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Applying for a Home Loan? Here are 5 factors you must know

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Are you applying for a home loan? You should certainly keep more than a few factors in mind. Home loans come in handy whenever we have to purchase our dream houses which most of us, particularly the professional salaried classes, cannot afford otherwise. According to RBI loan guidelines a home loan is thus one of the biggest investments of our lives and has to be planned carefully in order to maximize one’s benefits from the same. Bear in mind that a home loan is a long-term investment and should be handled responsibly. You should only apply for a home loan in case you are sure that you will be able to responsibly manage and repay debt that you have on hand. You should also plan for emergency situations well in advance.

Too many people make the mistake of not having enough surplus funds saved up to cover rainy day expenses or cater to needs like sudden medical treatment and other exigencies without having to compromise on home loan repayments every month. Make sure that you have a corpus saved up as an emergency fund and this should encompass 3-6 months of your net monthly salary which naturally includes the amount that you are repaying as the home loan. Do not default on your home loan by all means. Defaulting means automatically ending up with a lower credit or CIBIL score. Any default leads to your score coming down drastically and this will hamper your overall credit rating and drive a wedge in your relationship with your lender. Make sure to repay your home loan timely and also try and prepay some part of the loan whenever you can. If you wish, you can always use your surplus funds or bonuses to repay some part of the home loan principal amount. Not only will this help you slash the overall interest costs payable on the loan, the EMI will come down. Now, if you keep the EMI unchanged even after prepayment, the loan will be reduced even further. This is a good strategy to take if you are considering applying for a home loan.

On that note, here are 5 factors related to home loans that you should definitely be aware of-

  1. Principal Amount Tax Deductions- There is an income tax deduction under 80C where you can get up to Rs. 1, 50, 000 as the deduction on the principal amount that you have repaid annually. However, bear in mind that this section covers several other investments such as insurance so you will have to plan and apply for deductions accordingly. This is also the section under which you get deductions on registration charges and stamp duty paid for your property.
  2. Interest Amount Tax Deductions- You can get up to Rs. 2 lakh as a tax deduction on the interest paid annually on your home loan under Section 24. This is another way to reap high benefits in terms of tax savings.
  3. Tax Deductions for First-Time Homebuyers- If you are a first-time home buyer, you will be eligible for a deduction up to Rs. 50, 000 under Section 80EE provided you meet certain conditions. 
  4. Joint Loan Applications- If you apply jointly for a home loan with your spouse or eligible family member, not only does your home loan eligibility increase, both co-borrowers can get the same home loan tax benefits in case they are both co-owners of the property. This maximizes tax benefits for a family.
  5. Down Payment- You will be required to pay anywhere between 15-20% of the property price upfront as the down payment. This has to be arranged prior to applying for the home loan. Try and pay as high as you can in order to keep the home loan EMI low.

Aditi Ahuja is a noted Financial Consultant and Adviser. As she has been worked with many financial firm for several years, she has extensive knowledge in this field. She writes on Financial affairs, issues and solutions covering a broad range of topics like loans, insurance, investment and funding. Aditi loves to write and travel in her free time.

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Air Conditioning Fix

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What should you be seeking when you request an individual to make an air conditioning fix in St. Louis, MO to suit your requirements?

  • Notoriety
  • Dependability
  • Experience
  • Equipment

An air conditioner is a costly product and a very critical issue during a hot St. Louis summertime period, therefore, you intend to be mindful about whom you allow to correct it. Most people don’t have an idea with regards to the things it will take to make an air conditioning (A/C) fix in St. Louis, MO, so they really wouldn’t have an idea of what the A/C support tech claims are correct or not. Reliability and reputation are the only real methods you’re likely to own for knowing whether your A/C fix specialist in St. Louis knows what he or she is speaking about. Recommendations from friends, coworkers, nearest and dearest, or people created and raised in St. Louis will also be good indications concerning the dependability and reliability of one’s St. Louis A/C fix company.

Question the air-con fix company for referrals and inquire as to how several years they’ve been in operation. Any trusted fix company should without problem have the ability to provide you with a listing of satisfied St. Louis, MO customers. Performing an A/C fix requires particular equipment, such as air-con pressure features and Freon or supplementary chilling gas supplies. Older ac types start using a particular kind of Freon and might be ruined if serviced incorrectly. Newer ac methods use several types of gas to be able to run effectively and still match EPA requirements HVAC services. Be particular that the St. Louis air-con fix specialist is utilizing the appropriate methods and offers the proper licenses to handle Freon and one other gas.

Experience might suggest the huge difference between an air conditioning fix specialist determining once the A/C process must be removed and a fresh one must be fitted or if a classic fashioned cleaning might be sufficient. The different parts of the chilling process might be difficult to get at in several of the older St. Louis properties so that your specialist might not be agreeable to creating an air conditioning fix by simply cleansing the unit. They may think it is a lot simpler to put in a fresh A/C device and also pocket the extra money from performing the installation, in place of getting the extra time essential to give living of the older unit. Not absolutely all St. Louis types may be stored by performing a cooling process fix, and over time, all ac items will require replacement. Nevertheless, finding an experienced St. Louis air-con fix specialist with a reputation for reliability and dependability to work on your air-con device offers the best outcome.

And do not fail to keep in mind to modify the air filter in the A/C device frequently. On plenty of occasions, a straightforward exchange of the filter often means an impact on the way your ac works. Many main air-con items include an air filter positioned in the air handler that will be where in actuality the furnace is found. Examine the air filter by getting it out and considering the surface to find out just how much dirt and trash has accumulated. If it seems grimy, filled with dirt, or chaotic, it is unquestionably time and energy to change. During severe running occasions, you must always check or modify your air filter month-to-month. That’s an indicator you can perform yourself to stop a phone to your St. Louis, MO air-con fix technician.

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