Why More People are Buying Homes Than Rent?

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hardik, August 14, 2019

Why More People are Buying Homes Than Rent?

 

For most people, having their own home is the ultimate dream. It serves as a source of security, pride and stability. A home becomes your permanent place in a world where you can raise your kids and live your life peacefully with your family. House ownership has become more accessible than ever thanks to the slew of economic policies and home loans offered by various banks and financial institutions.

If you are looking for villas in Bangalore, you may consider properties such as Provident Park Square and Vajram Esteva that are exquisitely built for your comfort.

This article lists down some reasons why more people find buying a home better than to live on rent.

A Place of Your Own

When you purchase a property, you are in complete control. You do not have to put up with landlord hassles, and you are free to take your own decisions. Coming back to your own home after a hectic day at work also brings with it a sense of comfort which is irreplaceable.

Building your Own Equity

When you purchase a home, instead of paying monthly rent, you pay towards the home loan EMIs. This helps you build your own asset over time. The value of equity in your home goes up with every EMI that you pay. If in future, you decide to sell your property you can benefit from the capital appreciation over the years and earn profits from the deal.

Must Read: Why You Should By Eco-Friendly Home

No Uncertainty

When you rent a property, you may have to renew the rent agreement every year and renegotiate on the rent. In addition, there is always anxiety caused by the possibility of premature termination of the lease agreement by the landlord. With your own home, you do not have to deal with such concerns. Plus, as a homeowner, you can lock in a predictable mortgage payment amount for as long as 30 years.

Tax Benefits on a Home Loan

Your interest repayment and home loan principal can fetch attractive tax benefits. Under Section 24, your interest portion can be claimed as a deduction up to a maximum of Rs. 2 lakhs. Under Section 80C, the principal portion of the loan can be claimed up to Rs. 1.5 lakh subject to the fulfillment of certain conditions.

Must Read: Affordable vs Luxury Housing

Freedom to Make Modifications

Home-ownership lets you live your life on your own terms. If you want to redo the interior of your home, you do not have to take permissions from landlords, unlike when you live on rent. Even if the landlord allows you to make modifications, they are the ones who stand to benefit from the renovations you make. But with home-ownership, you can paint any room, replace the cabinets, knock down a wall, and carry out other modifications without worry.

Increase your Own Sustainability

Homeownership can make you more responsible and sustainable in different ways. Long-term renters spend a high amount towards paying rent or housing expenses that are constantly on the rise. Locking yourself into a mortgage payment to buy a home helps you level your living expenses thereby increasing your own sustainability.

Summary

Bangalore has emerged as one of the top destinations to settle down in India. If you are looking to purchase a property in the city, you can consider premium residential townships such as Provident Park Square and Vajram Esteva.

If you require financial assistance in purchasing a house for sale in Bangalore, you can avail a home loan from Bajaj Housing Finance Limited which offers loans on easy EMIs up to Rs. 3.5 crores.