Top 5 Benefits You Get When Buying a House for the First Time in Bangalore

Owning a house is a proud and chest-thumping moment of our life, especially if it’s your first one. After all, there’s nothing more grown-up and adult than owning a house. Plus, it brings you absolute joy and a feeling of being financially stable. Are there any monetary benefits of buying a villa in Bangalore?

If you’re on the journey to buying your first house in Bangalore, here are the benefits you’re entitled to in the process:

5 Extraordinary Benefits For First-Time Home Buyers in Bangalore

Additional Deduction on Paid Interest

As first time buyers, high-interest payments on the sum are often the biggest headache for us. Luckily, you can get a tax deduction to alleviate that worry a little.

You can claim up to Rs. 2 lakh per annum deduction on your home loan’s interest amount. To avail of this benefit, you need to own and occupy the property. So, if you’re renting it out, you’re not eligible to get an additional deduction on paid interest.

Real Estate Regulation Act (RERA) – 2016

To protect buyers from real estate fraud, the government has introduced the RERA Act 2016. This act reminds builders to be transparent with buyers.

So, no matter what fraud or malpractices you might encounter, the RERA act will protect you from it. So, first-time buyers can invest in real estate without being fearful of buying a house in Bangalore. Thanks to the RERA act!

Pradhan Mantri Awas Yojana (PMAY) Benefits

To fulfil the government’s “home for all” mission, PMAY was implemented. Under this act, lower and middle-income groups of the society can avail of a tax reduction when buying a house. Depending on your income, limited up to Rs. 18 lakhs, the tax subsidy rates differ. If you fall in this category, you can own a home and get major tax benefits!

Section 80C Advantages

You can claim up to Rs. 1.5 lakh tax benefit once you repay the principal amount of your home loan. However, this scheme is only valid for buying a villa in Bangalore that is fully constructed. You also need to own the property for at least five years since the official date of purchase to benefit from this act.

Special Benefits Under the Section 80GG of the Income Tax Act

This act will be a huge relief if you don’t get any HRA (House Rent Allowance). Other than 10% of your total income spent on paying the rent, you can get a deduction for any expense you have for the property. This can be applicable whether you are a salaried or self-employed individual.

Some Practical Tips For First Time Home Buyers

Buying a house in Bangalore for the first time can be nerve-wracking! You don’t want to mess anything up as you gather all your savings to invest in your dream house. To help you out a bit, here are some tips that you’d find valuable:

– Budget before you start the purchase process. Know your financial strength and limits well in
advance.
– Look at several options before you settle on one house.
– Jot down your house requirements, in detail, before you look at the houses.
– Have enough finances aside for a down payment.
– Consult a real estate agent without hesitation if you need extra help.

Final Thoughts

Before buying a villa in Bangalore, especially if it’s your first house, you need extra help and assistance, especially financially. Hopefully, now you understand all the benefits you can get as first-time house buyers.

So, visit Address Maker’s official website to browse our various projects in Bangalore! You never know one of them might be your new home.