You are living in a rented house and now want to own a property for you and your family to live with peace. There are many people who are staying in rented properties in major cities and even in small towns as well. Most of the people who are staying in rented properties, always want to own a home of their own, be it a small one, but a home on their name. It gives them a feeling of satisfaction and at the same time relief from interruption of landlord. In present market scenario and trends, it is not really easy to select and get a property of your choice at a good price. At times you spend a lot of time searching for a property and getting the funds arranged. But, as there are many banks and financial firms available in the market which could easily lend you a loan based on your eligibility criteria and salary slab.
Buying and owning a home is not only the matter of pride and satisfaction, but also gives you plenty of advantages. It not only gives you monetary benefits, but joy and happiness to stay in your own home. Let's discuss a few of advantages of owning a property in long run.
No more rent payments: One of the biggest advantage of owning a home is you are not required to pay rents anymore. The same amount you can divert to pay your monthly EMIs. It not only gives you freedom from paying the rents, but it also enables you own your property over the period of time. There is no point of paying the rents if you can own a home with your monthly amount. You can borrow the loan and convert that into easy EMIs to make your repayment simple and easy.
Future security for you and your family: Owning your home gives a sense of security to you and your family. As you need not to pay the rents any more, no need to search for a new home after the completion of loan agreement with the landlord. You can stay freely in your own property without the tension of increased rents, rent agreement terms, relationships with landlord and other legal obligations. In case of any future uncertainty, a self-owned home is a kind of security for your family that they need not to worry in any worst condition for their shelter.
Investment purpose: The rates of property are increasing rapidly and after every year you find some increase in the property rates. If you are buying the property with the purpose of investment, it is really a nice deal. If you are buying an authorised property at good location, you will find that your property value will increase at higher pace as compared to any investment in other investment schemes. Investing money in car, any other vehicle and other machines linked with depreciation, but property is only thing, which gives you higher return on your investments.
Low interest rate: Most of the banks offer competitive rates of home loan for customers. It is good time to think about investing in property. Some of the banks even offer lower rate of interest to female customers. There is no pre-payment/pre-closure charges linked with home loan anymore according to the RBI's guidelines. Therefore, if you are making your mind to buy a property, get your documents in place and apply for a home loan.
Tax benefits: Owning a property not only gives you sense of pride or satisfy you at emotional level, but also offers you some tax benefits. Either you are salaried or self-employed, if you have borrowed loan to buy a property, you can claim the tax benefits for the full tenure of your loan. You can save money on your interest amount and principal amount at the same time.
Building equity: Money paid as rent you will never get back, but money paid as loan amount is like building your equity. You are building your equity over the period of time, which you can use in future to serve your financial needs. You can take a home extension loan, mortgage your property for your personal and medical emergency, education of your child and other reasons. Therefore, you can rely on this equity for your financial needs in the future.
Pride of accomplishment & ownership: This is one of the most important reason of buying a property, as it gives you feeling of accomplishment and ownership. Even if you are owning a small home of one or two rooms, but still it is your pride moment because you can tag it as yours.
Freedom to renovate & extension: You can make any changes in your property according to your wishes and requirements. But in a rented property you don't have such leverages to enjoy. You can renovate the interior of your home, reconstruct and even go for extension of your property according to your requirements. Now you need not to take permission from anyone else to make changes in your home.