Remember the days when we used to play house games with our siblings, and we parallelly dreamt of having our own house? Owning, buying, and shifting to one’s own house has always been a dream. But making that dream a reality needs a lot of planning from scratch, especially when it comes to arranging finances. It’s a massive project one has never done before.
In this article, we’ll explore the meaning, benefits, and importance of home loans, shedding light on how Lenditt provides you with the top-notch service to achieve homeownership.
What is a Home Loan?
A home loan is a loan taken for buying or constructing a house. It is a financial tool offered by banks and financial institutions to help you buy or construct your dream house without the burden of paying the entire amount in a go. It is a secured loan, where the property that you purchase serves as collateral. The borrowed sum is repaid in monthly installments over a specified period, making it manageable for many.
What are the Instant Home Loan Benefits offered by Lenditt?
Affordable Way of Buying a Dream Home
Home loan offers a reliable source of money for your dream home. Everyone’s financial situation differs, hence when you want to finance your dream home, a home loan is a perfect solution.
Sense of Belonging, Stability
Once you find a permanent place to live with your family, and you no longer have to keep searching for a new place and stay in a rented place, owning your own home brings you peace of mind. With no fear of immediate evacuation and no more need to live according to the landlord’s rules, now you can feel relaxed and enjoy your own home your way.
Capital Appreciation
Buying a home is not just about securing a place to live, it is also an investment in real estate. Over time, the value of the property may increase, leading to significant capital appreciation and wealth creation.
Affordable EMIs
Home Loans enable borrowers to repay EMIs conveniently over time. It develops a sense of responsibility and discipline to manage the monthly budget and expenses effectively.
Tax Benefits
Under the Income Tax Act, 1961, section 80C and 24(b), the home loan allows you to claim tax deductions on the due principal amount and the interest rate, helping borrowers to save money while repaying their loans. Section 80C allows a deduction on principal amounts up to 1.5 lakhs yearly and 2 lakhs deduction on interest repayment.
Ability to Transfer Loan Balance
You can choose to transfer your home loan to another lender when you want to ease your monthly EMI and the overall cost you are paying. By choosing a new loan with lower interest rates, you can transfer your remaining home loan balance to that lender.
No Prepayment Penalty
When you find enough financial balance and want to free yourself from the debt of a home loan, you are free to make a prepayment without any penalties.
Access to larger funds
When it comes to home buying, easy access to substantial funds is a must. Otherwise, it becomes difficult to accumulate funds and make homeownership more accessible.
Home Loan offered by Lenditt!
Understanding the meaning, benefits, and importance of Home Loans is the first step toward realizing your dream of owning a home. In today's world, convenience is the key to almost every decision we make, including the financial ones. And with the right knowledge, you can smoothly sail through the complexities of applying for a home loan.
Therefore, applying for a Housing loan online in India has become even more feasible with Lenditt’s affordable instant home loan offer. Lenditt simplifies the process and makes your dream of purchasing a Home Loan a reality. Lenditt is, India’s one of the fastest personal loan providing apps, has now introduced home loans for its customers coming from different financial backgrounds. With affordable interest rates, Lenditt loan app gives you a stress-free home financing solution.
Types of Home Loan offered by Lenditt are:
Home Loan
Home Loan against Property
Lenditt runs on an entirely digitalized home loan process that saves both time and cost. Moreover, the integration of AI-backed operations gives you customised loan offers as per your needs. You do not have to visit branches to get an idea about the loan offers and keep waiting in long queues for days. You’ll be assigned an agent to carry on the task.
Can’t wait to see you knocking on our door on our official website!