Home Loan For Your Second Home-Extra Income
“Your Second Home” is really an exciting milestone of life. Second Home has always been a wealth creating tool for most of us. First home is your need or demand and second home is your choice. In general we live in our first home. Second home is to earn rentals or wealth appreciation through price hike in the property. Now million dollar question is how to move ahead for second home?
How to get your second home easily
Our loan experts at Loan Guru advise that home loan is the best option to buy your second home. You may get home loan from home finance companies and banks at very low rate of interest( Starting from 8.5%).The home loan is upto 85% in most of the case. However in few properties of government sponsored housing schemes, 100% home loan is also available in the market. Loan against property is another option if home loan is not available on your property.
Options available in the market
So, investing wisely in the under construction properties at a lower cost will be a good option. Many builders offer no EMI till possession schemes also. You need to check these in your local market where you are to planning for this. Ready to move properties also provide rental income from day 1.
Extra Income From Your Second Home
It is anyway an income generation source for you. You may consider this as an asset creation cum investment for yourself. You may also consider price appreciation in next 2-3 years as per market trends. In other ways, you may use this as a destination for your business which is a common practice. Deduction on tax payable is another discovered advantage in it.
Future Planning Through This
Yes, you may plan for future through this. It is indeed an asset for your dependents. In the financial requirements of your daughter or study of your children, you may sell out this home and supplement your funds. This could also be kept as a property when your family needs a separate home to live in. Extension of family members living area is fulfilled through this.
For more on home loans, you may visit our dedicate page on Home Loan