Isn’t it everyone’s dream of owning a home that we can call ours someday? After all, living in a rented house is not something we wish to continue for a lifetime, right? So, owning a house is a financial goal many of us prioritize in our 20s and 30s. But, since home purchase involves a huge amount, ICICI Home Loan is often the helping hand we need to realize this goal.
With the help of a home loan, all you need to do is accumulate the down payment or margin money and then when you are financially ready, go ahead and check your ICICI Home Loan Eligibility before submitting the application. But amidst all this, if you are in two minds about whether to take a home loan and purchase your home as the new year 2022 begins, here are some of the undeniable advantages of applying for a home loan at the soonest:
Lowest interest rates on offer
Probably the biggest reason to avail of ICICI Home Loan in the present scenario is through all-time low-interest rates by almost all lenders. The interest rates of most lenders are currently at extremely low rates due to the falling interest regime for over a year and a half. This is exactly what prospective homebuyers should try and gain benefit from by availing of home loans at such low-interest rates. Grabbing home loans at low-interest rates would also translate into lower EMI amounts and lower overall interest costs.
Do not forget to avail of the tax deductions on home loan repayment
Home loan repayment offers not one but dual tax benefits for borrowers. First, 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 ICICI Home Loan has been availed for purchase or construction of residential property only.
Secondly, also remember that the amount of interest repaid towards a home loan taken for a self-occupied house property can be claimed up to Rs 2 lakh under Section 24b of the income tax act. And for let out property, there is currently no upper limit for claiming interest deduction for tax saving purposes.
Tenure of up to 30 years for smaller EMIs
We all know that home loans involve big-ticket amounts in the form of loan amount and property cost. So, it becomes imperative for lenders to provide long tenures for repayment, which helps most borrowers to qualify for ICICI Home Loan Eligibility as well, as longer tenures imply smaller EMI amounts, hence increasing the repayment capacity of borrowers. With tenures going up to 30 years for most lenders, home loan borrowers are able to spread the repayment over the long tenure besides realizing the dream of owning a home.
And worry not, ICICI Home Loan, too, is equipped with this vital home loan feature of loan repayment tenure of upto 30 years.
Grab the best home from the wide range of affordable and wide range of properties
The housing sector’s present market scenario offers prospective homebuyers a wide array of housing property options on the basis of a different location, budget, facilities, infrastructure etc. This has been even more prominent in the affordable segment of homes for over a decade or so. Hence, prospective homebuyers, especially those who are not eligible for big loans as per ICICI Home Loan Eligibility, end up having numerous options in the affordable home segment.
In fact, many home loan lenders have created a separate category of affordable home loans. Through this, many people gain much-needed access to affordable property prices and attractive interest rates, hence giving them a peaceful roof to stay under and call their own.
Turn the dream of buying a house property into a lucrative deal.
It’s true that qualifying for ICICI Home Loan Eligibility gives that much-needed rush of joy to everyone. After all, home loans are the helping hand that provides the majority of the funding for achieving the life goal of owning a home. And, by making it affordable for homebuyers to just contribute the minimum required down payment or margin money instead of the otherwise huge property cost, home loans make it easier to realize the goal of owning a home. Imagine, in the absence of an ICICI Home Loan, it would actually become so difficult for most of us to realize the dream of owning a home, especially if required to be done entirely from our own savings/investments.
Benefit from lower GST rates and stamp duty
Apart from the benefit of nearly all-time low ICICI Home Loan Interest Rates, another huge impetus offered to the housing industry in a bid to lure prospective home buyers into owning a home after qualifying for ICICI Home Loan Eligibility is the downfall in GST rates and stamp duty charges in many states/cities. The presence of such incentives generally has a positive impact on prospective buyers eyeing home purchase, besides promoting them towards deciding to own a home now instead of procrastinating for later years. So, if you aim to take advantage of such incentives and move forward towards the goal of owning a house with the help of a home loan, then now is the right time if you are financially ready for the home loan responsibility.
Become the owner of an appreciating asset with the help of ICICI Home loan
Just like other assets, including gold, equity etc., there’s no denying that property prices also rise or fall in the varying market and economic conditions. But over the decades, it’s widely believed that owning a house property is usually viewed as a smart move for investment purposes as well, as the property acts not as a short but long term appreciating asset for you. In the long term, the likely occurrence of even a single boom, if not multiple, in property prices is sufficient for decently raising the value to a significant extent, after factoring in parameters like demand, inflation, geographical location, supply etc. More often than not, a well-located property generally is able to witness a decent appreciation in value over the long term, if not short to medium term, implying an incremental rise in the investment value of the asset.
Hence, this aspect of property purchase, coupled with serving your home loan at low and lucrative rates after qualifying for ICICI Home Loan Eligibility, can offer you the dual benefits of repaying the home loan at present low rates and also being the owner of an appreciating asset.
