A self-occupied property is a residential property that is bought for personal use and not for the use of renting it out. For a self-occupied property, certain rules apply. The owner is not allowed to use it for any other commercial or rent-out purposes.
Several people in India rely on loans to purchase self-occupied and let-out properties. The primary objective is to look for financial institutions that provide financial freedom and a streamlined disbursement process that can help you purchase these self-owned properties.
This post discusses the features and benefits of home loan for self-occupied properties.
Smart Loans for Self-Occupied Properties: What Is It?
Smart loans are instant home loans that are taken to procure self-occupied properties for personal use. Smart loans are loans that come with flexible tenure, loan amounts, and repayment schedules. These loans can generate cost savings and invite lower charges. Besides these benefits, smart loans are instantly applied online, verified, evaluated, and processed quickly.
Features and Benefits of Smart Loans for Self-Occupied Properties
Here are some key characteristics and advantages of smart home loans:
- High Loan Amounts and Flexible Home Loan Tenures
Smart loans for residential spaces come with flexible home loan amounts and tenures. You can modify the tenure according to your feasibility. If you want to prepay your home loan mid-way, you can. Also, if you want to repay it faster, you can with a lower tenure.
On the other hand, if you are looking for a lower EMI amount, you must choose a longer tenure. If you want to go for lower interest charges, opt for lower home loan tenures.
The same can be manipulated for home loan amounts. It is highly recommended that you start saving up for home loans so that you have a bulk amount for the initial down payment. In such cases, the home loan reduces, and so do the interest charges. Even if you increase the home loan tenure, it will benefit you from lower EMIs, which you can adjust as per your affordability and monthly income.
- Smart Loan EMI Calculator
You can use the smart loan EMI calculator to assess different home loan amounts, tenures, and EMIs. You can use various permutations and combinations to reach a monthly EMI amount that you can easily pay each month. This digital tool is 100% free and accurate and is accessible 24/7.
- Streamline Disbursement of Loan
One of the key features of smart loans is the streamlined process followed by the lender for the disbursement of the loan. The owner or buyer need not worry about the process. You only have to apply digitally for a smart loan online, from the comfort of your home and submit the necessary documentation. After this, the financial institution takes over. The verification, authentication, and quick disbursal are guaranteed for smart loans on self-occupied properties.
- Financial Freedom
Getting a smart loan gives you a sense of savings and the satisfaction of owning your residential place. It shelters you with a sense of independence, long-term financial stability, and savings compared to renting out homes. Taking a smart loan to pay for your home is one of the most desirable options for people, specifically those who are living on rent.
To own a home is a dream come true, and smart loans are the gateway to owning a self-occupied property with easy processing, low charges, and instant disbursal.
- Tax Benefits
Smart loans for self-occupied properties let you enjoy tax exemptions of Rs 1.5 lakh per annum on home loan principal repayment under Section 80C, up to Rs. 2 lakh on home loan interest rate on self-occupied property under Section 24 of the Income Tax Act, and tax benefits under Section 80EEA.