Imagine that it is your 30th birthday and you have been waiting for this day in your life to arrive. You invite a bunch of friends and relatives at your place and hear the doorbell ring. Who is it? The landlord. Not the most welcomed guest to let in, especially when the music is loud and drinks are being served. At your dismay, you are to bear an insult and to leave within a month, after the notice is in your hands.
Well, as alarming it may sound, this is the condition of the tenants in India. Living in typical society, wherein, girls are not appreciated or allowed to invite boys over, or have restrictions on parties being organized after 8 p.m. To avoid staying over at your friend’s place or ending up nowhere, it is always viable for you to buy a house that you are able to frame as ‘home sweet home.’ You will get the freedom, and you have been longing for all the while!
The benefits that you receive on buying a house at 30 are at plenty,
Long tenure
Think about it. If you buy a house at 30, you have another 30 years till you reach the ‘retirement quota.’ If you have a longer tenure, in terms of loans, it will affect your Home Loan eligibility, home loan EMI and does not overburden you. You can avail for the option of a longer tenure, as per your age. It makes sure that your loan feature does get distributed over the upcoming period of months.
For instance, if you have applied for a loan amounting to INR 1 lakh at the Rate of Interest provided at 8.90% p.a., and if the tenure is 20 years, the EMI will be INR 893, and in the case of 30 years, it will be INR 797.
Co-applicant
Apply for a Home Loan with a co-applicant. This increases the amount, and you can purchase a house that is bigger in size, and you need not worry about the future.
Less obligation
When you are under the age category of below 30, you have a lesser amount of finances and stress to cater to. Most of the youngsters do not have any loan to pay back, which is why the eligibility of the Home Loan increases.
Tax benefits
Rate of Interest up to INR 2 Lakh under Section 24b: The interest catering to the EMI can be taken/ claimed under the deduction element.
The principal amount of up to INR 1.5 Lakh under Section 80c: The amount can be claimed till INR 1.5 Lakh under Section 80c. This is provided that your house is not sold within a period of 5 years from the day you have purchased the same.
Stamp duty and Registration under Section 80c: These charges are claimed, on when the limit is within INR 1.5 Lakh.
Interest and Principal repayments for Joint Home Loan: The principal repayment amount is up to INR 1.5 Lakh, and interest is INR 2 Lakh under Section 42b.
With these benefits provided to you, purchasing a house at 30 brings in the sense of achievement and pride in the sense that you have claimed a milestone. If you are married and have a family, living under a roof with your hard-earned money/ loan availing is a feeling that can never be explained. Go to any housing website, click on ‘Apply now,’ or reach them out through their toll-free or contact numbers provided.
| Banks | RLLR | Min. Interest | Max. Interest |
| Union Bank of India | 6.80 | 6.70% | 7.15% |
| Bank of India | 6.85 | 6.85% | 8.20% |
| Central Bank of India | 6.85 | 6.85% | 7.30% |
| ICICI Bank | 6.95 | 6.90% | 7.95% |
| SBI Term Loan | 6.65 | 6.95% | 7.45% |
| Indian Bank | 6.80 | 7.00% | 7.35% |
| Punjab & Sind Bank | 6.90 | 6.90% | 7.60% |
In the case of self-employed individuals, this is the case,
| Banks | RLLR | Min. Interest | Max. Interest |
| Bank of Baroda | 6.85 | 6.85% | 8.20% |
| Canara Bank | 6.90 | 6.90% | 8.90% |
| IDFC First Bank | 7.00 | 7.00% | 8.00% |
| ICICI Bank | 6.95 | 7.05% | 8.05% |
| Indian Bank | 6.80 | 7.05% | 7.40% |
| Kotak Mahindra Bank | 7.40 | 7.05% | 8.60% |
| Union Bank of India | 6.80 | 6.85% | 7.15% |
| Bank of India | 6.85 | 6.85% | 7.75% |
With an overview provided on Home Loans and Rates of Interest, make sure you purchase a home at 30, so that you do not have to roam about on the streets or rent a room. Avoid feeling humiliated and get yourself a roof to live under in, because that is what matters!