Purchasing a home is a big decision for every family. It is a decision which is made after considerable thought given to every aspect of the home such as which location to buy, how big should the house be, how soon can it be financed etc.?
To eliminate your worry of finance leading NBFCs offer lucrative home loan for chartered accountants. These are custom designed for practising accountants with a Certificate of Practice (CoP) of at least 4 years.
Here are few things which must be kept in mind to avail appreciable home loan.
Home loan applicants must have a healthy/ good credit score of 750+ or more. Lenders rely on a good credit score as it is a measure of the applicant’s credit worthiness. It helps lenders to build their trust on the applicant. Borrowers with reliable credit score can even negotiate their loan terms with the lender and pitch for desirable loan amount at lower interest rate.
Plan loan repayments
It is imperative to thoroughly plan your finances before you sign up for the home loan. Experienced NBFCs makes your loan repayments easier by offering the option of Flexi Loan Facility. This is a unique feature which lets you withdraw as per your requirement from the loan amount sanctioned at nil prepayment charges. Interest is levied on these daily withdrawals which helps to reduce the EMI by up to 45% and easily pay off the loan.
Applicants receive a tax deduction of up to Rs. 1.5 lakhs on the principal component of the loan under Section 80C of the Income Tax Act. They can even avail a deduction of Rs. 2 lakhs under Section 24 of the Income Tax Act.
Also Read: Chartered Accountants: How to Plan for Buying Your Dream Home?
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.