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About a Loan Against Property
What Are the Tax Benefits on a Loan Against Property
Why You Should Apply for a Loan Against Property
Although a home loan and a loan against property may sound similar, they are quite different from each other. A home loan can be used to address either homebuying costs, or to fund a home renovation, however a loan against property comes with the prospect of many end uses – functioning a lot like a personal loan, but without the exorbitant interest rates levied. What’s more is that all you need for a loan against property is already with you – a property you can use as a collateral. And not just that, applicants opting for a loan against property can also benefit from tax benefits that come with this loan type – resulting in plenty of savings.
A loan against property can be termed as a mortgage loan, and the loan to value ratio depends on the lender’s evaluation of your property. There are no tax cuts for a loan against property, whether the loan is used for business or personal purposes. When you get your loan against property application approved, you have borrowed money with your property acting as collateral and thus, it cannot be tax-exempt. Note that tax cuts and tax benefits mean two different things and as such carry distinct implications.
Bajaj Housing Finance offers several attractive deals for the loan against property option. Eligible applicants can receive a sizeable loan sum of Rs.5 crore as a loan against their property to fund anything they’d like. Being a secured loan, the loan against property interest rate are a lot more affordable than their unsecured counterparts.
Bajaj Housing Finance offers a lengthy repayment tenor of 18 years to applicants basis eligibility, which gives them ample to time to comfortably repay the loan without compromising their existing and future financial plans. Read on to learn more about the loan against property income tax benefits and how you can enjoy them today.
While the direct benefits of a loan against property is known to borrowers, many fail to take note of the tax benefits it can also afford them. Although tax benefits on a loan against property come with certain conditions, we will show you how to meet those conditions, making the process that much easier for you.
The tax exemption can be claimed on the interest paid to get the loan. points below will tell you how to claim the various loan against property tax benefits and what don’t fall under the purview of a tax exemption.
The loan against property tax benefits is part of the features of the loan against property option. There are many reasons for you to apply for a loan against property, and here are 5 major reasons:
So, now you know the ways in which you can avail the tax benefits on a loan against property, take advantage of Bajaj Finance Housing's lucrative loan against property deals and start enjoying the numerous tax benefits. Remember that to enjoy the tax benefits, you must have no current loans. So, click here to apply for the loan against property option that suits you today.
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