Selling property or bank loan? You can choose an education loan keeping in mind that you can get a tax deduction for the interest you pay on the education loan.
School colleges have been opened. Many have begun to plan for their future. Parents who think too much about their children’s education will have some doubts. Borrow for study, bank loan or sell any of the existing property? Such questions arise. If you have such doubts, the answers are here.
There are weight defects in both as well as selling the property as well as borrowing. Currently the interest rate on education loans in the bank is low. So you can easily get a bank loan. Your children will also understand the beauty of money when repaying the loan they bought for their tuition. E.M.I. If you started paying interest before the start, the interest paid on the education loan is also deductible from taxable income, which you can receive. The downside is that you have to keep paying interest on the loan you bought.
If you decide to sell your property you are turning the property into an investment for your child’s future. There is no interest in this. But have you ever thought about the rent available for the property (perhaps if it is a house)? Prices are not currently high as far as real estate is concerned. So you can wait until the right time and sell the house for a good price.