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Benefits Of Taking Home Loan On This Festive Season In India


Taking a home loan during this festive season in India has several benefits. For starters, a home loan offer can help you get the best possible interest rate on your loan. Moreover, taking out a loan now may help you avoid higher interest rates when rates inevitably go up again due to increased demand for loans.

What Is A Home loan?

A home loan is a loan that you use to finance the purchase or construction of a house. You can borrow money from a bank, mortgage company, or other lending institution to purchase or build your house.

Some important things to keep in mind when applying for a home loan include:

  • Your credit rating is important in determining whether or not you are eligible for a home loan offer
  • Having a good credit history may be beneficial as this will help you get a lower interest rate on your home loan.
  • It is important to read the loan agreement carefully and understand all the terms before signing it.
  • There are many different types of home loans available in India. 
  • With a home loan offer, you can get a better rate, fees, and quick processing.

Factors To Consider While Taking A Home Loan

Here are the factors to consider while applying for a home loan:


  • Ensure that you have sufficient funds for the loan. 
  • Your collateral plays an important role. Ensure that you have enough collateral for the loan amount you need.
  • Consider the terms and conditions of the home loan offer before you sign anything. Some offers may have unfavourable conditions that need to be agreed upon.
  • Ensure you understand all the fees associated with a home loan offer, as these can quickly add up.
  • Pay attention to interest rates offered by the home loan provider. Festive loan offers are better, and your processing fees will likely be exempted.

Why Take A Home Loan Offer This Diwali?

There are many reasons why you may want to take out a home loan this festive season. If you’ve saved up enough money and your credit is good enough, you can get a home loan with a lower interest rate than usual.

Alternatively, if you plan on buying your first home or upgrading to a more expensive one, now could be the best time to do so, as housing prices are likely dropping in certain areas across India.

Benefits Of Taking A Home Loan Offer This Festive Season

The main benefits of a home loan during the festive season are:

  • Lower interest rates

One of the best things about home loan Diwali offers during festivals is that you’re likely to find much lower interest rates than usual. This means that you’ll be able to save money on your monthly payments and potentially have less of a dent in your savings if you take out a home loan over a longer period.

  • Offers flexibility 

Most home loan offers allow borrowers to pay off their loans over time, which can help avoid late payment penalties and lower borrowing costs. You can also pay off a part of the payment in advance without any additional charges.

Some home loans provide shorter terms than usual, making it easier for you to buy the home of your dreams without having to wait too long.

  • Pre-approved offers

During the festive season, there are various home loan offers. Most of these are pre-approved offers. The loan is offered quickly and with a short wait period. These offers reduce the documentation needs as well. The processing time is also reduced. 

  • Long repayment tenure

Home loans are typically granted for up to 25 years. It gives you plenty of time to repay the debt and enjoy your newly purchased property without any concerns about financial instability or market crashes.

  • Tax benefit

If you have owned your home for at least 1 year in India and meet other eligibility criteria, you can avail of a tax benefit on the home loan amount. Your mortgage provider may offer special packages or discounts specifically designed for borrowers during this period.

  • Processing fee benefits

Applying for a home loan during festivals can allow you to get the benefit of reduced processing fees. There are chances that you may enjoy zero processing fees as well. This will save the cost of the loan and will help you get good home loan offers.

  • Quick approval

Home loan offers usually come with instant approval so you can start your home-buying journey as soon as possible. The terms of your home loan will be more favourable than those offered in other market conditions.

  • Low risk involved

Another benefit of home loans Diwali offers is that there is usually a lower risk attached to them. This means that if you cannot repay your loan on time, the lender will be less likely to chase you down for payment. They may even offer relief by extending the repayment period.

  • Cashback offers

Many home loan Diwali offers include cashback offers, which means you can save money on your home loan by agreeing to pay off your loan in full each month. This will help you avoid late payment penalties and lower overall borrowing costs.

  • Easy documentation

Although home loan offers are usually available from banks throughout the year, securing a loan before the festive season is typically easier. Most of the offers are pre-approved, and documentation needs are basic.

  • Build credit score

You can build your credit score when you apply for home loan offers. This will be beneficial in case you apply for any loan in the future.

The Bottom Line

Now it’s time for you to get the home loan. This way, you can get the best home loan offers that perfectly suit your budget and needs. The best part about home loans is that they provide attractive offers, including zero percent interest for 6 months and flexible terms.

However, it is always good to research before applying for a home loan and find out which home loan offer suits you.

Visit Piramal Finance to read more about the best home loan offers.