Most people prefer not taking a loan because it only adds up to be one of the many burdens (bank paperwork, timely payment of EMIs and et cetera) which a person has to carry in his/her life. People always work and save up money, so that it’s enough to buy their own house. Yes, it is the way if you want to play safe and slow but, is it smart step? Many experts say that it is not a wise step to buy your house when you have surplus money with you. Instead, one should always opt for Home Loans as it has its own advantages than buying a house with your own money and here are a few reasons why you should.

• Taking a home loan to purchase a house gives several tax benefits, under the Section 24 of The Income Tax Act, where a person can get a deduction of about rupees 2 lakhs on the interest of their home loan if that person or his kin is residing in that house, for which the loan had been taken. Renting out the house or deeming it for rent reduces your overall tax liability.
• When you have a surplus amount of money, it is always wise to not invest the whole amount in a single market as it is a large sum of money. Home Loans enable you to invest your money in markets where you can earn money, like investing in the stock market, buying shares and et cetera.
• Taking a home loan helps you to have a good credit history, provided you pay all your EMIs on time. This will enable you to get loans way easily, in the time of need in the future as you will have a good creditworthiness.
• It is always wise to have a good sum of money with you which are saved away in the bank as it may help you to get over any unforeseen contingencies in the future, for example medical emergencies can occur anytime. One should always have money at the time of need, be it for official purposes or personal.
• Buying a house from your saved funds limits the option of buying a house by restraining you within a budget. Getting a home loan to buy a house adds up more options and lets you go through several other houses which normally, would have been out of your budget.

One should always go for Home Loans as it is considered to be one of the cheapest forms of debt in India. There are different banks providing different schemes when it comes to Home Loans Thus, giving you a wide range of options to choose according to your convenience. For more details, visit https://chqbook.com