Top Four Legal Benefits for First Time Home Buyers in India
- Posted By : Pooja-Agrawal-
- Posted Date : October 7, 2019
- EmailID : firstname.lastname@example.org
- Short URL : https://indi.in/RiUpi
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Owning a house is the dream of every hardworking Indian individual. Having your own house enables a sense of financial soundness and security. It also uplifts the social status of an individual. Most of the Indian individuals today prefer having their own house. Having your own house ensures an individual with a sense of financial achievement.
Nowadays, Indian individuals prefer to buy their own house rather than living in a rental house. The desire for buying a new house has increased in Indian. Considering this increasing desire for buying a house, the Government of India has come up with legal benefits for the first home buyers to support them. First time home buyers, especially, those who come under the low-income group and middle-income group often face difficulties in financing their dream home. Even in cases where they get approved for a home loan, repayment of the same becomes difficult. Considering all these facts, the Government has provided some benefits to the first time home buyer. These benefits include the Pradhan Mantri Awas Yojana (PMAY), Section 80C, Section 80EE and Section 24. These sections offer relief to first-time homebuyers on the payable interest on the home loan.