Get Your Dream Home with Home Loan Subsidy
A Home Loan subsidy is a financial aid you can get, in the form of tax reduction, while seeking a loan to purchase residential property. The government has taken measures, through the new Budget, to make housing affordable to low income groups. You can find out your Home Loan subsidy eligibility and take advantage of this benefit. The income limit has been raised to two lakhs per annum as eligibility for financial benefits. Getting a Home Loan need not be difficult if you equip yourself with a few basic facts before applying for one.
The New Budget Makes Space for Home Loan Subsidy
The Budget for the financial year will prove beneficial to those looking to buy a new home. The Home Loan interest subsidy scheme will allow low income groups to gain access to loans, out of the funds allocated by the government. The government has also introduced a slew of incentives in order to fulfil its housing-for-all dream.
The Home Loan subsidy in budget 2015-16 allows for a 6.5% interest subsidy for Home Loans. You can choose a Home Loan option that suits you best, after carefully considering all the factors that come into play. The Home Loan subsidy by government gives buyers more leverage. This means your EMI will be lowered by up to INR 2,582, if you take a loan for a 15-year duration of up to INR 6 lakh. Bajaj Finserv offers Home Loan for Salaried individuals with low interest rates, which you can apply for online.
Attractive Interest Rates
Home Loan interest rates play a key role in helping you decide which type of loan to opt for. With the RBI lowering the Repo Rate, you can be assured of low interest rates as well. Apply online for Home Loan and choose Home Loan for Self Employed individuals by Bajaj Finserv that boasts of a low interest rate. As the economy seems to be on an ascending streak, industry insiders believe that the repo rates could go even lower as the year progresses, leading to a further fall in interest rates on Home Loans. The next step on purchase of a home is to furnish it well. Bajaj Finserv gives you the option of Durable Finance to purchase household appliances and other home needs. Bajaj Finserv also extends facilities such as 3 EMI holidays, wherein you don’t have to pay the first 3 EMIs, so that you could use the funds for repairing/renovating/furnishing your home.
Avail Tax Benefits When You Opt for a Home Loan
There are several tax benefits on Home Loan that you need to be aware of. When buying a home, registration and stamp duty charges can be claimed as deduction, provided you apply for the same within the year. You can claim a deduction on interest if you pay EMIs as part of loan repayment. And since a portion of your EMI goes toward the principal of your loan, you can even claim a tax reduction on the principal!