New Year But Same Old Worries? It’s Time to Shift to Your New Home

Updated on: 14 Dec 2021 // 17 min read // Home Loans
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How long have you been harboring a dream to own a home? So, it has been years that you have been staying at a rented flat, paying heavy rent each month. All these years, you have been maintaining someone else’s home. Each year you plan to buy a home, but in vain. This only adds to your worry and frustration.

Why worry when you can Avail a Home Loan? Let not old worries bother you this New Year! Buy your own home and shift in your dream dwelling – your investment of a lifetime. It is a big step, but you have already shelled out a huge amount as rent over the years. All you need to have is a certain amount of money to pay as down payment. The amount you’re paying as rent for other’s home can be utilized to pay EMIs (equated monthly instalments) for your own home.

Though a Home Loan is one of the biggest financial commitment, given the long tenure and huge amount involved, but you will feel a sense of accomplishment once this responsibility is over and you will have a home to be called your own.

Instead of paying heavy rent year-on-year, it is more sensible to pay your lender for your own home! To lessen the burden of a big EMI, you may add your family member with a steady source of income, as co-applicant.

Also Read: Benefits of Having a Co-Applicant for Home Loan 

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Besides, you enjoy numerous benefits with a Home Loan. Following are key benefits associated:

Tax Benefits

As a Home Loan buyer, you are entitled to tax benefits on the interest paid as well as principal repayment. You can enjoy deduction of up to 1.5 Lakhs towards the total interest payable on your loan as per Section 24(b) of the Income Tax Act, 1961. Besides, you can also claim deduction of up to 1 Lakh on your principal repayment based on certain terms and conditions. You are entitled to this benefit as per Sections 80C read with section 80CCE of the said Act.

Low Interest Rate

Compared to other loans, interest rates on Home Loan is much lower. The prevailing interest rates on Home Loan are starting from as low as 8.50%. This is the perfect time to buy a house of your own in the current falling interest rate scenario.

Capital Appreciation

With capital appreciation holding sway where construction costs have seen a rise, buying a home with a Home Loan can shield you from inflation for the long term. Staying in a rented flat in such a situation would only mean paying higher rent than before!

Various banks and NBFCs (Non-Banking Financial Companies) offer Home Loans. How do you know which bank is offering the best deal? Visit mymoneymantra.com, a trusted name in online financial services providers. It hosts financial products of more than 50 leading banks and NBFCs. Compare Home Loan deals and check your eligibility entering few details using its Home Loan EMI Calculator.

Here are some key factors that decide the borrower’s eligibility for a Home Loan:


  • 21 years and above at the time of loan application
  • 65 years at loan maturity
Credit Score/ Credit History 

  • Credit Score above 650
  • Credit History includes repayment of existing and past loans and credit cards payments
Type of employment/ stability 

  • Salaried or self-employed
  • Job or business stability- at least 2 years
Income (Higher the income, higher will be loan amount) 

  • Salary in case of salaried employees
  • Business turnover, annual income, net-profit etc. in case of self-employed

It’s time to shed your same old worries and shift to your own house in the upcoming year. Wish you a Happy New Year 2017!

Compare loan deals, check your eligibility, and apply for a Home Loan online by visiting mymoneymantra.com. Call our Mortgage Specialists toll-free at 18001034004 for best housing finance offers.

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