How Buying Property through Bank Loan is Beneficial ?
There is many option available for an investor, they are planing to buy a dream home, opinion of Investment in ready to move property in bhiwadi, 1 bhk Apartment, 2 BHK Apartment, 3 BHK Apartment in Bhiwadi, Villas in Bhiwadi, Residential Plots in Bhiwadi and Many other property is available for an investor still we should buy property through bank loan.
There are many advantages of buying bank loan property . A property buyer most of time unaware about the history of property like how is first one property was registered then how many time property is transfer , there is any legal issue on the property and legal document verification , many other point which an investor is unaware of it.
Banks on loan process verified , each and every point and then approved the loan application of buyer.
Apart from verification process of property bank also provide tax benefit on purchasing the property through bank loan. Home Loan for middle class person is more beneficial to buying a dream home because as we know that buying property required a big amount and every middle class person don’t have that much amount so that home loan fulfill their dream.
Under Income Tax Act, 1961 provide tax benefit for their assets who has taken home loans. The mortgage payment in home loan help him get some tax deductions from his total taxable income.
The monthly mortgage payment included the principal amount and interest amount on the property. Both the principal repayment and interest amount have tax deductions. Under 80c act of income tax, the investor or buyer can get tax deductions for a maximum amount of 1.5 lakh for outstanding principal paid each year
and Under Section 24 b, The buyer can claim tax deductions for maximum Rs 2 Lakh per annum for interest paid.
Krish City Residential Apartment
Purchasing a property through a bank loan also provides for financial efficiency to the property buyer. The bank loan is available at 10.5 – 11 percent interest rate today. Also if you factor in the inflation figures of around 7 – 8 percent and the rest in tax savings, it’s a win – win situation for the buyer.
