Here are some of the important features and benefits of home loan:
Flexibility to choose a tenure: Most banks give you the flexibility to choose your home loan tenure, which generally ranges from 15 - 30 years. The tenure you choose directly impacts the EMI you pay every month.
Comparatively cheaper than personal loans: The rate of interest on home loans is generally lower in comparison to the personal loans. This is because home loans are generally secured loans whereas personal loans are unsecured loans.
Tax benefits: You get tax benefits on both the interest amount and principal amount you pay. The interest paid can be claimed for a deduction of upto Rs 2 lakhs every year, whereas the principal amount paid can be claimed for a deduction of upto Rs 1.5 lakhs per year.
Home loan balance transfer: This facility allows you to transfer your outstanding loan amount from one lender to another for the purpose of taking advantage of lower interest rates.