It is still a dream for many to buy a home in their desired cities. The sense of ownership of your own dream house is priceless. These dreams can be achieved with the help of a home loan. It is now very easy to apply for a HDFC home loan. HDFC offers home loans at affordable interest rates to it’s applicants. Apart from affordable interest rates, you get tax benefits on the interest amount that you pay as well as on the repayment of the loan amount.
Benefits Of HDFC Home Loan
In today’s time there are a lot of benefits available if you choose to apply for a home loan. Apart from the tax benefits that you get along with a home loan, an HDFC home loan gives the builder’s credibility and track record along with the legal documents related to the property when you apply. Along with the benefits like HDFC home loan interest rate, there are 3 key benefits of applying for an HDFC home loan that are as follows:
1. Low Prices:– Homebuyers now have a variety of possibilities in the affordable section of the housing market. For a home buyer, this has two benefits: on one hand, he can afford a larger property or acquire one for less money than he had budgeted. On the other hand, he can take advantage of additional advantages of buying a property with a home loan, such as tax advantages, putting a small down payment and then utilising a home loan to cover the rest, and a longer loan payback term of up to 30 years.
2. GST Rates on Property Purchases:– The rate of GST (Goods and Services Tax) on property purchases has been drastically cut. Currently, the GST rate on residential home purchases is 5% (1% for affordable homes) without the advantage of an input tax credit (ITC). Buying a home now will allow you to take advantage of these cheap rates. Therefore, it is taken as a right time to apply for a home loan to enjoy the lower GST rates along with other tax benefits that come along with an HDFC home loan.
3. Low Interest Rates:– Home loans have become very reasonable in recent years as interest rates have dropped. Lower interest rates translate to lower EMIs, making home loans more appealing and affordable. HDFC offers the lowest possible interest rate to its customers that it will charge on their home loan application.
The main advantage of a home loan is that you can become a homeowner right away rather than waiting to save up enough money to buy a house. In addition, depending on your loan eligibility and the home loan provider’s other rules, your home loan repayment period could last up to 30 years (the longer your loan tenure, lower is the EMI amount). You should always choose a longer home loan tenure as it reduces your monthly repayment installments and thus, you can plan your other expenses as well along with managing the EMIs of your home loan. Therefore, this provides you the convenience of making payments over time without putting a strain on your finances.