A major life goal for many Indians is to eventually have their own homes. There is a sense of accomplishment and pride associated with having your own home compared to staying in a rented accommodation. Tired and fed up with paying monthly rents, many people apply for home loans and build their own house.
While many people argue that staying in a rented house is cheaper in the short run, it eventually ends up being more expensive in the long run. While property prices during the current period have surged significantly, many people have opted to stay in rented accommodations. It is highly advised to apply for a home construction loan in one of the fast-growing cities in India as rents are increasing on a periodical basis. To do this, it is essential to have savings and a steady income.
It is a good idea to make or buy your own house when you are young and well-settled with a stable income. If you are part of a family business, then it’s a benefit as you can utilise the earnings to arrange the required funds. It is true that paying off the EMIs in the early stages may seem quite daunting. This is a short-term worry as over time, as you advance in your career and receive a higher income, paying off the EMI will become gradually easier. Once the EMI is paid off, you can breathe a sigh of relief as you do not have to worry about making regular payments.
In a rented accommodation, the landlord is king. Extending the residency tenure is their decision to make. It is surprising how many individuals have to move out because of a disagreement with the landlord. Moreover, as rents increase over the years, there is a growing anxiety among the population. If you want to buy a house, you are in luck as there are various government subsidies and lower interest rates for first-time buyers of houses.
If you own a house, you can also obtain some passive income by renting out some rooms or through paying guests. There are also many tax benefits on the principal amount and special interest rates for first-time buyers.
Another massive reason to own your own house is the freedom from monthly rent. Monthly mortgage payments are basically future investments. There are various mortgage payment options available and you can choose the option which fits your lifestyle and budget. As India is a developing country, houses are expected to be worth more in the coming future than the initial amount invested. Your house can become a valuable asset for you.
These are just some of the many reasons why you should own a house. It’s time to liberate yourself from monthly rent and live your life in your very own dream home!