long-term assets such as real estate in current conditions. The government and the RBI have announced several measures to keep prices high and make the home buying process easier for the customer. Home loan rates are at their lowest in 15 years.

A consumer research report that examined consumer preferences during the pandemic found that 48% of respondents chose real estate as the best asset class to invest in the current climate. 54% of respondents think that this is the best time to invest in real estate given the low interest rates and the best offers from developers.

In the last few weeks, many banks have changed their interest rates on home loans, in line with the current interest rate of 4%. Today, regular home loans also offer various tax benefits. There is a deduction of up to Rs 1.5 lakh on principal refund under Section 80C of the Income Tax Act and up to Rs 2 lakh on interest paid under Section 24 in a financial year.

While the government is optimistic about the affordable housing segment, the existing deductions (under Section 80EEA) of ₹ 1.5 lakh on interest are available for rent approved during the period from 1st April 2019 to 31st March, 2020 is now extended. until March 31, 2021. This will help attract low-income buyers looking to invest in real estate.

Another important thing is that home loans help reduce tax payments. With the economic situation and developers doing their best in the market and doing their best at such a time, there is a lot of money for those who buy houses across the country. Rising inventory, stable prices, low GST in the under construction market, RERA guarantee and low interest rates on home loans are just a few reasons why you should choose to buy a home. Also, under the Income Tax Act, many sections provide for substantial deductions for home loan repayments.