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Home Loan Repayment

It is a well-known fact that the Indian consumers are very touchy when it comes to taking a loan, especially if it is a long-term debt. Despite the fact that in the last few years the tax advantages that are associated with home loans in India have increased tremendously, most of the borrowers are in a rush to pay up their loan amounts much before maturity period and are eager to write off their debts. It is common knowledge that home loans are usually long term in nature.

The tax benefits on taking home loans in India in the last few years have increased greatly. The Indian consumers are always willing to pay off there debts and pay their loan amounts before the maturity period. However, with the interest rates on home loans being at an all time low, and the significant tax benefits it is not advisable to make the home loan repayment before the maturity.

Carrying the debt in the form of a home loan is a good option as it offers a number of advantages in the form of tax benefits. By choosing the loan amount carefully and by having an appropriate repayment plan, then a decent sum can be saved through tax rebates.

As money gets cheaper over the years, the benefits of inflation over the term of the loan will add up to the home loan extending over a period of time. Thus the interest rate is brought down by the combined effect of tax rebates and effect of inflation

Carrying the debt of a home loan up till the maturity is thus a profitable option in the present scenario owing to the number of advantages. The pre-payment if made must be done after considering the benefits that will be foregone during the additional time.

Therefore it is a good idea to not rush in to paying off the home loans or for that matter any other long-term debt. And in case you do decide to pre-pay, it would be a good idea to take time and plan it carefully.

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