Loans are securities that bail one out from emergencies. Those who are capable to manage their finances well feel no burden of loans too. In India, many of the private banks are set up to offer loans in the period of the financial crisis. One can take a maximum loan of 40 lacs from private banks and can repay it within a period of 60 months approximately. Different banks have different criteria where some charge loan-application fees, interest rates lower than other banks and so on. There are many personal loan finance company in ajmer which have links with all the private banks streamlining the loan process and getting the approvals easily. Taking their advice can help save both time and money.
There are 3 major loans that offer great tax benefits when compared with other types of loans-
- Educational loan- The government has put many measures to upbuild the educational sector in the country. The education related to engineering and medicals is still very expensive in our country. This is the reason people have to take education loan to make their children pursue their dreams. An education loan can be taken for self, spouse, or children. The deduction for payment of interest can be claimed by the spouse or parents. Till the time the student gets a job i.e. the moratorium period which is generally one year or six months after getting a job, helps in calculating the loan instalment by the lending bank.
- Personal loan- A personal loan is an unsecured loan that is granted to use it for fulfilling plethora of needs. In this type of loan, the borrower is not asked to disclose the reason for the loan amount. Personal loan come along with many advantages like- If one is using personal loan for down payment of home loan can claim deductions while filing the tax for the year. For those renovating the house can claim tax deduction on the amount of interest paid on the personal loans.
- Home loans- The loan amount and tenure of home loan is very high but the tax benefits on it is vast. One can avail tax benefit on home loans in two ways- firstly, the amount paid on principal repayment qualifies for tax deduction under section 80 C of the income tax act. Secondly, the interest paid on home loan repayment for self-occupied property is 2 lakhs. Thus, a deduction can be claimed by spouse and self both on the interest payment equally.
If these loans are handled properly one can get maximum tax benefits from it. The finance needs to be managed properly. Therefore, if looking for any of the above-mentioned loan to avail the tax benefits get in touch with the best personal loan from private finance in ajmer to understand the terms and conditions in a better manner. Their advisors are always there to help on questions related to loans. Get in touch and get the best deal of loan by comparing all the banks.