Home Loan

Home Loan Service By WinRich Professional Services Pvt Ltd

Buying a home is a big step. It is a source of anxiety, frustration and a huge sense of accomplishment. With the zooming property rates, it is difficult a buy a home through our savings entirely. Almost all of us have a to avail a home loan. .

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What Is A Home Loan

A home/housing loan, also known as a mortgage, is an amount of money borrowed by an individual, usually from banks and companies that lend money. The borrower has to pay back the loan amount with interest in Easy Monthly Instalments or EMI’s over a period of time that can vary between 10-30 years depending on the nature of the loan.

Factors that effect Home Loan criteria

Age: Age is an important factor for loan application approval. The younger you are, the easier it is to get a loan for a longer tenure. Banks and other financial institutes may hesitate if you are or closer to retirement

Profession and Income: Unconventional jobs, which are risky and offer no security, or have an inconsistent income flow, can lead the lenders to question your capability for returning the loan amount in time. Frequent changes in your job will also have a negative impact.A steady source of income improves the chances of getting a loan easily, .

Age of Property: If the property, on which you want to take a loan, is very old, the lenders will also conduct an investigation to evaluate the probability of structural collapse in addition to their usual legal & technical investigations. Other existing properties and assets may also be considered by the lender before sanctioning the loan in such cases.

Credit Score: Before sanctioning the loan, lenders evaluate the credit history of the applicant, so it important to maintain a healthy credit score. Unfortunately, if you have very low credit score or many pre-existing loans, your application may be rejected .

Dependents:The number of dependents/co-applicant, for eg. spouse, children or parents, are also assessed before sanctioning the loan. The more dependents you have, lesser will be the disposable income and it is likely that lesser will be your capacity to repay the loan. This can affect your home loan eligibility.


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Benefits of Home Loan

While deciding to take a home loan can be a tricky decision, there are also several benefits of taking a home loan.

Owning a long-term appreciating asset: According to data from the Bank of International Settlements (BIS), barring a few blips, property prices have been appreciating uninterrupted for the last decade. Given that over a third of India’s population is young and will soon aspire to own homes, most experts believe that in the long term, property prices in India will continue to appreciate. This makes buying a home one of the smartest investments that you can make right now.

Tax Benefits: A home loan comes with good tax benefits. Under section 24 of the Income Tax Act (ITA), homeowners can claim a deduction until a maximum of Rs. 2 Lakh on their home loan interest for a self-occupied property. If you rent out the property, exemption on interest is capped at the lower of the two—a) Rs. 2 lakh, or b) actual interest paid for all properties owned by a taxpayer. Apart from this, under section 80C of the ITA, one can also claim a deduction of Rs. 1,50,000/- on principal repaid.

No Lock-in of Funds: It’s no secret that a home in India is expensive. Even if you do have the money to buy a home without a loan, it’s not advisable to do that. Emergencies can pop up any time, and it hurts if a huge sum of your cash is locked up in real estate. While a home is a great investment, it is difficult to liquidate it on short notice. Another point to keep in mind is that a home does not give you the same kind of returns as stocks or mutual funds. Extra cash means you can diversify your investments while keeping them liquid.

Improves Credit Score: Paying off your EMIs (equated monthly instalments) on a home loan is a great way to improve your credit score and creditworthiness. If you have a good record on your home loan, it becomes easy for you to finance other purchases like car loans or your child’s student loan.

Lowest Cost Debt to Create an Asset: The rate of interest on a home loan is cheaper than any other loan in India. It’s easy to get a home loan because it is secured against an asset. A home loan is the most cost-effective way of funding a long-term asset.

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The key benefit of a home loan is that you can become a homeowner today and you needn’t wait to accumulate sufficient capital to make your home purchase. Additionally, your home loan repayment tenure can extend up to 30 years depending on your loan eligibility and other norms of the home loan provider (the longer your loan tenure, lower is the EMI amount). This gives you the comfort of repayment over a long period without putting pressure on your finances.


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