5 Reasons Why You Should avail A Home Before Turning 30

home loan

Buying a house is a great achievement. It is also an excellent thing to do with your own house, you are assured of a permanent roof over your head. That is why you need to start your financial planning early on in life and be ready to buy a house by the time you hit your 30s. Buying a home by the time you are 30 years of age is an excellent idea as you get a longer time to repay the loan. There are some other benefits of doing this as well. Let us find out more.

Top #5 reasons why you should avail a home before you are 30 years old:

1. No hurry to repay – If you plan to buy a house before you are 30, you will require a home loan in all possibilities. You can make a successful home loan application and get the money to make your purchase. Then, you will get ample time to repay the loan. You can enjoy flexible EMI options and repay the loan in a relaxed manner. You should, however, prioritize the repayment process and be diligent with the EMI payments.

2. Tax benefits – As a youngster, you always look to save money. So, when you get to save some precious tax money through the home loan, you stand to make some heavy profits. You can claim a tax benefit of up to Rs 1.5 lacs on the principal amount repaid and Rs 2 lacs for the interest you pay after making a successful home loan application.

3. Stable career path – By the time you are 30 years old, you are well settled in your career. You manage to figure out your line of work, finish your education, and settle well into your career. This is, therefore, a good time to make a home loan application and buy a house.

4. Lower economic responsibilities – At age 30, you have fewer financial liabilities. You have cleared your student loans. Your kids are still young, and you are healthy and active. You should thus look to encash on these factors and get a home loan at the earliest. You can pay higher EMIs while your other financial responsibilities are low and then adjust as you go along.

5. Easy to get a co-applicant – At this age, you will still have your parents, siblings and perhaps a spouse to include as co-applicant on the home loan application. It is easier to get a home loan when you apply with another person. The loan liability is also shared between two individuals, making it less burdensome for you. You also have a joint owner of the house, which makes it better as a family home. Also, both the applicants get to enjoy the tax benefits, as well.

With these benefits available to you, consider making a good home loan application and getting the right resources. With that, buy your dream home at this perfect juncture of your life and achieve an essential and excellent milestone in a hassle-free and straightforward manner. You have many options when seeking a home loan. Get the right one and become a proud homeowner without any further delay.