If you want a house of your dreams today, without the entire amount, then a house loan is the answer. The two major parts of a house loan are the principal and the interest. Principal is the amount of money that is borrowed, whereas interest is the amount that the borrower has to pay as the cost of borrowing, in addition to the principal amount. The interest rate can be either fixed, where the rate remains constant throughout the whole loan period, or floating, where the rate fluctuates in response to market trends.

There are various perks associated with house loans. It is possible to own a house through a house loan, without having to wait several years to save the full amount. It is the long repayment periods that make the monthly payments more affordable. Apart from that, a lot of banks offer you tax benefits on the interest that you pay, which can bring you money back when you file your income tax returns. Moreover, a house loan may be a means of helping you to improve your credit history, which can be an added advantage for any financial needs you may have in the future.

Still, acquiring a home loan through the bank can turn out to be a very tedious task. The banks have surely different interest rates, eligibility criteria, variable fees, and other requirements in terms of documentation. It may take some time, and the entire process can be perplexing. This is just where 3S Loan Services intercedes. They not only give you directions; they are alongside you throughout the whole process, which makes it easy and less stressful.