4 solid reasons to stop paying rent
When you’re employed in a stable job with a stable income, the idea of owning your own house often flies across your mind. Renting a home isn’t too bad an idea but along with paying the rent comes the added tension of the landlord. Even if it gives you the flexibility to move to different locations, you can never truly personalise your rented home without losing a part of your caution deposit.
If you’re living in a rented accommodation and you’re wondering, ‘Should you buy a house or continue staying on rent?’ here’s a list of reasons which should convince you to forget that lease and become a house owner. Read More: Get Your Dream Home with Home Loan Subsidy
Your House as Your Asset
Investing in a home doesn’t just mean you’re acquiring property, it means you’re creating a tangible asset. Property is a sector which will always give you positive returns over time and also instantly. All the money you allocate towards your down payment or EMIs is being utilised to secure your future when you grow old or retire. It saves you the tension of searching for a home when you’d rather sit on your porch and sip on tea as you read the newspaper.
The Early Bird Gets the Worm
If you’re in the age group of 25-30, this is your chance to snag a deal with low interest rates and longer loan tenures. If you’re planning to take up a home loan in India, the time to do it is now. Companies like Bajaj Finserv are offering Home Loans at all-time low interest rates of 9.85%. If you think you’ll be able to get a better deal when you’re older, and keep waiting, you may miss out on a great opportunity in the housing market.
Nothing Like Your Own Home
Owning a house lets you personalise your space without worrying about bringing it back to its original state. You can break down walls, change your bathroom fixtures, upgrade the decor, and change pretty much anything you want to change. There will be no more landlord issues and no tension of having to shift or renew your lease.
Tax Benefits Aplenty
Don’t be under the misconception that acquiring a new property means paying more taxes. In India, if you have taken a home loan, you can get tax deductions up to INR 2 lakh on your interest every year. There are also deductions on stamp duty, registration charges and even principal repayments under section 80C. You can claim returns up to INR 1.5 lakh under 80C.
Keep in mind that when the home loan interest rates are low, there isn’t too much difference between EMIs and rent. The property market in India may fluctuate a little, but in the long term you will surely end up with enough returns to keep you financially stable in the later stages of your life. Apply for a home loan and convert your rent into your EMI. Some Questions you must ask
If you don’t like banks too much, you can apply online for a home loan. Financial institutions like Bajaj Finserv let you avail home loans in minutes. All you need to do is get on the internet, key in the details and watch your home loan get approved and disbursed without moving an inch from your seat.