We see, most tenants in India face multiple restrictions which curb your choice, even though we pay a huge rent. For a change, you can take the home loan at an early age and buy a home of your own, with the freedom to live in your own home, where the boundaries are set by you and stay forever entombed in a beautiful home created by you.
Buying a home before you turn 30 has its benefits.
Bigger Loan Tenure
Buying a home in young adult age means that you have at least 3 decades before retiring. Having a greater loan tenure impacts your Home Loan Eligibility, EMI, and provides you with a smaller financial burden rather than having a huge EMI.
According to your age guarantee, you can opt for the highest loan tenure available. This helps guarantee that your loan obligation gets distributed over a higher number of months. For example, the loan of Rs. 1 lac at 6.75% p.a. if the loan tenure is 20 years your EMI would be less than RS 1000.
Higher Eligibility with a Co-Applicant for the Home Loan
You can choose to apply for a home loan collectively with a co-applicant. Having a co-applicant extends the loan amount for which you are qualified. So you can easily reserve a larger home in a great location without any worry of updating it in the future.
Very few Financial Obligations
When you are below 30, you generally have minor financial obligations. Most, do not have any previous loan which automatically improves your eligibility for the Home Loan. Since the loan qualification is calculated basis your set responsibilities (other fixed expenses such as personal loans etc.), age, income, and tenure, getting a home loan before 30 gives you a greater advantage owing to low or no fixed obligations.
Greater Tax Benefits
Home loan repayment is available for a tax exemption under various sections of the Income Tax Act 1961 as follows:
Interest and Principal repayment by you and your spouse under joint home loan, the principal repayment under section 80C, and interest payment under section 24b can be availed separately. Thus a joint loan can support you to claim a greater tax benefit.
Feeling of Accomplishment
Buying a home at the age of 30 or below is a breakthrough people aspire. Owning a home not only imparts a sense of pride and accomplishment but is also one of the fundamental requirements before the wedding or after kids, in several Indian families.
So if you are convinced about buying a house and keeping it off your list of things to do before 30, click on Apply Now at loanzzones to fill in details or call us at 888 666 5883 for help regarding your home loan. Rest assured, you deserve to live in your own dream house, on your terms.