Owning a house is one of the major achievements in an individual's life. Buying a house is a complex process that requires a huge amount of money. Most individuals spend their entire savings and take home loan to buy a house. Most lending institutions (banks) finance up to 80% of the total value of the property after scrutinizing various factors.
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Your home loan has two components – Principal payment and interest payment. You can avail yourself of a home loan with the sole purpose of constructing or purchasing a house. However, the construction of your house (if own construction ) or possession in case of outright buy must be done within five years of the availing of the loan, You can claim a deduction under your interest category of up to Rs.2 lakh under Section 24.
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Immediate availability (Zero Risk & No Pre EMI) One of the straight and significant commercial advantage of a “Ready to move in” apartment is the immediate possession and this means dual benefit.
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