Few Best Things about Owning A Home in India
Buying a home isn’t an easy task. Your effort just does not end with finding the right abode. Yes, if you have decided to buy a home using a home loan, then you need to consider some other aspects as well.
It may include arranging the home loan down payment, meeting the eligibility criterions, furnish the right documents and beyond.
It might sound like a lot of work, and indeed it is. But, the after-benefits are rewarding too If you are set to own a home and think that applying for a home loan would be a painful process, here are some worthy benefits of owning a house.
Predictable Monthly Expense
If you are living in a rented apartment, you are aware that the rent is anytime bound to go up once the current lease is over. It is completely up to your landlord’s desire and control. However, if you own a house, the only payment that you are making is to repay the home loan EMIs. Also, the amount spent on the EMIs is to gain home ownership and isn’t going to any third party such as a landlord.
A home is the biggest investment any individual ever makes in their lifetime. With the Indian real estate market at a constant shooting graph, a home is always an asset. A home is an asset that will appreciate with time. The real estate market isn’t going great for now, but still, an appreciation of 4-5% is still predicted. Thus, owning a home is always like building a financial foundation for the future.
Under Section 80C of the Income Tax Act, a home loan is liable to offer tax benefits. An amount up to Rs.1.5 lakhs on principal paid and up to Rs.2 lakhs on interest paid can be availed. This eventually means you can keep a lot of your hard earned money to yourself than giving it away in huge taxes.
Freedom to Make Modifications
How many times have you desired to make small tweaks in your rented apartment as per your requirement but were bound not to make any? The answer to this question in most cases is always no. Even if the answer is a yes, eventually it’s the landlord that will be benefiting from the modification. However, if you own the place, you don’t need any permission. You can paint the place as you wish; make the necessary tweaks as per your preferences.
It isn’t Expensive
As discussed earlier, the only expense you will have to take into consideration is your home loan repayment. In fact, you can utilize the home loan repayment calculator to get a fair idea. Unlike rents which will keep on increasing, your home loan EMIs will be the same for the entire tenor, helping you manage other financial aspects in life. Also, with the market getting favourable for home purchase, it is an ideal time to make your investments.
An own real estate property is nothing less than an asset. One can always benefit and increase the opportunity to borrow money to accomplish other tasks against the owned home as security.
A Secure Retirement
A home can contribute to your ultimate retirement plans. The longer you have owned the house, the better is the appreciation value of the property. In some cases, it could be even 100%. Therefore, you can either use the property as your retirement nest or put the place on rent and take it as a steady income flow.
In a rented apartment, there is always a fear to be kicked out for some reason or else. However, with your own home one can reside in indefinitely. Also, the thought of having your roof over the head is always soothing.
The Bottom Line
Hunting for the perfect home and then taking the efforts to get the right home loan might be a little difficult task. But it is just the initial efforts that you might have to take up to create such a solid asset for yourself. Owning your place comes with a host of benefits, only if you care to ponder.
Summary – Looking for a home and then getting through all the processes to own it is definitely a difficult task, but owning it is still benefiting. Read to know more.