Mumbai: A home loan that most people avail, is probably the largest loan they take in their lifetime. In terms tenures it can easily be of 15 years or more while having a large loan amount. The total final amount that one winds up paying when the loan finishes, can be twofold of what was loaned.
However, a home loan is among the least expensive available, and regularly, it is the main way an individual can purchase a house. A home loan is termed a ‘good’ loan since it helps you own an actual property that gains value over the period of time.
A point that numerous to-be borrowers ask is should I lease/rent or should I purchase, particularly when the sum being paid as lease/rent appears to be substantial. One of the aspects to consider here is whether you need to live in that home or it's for speculation.
It bodes well to purchase a home that you intend to live in. This is additionally the explanation, aside from the way that many residential projects in India keep on being delayed by numerous years, why financial counselors state that one should purchase a ready-to-move-in home.
Any time is a good time to buy if you intend to live in the home. If you are looking for an investment, then you must look at the compounded annual returns the property can give, and the dangers involved, just as you would with other investments.
Here are the latest home loan interest rates from some of the eminent banks. (Source: Mymoneymantra)