To Apply and Manage
your Home Loan.
Download our Mobile App
Indiabulls Home Loans
Apply
Online

India's 1st Completely Online Home Loan!

  • e-APPLY

  • e-SANCTION

  • `

    e-DISBURSE

Start your eHome Loans Process Now!

Apply Online
OR

Download our Mobile App

Enter Mobile Number to get app on your phone

+91
GET A
CALL NOW

Fill in the details below

  • Generate OTP

Why Should You Consider Buying a Home at a Young Age?

Why Should You Consider Buying a Home at a Young Age?
 

One of the biggest financial decisions one makes in their life is that of buying a house. A big part of purchasing a house is the feeling of being independent and responsible, which is what most young people seek. While most people wait to buy or invest in a house until after they are in their 30s or 40s, we suggest you invest while you’re still young, and in your 20s. The main reasons for this are that one, when you are young, you have a steady flow of income without any accountability, and two, taking home loans at a young age is beneficial. Now, you may ask – how so? To answer this question, below are a few reasons showing you why buying a home at a young age by opting for a home loan is beneficial:

  • Longer the tenure, lesser the EMI amount

Your age is one of the most important factors when it comes to deciding your loan tenure at the time of taking a home loan. The maximum home loan tenure is 60 years minus your current age. Hence, the younger you are, longer the home loan tenure you will receive. Also, since a longer tenure means lesser EMI (equated monthly instalments) amounts, you won’t have to worry about getting lesser income to spend as well. It is both safer and wiser to pay off your home loan EMIs before your retirement so you can sit back and enjoy a peaceful retired life rather than extend working just to pay off your debts. If you wish to get an idea, then just calculate your EMIs based on your loan amount through our EMI calculator for home loans. this will help you decide whther you can avail a loat or not.

  • Tax Benefits

If you are a salaried individual, and fall in the tax paying bracket, getting a home loan would automatically get you multiple tax benefits. As the prepayment of home loan comprises of 2 different components, i.e. the home loan interest rate payment and the principal repayment, the tax benefits on these are claimed as tax deductions under different sections while filing the Income Tax Return. Tax benefits on a home loan are governed by different sections of the Income Tax Act, i.e. Section 24, 80C and 80EE.

  • Investment

Buying a house in your 20s is an investment. While most people think of investing only after they have bought their first house, you could start much sooner than you think. It will benefit you in many ways. For example, after purchasing a house as an investment, you can put it up for rent. By doing so, you’ll be able to earn profit off your investment as soon as you find tenants.

  • Security

Having your own home not only secures your finances, it also helps your money grow as the value of the property increases. Psychologically, owning a home often imparts a sense of stability and permanence. Being a homeowner in a neighbourhood of other homeowners also leads to a sense of being a part of a community. Also, the desire to maintain a stable environment can be an emotionally satisfying experience. Taking a home loan is much easier now because of the Pradhan Mantri Awas Yojana scheme, under which, first time home buyers have the benefit of getting home loans at cheaper interest rates. Need there be more reasons? Get going and purchase your first dream home now by applying for a home loan with us! Related Articles:

The post Why Should You Consider Buying a Home at a Young Age? appeared first on Indiabulls home loans.

Related Article
Types of Home Loan Charges

Types of Home Loan Charges

Most people fulfil their wish of becoming homeowners by taking out a home loan. It is the easiest way to afford a property as one can pay for the house in monthly instalments.

MCLR in Home Loan

MCLR in Home Loan

The interest rate is one of the most important components of a loan, especially in the case of a high-value loan that lasts for 2 decades or more; the home loan.

Home Loan Terminology

Home Loan Terminology

Each one of us, at some or the other point in life, dreams of becoming a homeowner. Having a house to call our own is the surest way of being financially secure.

Share your comments on the article
0 / 3000
Read all comments

No Comments