Government mission of housing for all, introduction of RERA, subsidy schemes for first time home buyers and the current scenario where developers looking to offload their inventory and offering various incentives makes 2019 a great time for a home buyer. However, buying a home can still be an overwhelming process.

Finding the right home is not an easy task and once you have found your dream home, starts the rush to arrange funds. Your immediate requirement is to arrange the token amount, down payment and the additional costs that come along with a property purchase. While you plan to take a home loan, these additional costs need to be paid immediately. You can pay it with the funds you would have saved to make this investment and apply for a home loan.

However, in case where you are falling short of funds or do not wish to break your investments before maturity, availing personal loans can be a good option for a down payment of your property. Financial institutions like RattanIndia Finance let you avail personal loans for down payment of your home. Below are the five things to consider while using the personal loan as your down payment:

1. First and most important thing to remember when availing a personal loan for down payment alongside a home loan is that the sum of both your EMIs should not exceed 40% of your net monthly income.

2. Taking a personal loan means paying two EMIs. You should be able to manage your regular expenses after the repayment process starts. You should also keep in mind that availing an additional loan in case of any emergency might be difficult.

3. One of the rewards of taking a personal loan for making the down-payment for a property purchase or carry out renovation work is that you can avail tax benefits. You can claim up to Rs 2 lakh on the interest paid against the personal loan.

4. Taking a personal loan will also help you to continue your investments. Your savings will remain untouched, while you repay the loan on a monthly basis from your current income.

5. However, you need to consider all your savings and investments that can be used for down payment before you apply for a personal loan. Personal loans are unsecured loans have a higher rate of interest compared to home loans. Interest rates for personal loan can range from anywhere between 11% to 20% compared to home loans which comes at around 8.5% to 9%. You should be ready for this additional burden.

Once you have found your dream home and have a plan to make the payment, financial institutions like RattanIndia Finance can help you fill the gap. So, let the search of your dream home begin.

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In India, wedding is an occasion for a huge celebration with family and friends. Most weddings last up to five days. While the whole affair is fancy, it usually involves large expenses. To add to that, there is a pressure of funding honeymoon and other expenses like pre and post wedding photography, sangeet rehearsals, redecorating the house and in some cases even buying a new one. The cost of these little things come up as a surprise and can lead to stress for many couples while planning their grand day.

Managing expenses for turning dream wedding into reality is important for almost all and that’s where wedding loans come into play. While there are many wedding loan providers in India, not many individuals are aware of this offering. A wedding loan is nothing but a personal loan that can be used to pay for the cost of a wedding. Most couples don't have immediate access cash to pay for the deposits upfront. Wedding loan gives cash infusion that comes handy to cover deposits and other interim expenses to various vendors that play a significant role in creating your wedding day memorable. Careful planning to get a wedding loan can help ease the pressure of funding your dream wedding by stopping the costs spiraling out of control.

At first, the idea of taking a loan for making your big day memorable may not sound pleasing, but there are reasons that will make you consider.

1. Indians don’t believe in the idea of court weddings. While few people might prefer their weddings to be simple and a low-cost affair; court wedding is still least preferred.

2. Wedding budget and expenses on bride’s side is usually higher than their partners and it is not wise to exhaust all your savings to fund the wedding. You are starting a new chapter of your life why to begin it with financial stress.

3. Opting a wedding loan ensures that your emergency funds and wish list for future is protected while ensuring that you make memories to remember on your wedding day. This is exactly the kind of need personal loans for wedding from RattanIndia Finance serves.

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Business Expense

If you are a business owner and Apply for a Personal Loan under the name of your business, you can claim the interest paid towards this loan as an expense. This amount can be deducted from your business profits so that you can enjoy the much-needed exemption for the same.

Business Acquisition

If you’re using the Personal Loan to buy assets including shares, debentures or machinery, you can write it off as the cost of acquisition, and revel in the tax benefits pertaining the same.

Renovation of your House

As was the case with the purchase of a house, even the renovation of a home attracts similar tax benefits, although these are confined to repairs and improvements, including –

1. Adding a new balcony

2. Building an additional room

3. Creating a new floor to the house

4. Extending the existing rooms

5. Painting of the interior or exterior of the house

6. Relaying of tiles or floor

7. Installation of plumbing and alarm systems

Here, it is imperative to note that purchase of home improvement products such as furniture or electric appliances does not attract any benefits.

Moreover, on using the amount gained via a Personal Loan for home renovation you will only qualify for the benefits under Section 24, and not for those under Section 80C. The tax deduction under Section 24 is limited to a maximum of 30,000 per year for self-occupied properties, and to a maximum of 2 Lakhs a year for let-out properties.

Here again, you must be able to furnish proof of using the loan amount towards home renovation to claim the benefits.

Buying a Home Property

For Home Loans, the borrower is eligible to get a tax deduction for the interest repaid on the borrowed capital, with the maximum limit of 2 Lakhs.

Similarly, Section 80 C exempts the borrower from paying taxes on the repaid principal, with a maximum limit of 1.5 Lakhs.

However, most people are led to believe that this exemption is only available for Home Loans. The truth is, a Personal Loan taken with the aim of purchasing a house also qualifies for the afore mentioned tax benefits.

All you need to do is to provide a proof that the loan amount has been used towards making the down-payment for the home. However, you can only reap this benefit after the construction of the house is complete.

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One of the largest traveller review websites recently published the ‘Travellers’ Choice 2011′ list of the best destinations in the world, as chosen by the travelling public. These are the destinations where real people have had a good experience whether staying in hotels, Bed & Breakfast or city base apartments.

Cape Town, South Africa

The most southern point of Africa where you can see whales and dolphins, go to the top of Table Mountain and see spectacular views or enjoy a visit to one of the many vineyards and taste some of the best wines produced in the world today. Robben Island, the historic prison where Nelson Mandela was held, is a ‘must do, for any visitor.

Sydney Australia

Be a beach bum in the morning, tourist in the afternoon and culture vulture in the evening – in Sydney you can be whatever you want to be and still manage to blend in. This city is often the first port of call for visitors and it rolls out a brilliant welcome mat. Sydney Opera House, Manly Beach and the Blue Mountains are just a snippet of the list of things to do here.

Machu Picchu, Peru

This destination offers access to what remains of one of the most fascinating extinct cultures and to the shrinking Amazonian jungle. The local people are proud to share their heritage with visitors and to guide those that are interested through the more remote areas to scenery that few places can compete with.

Paris, France

City of romance, more tourist attractions than anyone can see in one brief holiday – with a city base apartments and a couple of months you may get around to seeing some of the less well known treasures of this city and not just the Eiffel Tower and Louvre. Some of the restaurants here serve food and wine that will change the way you think about what you consume forever.

Rio De Janeiro, Brazil

This is a stunning, bustling city with lots to do and see. For a change of pace you can go on the cable car to the top of Sugar Loaf Mountain, where the scenery will take your breath away and the day to day troubles of life are put aside for a while. You can then return to the city find a bar where everyone gets lost in the rhythm of the salsa and dances until the early hours of the morning.

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