In my
quest to buy my own home I learnt a few things that were very useful. Many
people now days prefer to purchase their home rather than live in rented
accommodation. The theory of ‘why pay rent when you can pay EMI for your own
home’ seemed a very logical concept to many people. My greatest discovery was
the amount of tax I could save with a housing loan. By adding my
spouse as a co-applicant it also helped me to avail of the tax deductions.
Another benefit of adding my spouse as a co-applicant is that together we were
eligible for a greater loan amount.
I found
that going through an agent for a home loan was a lot easier than approaching
one particular bank. With an agent, we found that he had a tie-up with a number
of banks and financial institutions. He explained to us in detail the features
of each and helped us to determine which of the Home Loans in
Hyderabad suited us the best. Different people have different needs
varying according to their situation. An agent will take the time to understand
your exact requirement and come up with the best solution. Our agent not only
helped us with getting our paper work in order but also helped with the legal
formalities. For the documents that we didn’t have, he helped us find
alternates and we really appreciated his assistance and guidance.
If you
need to do any repairs or renovations on your home but you are short on funds,
you could consider taking a home equity loan. My friend needed a few repairs
for her house and it dearly needed a good paint job too. Somehow she was not
able to spare the funds so under the guidance of our agent she applied for home equity loan. That was
the best decision she made.
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