Your twenties are perhaps the most important time of your life. This is when you focus on your career and building a future. This also happens to be the right time to invest in property. While not many of us have the funds to buy a house, home loans serve as a convenient route to finance this purchase. Purchasing a house at an early age leaves you with ample time for your home loan repayment, apart from other benefits.
Check out the benefits of taking a home loan in your 20s:
Longer Tenure on a Lower EMI
The tenure of a housing loan is usually calculated backward from your retirement age. This means that if you are in your twenties, the home loan repayment duration is longer as opposed to if you buy your house in forties or fifties. Taking a home loan in your twenties makes it easier for you to pay it off without feeling it burn a hole in your pocket. With time, as your income rises, you can also increase your EMI to speed up repayment.
Access to High Amount of Loan
Someone in their twenties has ample time to progress in their career and earn a higher income. This makes them eligible for a larger housing loan amount. If you are a salaried individual earning Rs. 30,000 per month with a minimum of two years of experience or you are an entrepreneur with three years of experience, Tata Capital will offer you a home loan up to Rs. 5 crores at attractive home loan interest rates.
Because future increases in income are also a deciding factor for home loan eligibility, a young borrower enjoys higher eligibility. The chances of a sharp rise in income are naturally much higher when you are in your twenties as opposed to later in life.
Additional Read: 10 Mistakes You Must Avoid As A First Time Home buyer
Easy Housing Finance at Tata Capital
Purchasing a home allows you to enjoy a lifetime of security. Your twenties is the right time to take this financially important decision since you are not bound by the shackles of responsibilities. However, owing to little money and experience, most people in their twenties don’t know where to look for a home loan and for the right advice.
Tata Capital offers convenient home loan to help you buy the house of your dreams. Use our home loan EMI calculator to calculate your repayment amount with ease. With our EMI calculator for home loan, you can get a quick understanding of the EMI you will pay towards the principal and interest payment over your home loan tenure. We understand that purchasing a house in one’s twenties can be a financially heavy decision. Which is why we offer home loan interest rates starting at just 9.25%!
Additional Read: Want to Own a Home? Check Out How to Apply for Home Loan
Visit our website to learn more about our home loan eligibility requirements and decide your EMI amounts with our home loan calculator. Get in touch with Tata Capital today.