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While you might consider applying for a loan to be a matter of adulthood, instead of waiting for when you reach 40, it is advised to apply for a home loan at a younger age itself. There are several benefits of applying for any loan when you are quite young. Before applying for a loan, it is equally important to calculate the home loan eligibility at the same time.
Here are some of the benefits you should know about:
- Lower EMIs: When you calculate the home loan eligibility criteria, you are required to be at least 25 years of age for applying for a home loan. As such, you can apply for the same as soon as you land up your first job. As you have a lifetime of working ahead in your life, you can consider paying lower EMIs in the long run for your loan application.
- Avail Tax Benefits: Under Section 80C of the Income Tax Act of 1961, you are allowed to claim a deduction of around 1.5 Lakh INR per year towards the repayment of the home loan. With such lucrative tax exemptions, you can avail the overall tax benefits for longer.
- Secure the Finances: When you apply for a home loan, it is considered a major financial investment in life. It helps in securing the finances in your life significantly.
Make the most of your age while applying for a loan.
Reference Read: Benefits Of Applying For A Home Loan At A Young Age
