Imagine this – You are celebrating your 30th birthday. A big milestone in your life. A white strand of hair glistens from the side of your head. You invite your friends to your rented home, decked up like a newly-wed. Your loving wife has put on some nice music and you have arranged mouth-watering delicacies of various cuisines that are neatly placed on to a tiny wooden table. As the night progresses and the people start grooving on the tunes, you hear the doorbell ring. Your landlord has arrived; and he’s definitely not here to wish you on your birthday. He notices you have a huge bunch of people in the house, having fun and making a ‘mess’ of what his once-pristine house was. The next day, you are asked to leave with a month’s notice slapped on your door. Not a really bright picture to look at, ain’t it?
Well, this is the stark reality of what most tenants face in India. Multiple restrictions curb your freedom, despite paying a huge rent. Alternatively, you can take the plunge and buy a house of your own, with the freedom to live in your own home, where the boundaries are set by you and the pride and love stay forever entombed in brick and mortar.
In fact, buying a home before you turn 30 has its own advantages. Here are a few:
Longer Loan Tenure
Buying a home before 30 means that you have at least 30 years before retiring (60 being the average age of retirement in India). Having a higher loan tenure directly impacts your Home Loan Eligibility, EMI, and leaves you with a smaller financial burden as opposed to having a huge EMI.
According to your age ensure you can opt for the maximum loan tenure available. This helps ensure that your loan obligation gets distributed over a higher number of months. For e.g. If you have taken a loan of Rs. 1 lac at 8.90% p.a. if the loan tenure is 20 years your EMI would be Rs. 893 and if the loan tenure is 30 years EMI would be Rs. 797.
Other EMI and loan tenure options can be easily explored using the home loan EMI calculator. All things considered, that is a typical inquiry everybody has when wanting to apply for a Home Loan. You, be that as it may, need not stress over this at all as our Home Loan EMI calculator will figure your EMIs for you in a moment! In addition, you will be very much educated about your advance even before you approach a bank.
The Home Loan EMI calculator gives you a clear picture of your month to month EMIs when you enter the details of your advance sum, tenure, interest rate, and processing expense charges. The Home Loan EMI calculator is a basic, quick and dependable source of data to ascertain your Home Loan EMIs. Also, the best part of all is that it’s FREE!
The Home Loan EMI calculator additionally has the choice to show the amortization details of your Home Loan. These details assist you with understanding your chief Home Loan sum, intrigue paid, and the extraordinary advance sum details on a half-yearly or yearly premise.
Thus, the Home Loan EMI calculator causes you to get away from your regularly scheduled payment sum as well as tells you other significant details as well.
All you need to do is simply attempt the Home Loan EMI calculator and begin with your fantasy about possessing a house.
Higher Eligibility withA Co-Applicant for The Home Loan
You can choose to apply for a home loan together with a co-applicant. Having a co-applicant increases the loan amount for which you are eligible. So, you can easily book a larger home in a good location without any worry of upgrading it in the future.
Lesser Fixed Financial Obligations
When you are under 30, you tend to have lesser financial obligations. Most, do not have any previous loan which automatically increases your eligibility for the Home Loan. Since the loan eligibility is calculated basis your fixed obligations (other fixed expenses such as personal loans etc.), age, income, and tenure, getting a home loan before 30 gives you a better advantage owing to low or no fixed obligations.
Tax Benefits
Home advance reimbursement is qualified for an expense exception under different areas of the Income Tax Act 1961 as follows:
- Interest up to Rs. 2 Lakh under Section 24b
The intrigue segment of the EMI paid for the year can be asserted as a finding from your all-out salary up to a limit of Rs 2 lakh under Section 24b, as long as the house is developed inside 5 years from the finish of the FY in which the advance was taken.
- Principal sum up to Rs. 1.5 Lakh under Section 80c
The chief segment of your Home Loan can be guaranteed up to the general furthest reaches of Rs. 1.5 Lakh under segment 80c of the Income Tax Act, 1961. Be that as it may, the house property ought not to be sold inside 5 years of ownership for the finding to be substantial.
- Stamp duty and Registration under Section 80c
Stamp duty and registration charges can also be claimed under section 80c, as long as it is within the Rs. 1.5 Lakh limit.
- Interest and Principal repayment for a Joint Home Loan
Under a joint loan, the principal repayment up to Rs. 1.5 Lakh under section 80C and interest payment up to Rs. 2 Lakh under section 24b can be availed individually. Thus a joint loan can help you claim a larger tax benefit.
Sense of Achievement
Buying a house within the age of 30 is a major milestone people seek. Owning a house not only instills a sense of pride and achievement but is also one of the basic necessities before marriage or after having a baby, in a number of Indian households.
So, if you are convinced about buying a house and checking it off your list of things to do before 30, seek all the help you need in the form of an affordable home loan. Rest assured, you deserve to live in your own house, on your own terms.
