For any average Indian, having a roof of one’s own is an aspiration, but achieving it can be a mammoth task. Scraping for a down payment, ensuring a decent credit score, figuring out the mortgage specifics, getting paperwork in order, doing up the place once you get possession, dealing with taxes, bills, and other sundry expenses, the tasks on the list are endless. However, the indefatigable Indian will pursue and persist through all trials and tribulations because the benefits of owning a home outweighs the hardships.
If you too have been contemplating to take the big leap here are eight reasons that will aspire you to become a home owner
1. Capital appreciation
Limited real estate available to service a huge housing requirement ensures that the value of your home will only appreciate over the long term. Conversely, money spent on renting a place is a dead expense.
Over a 30-year period the value of a property is usually expected to double. If you are in a metro such as Mumbai, Delhi or Bangalore, that period could be as short as 10 to 15 years.
2. Asset building
Very few asset classes can give the kind of returns that real estate does. Owning a house gives you an opportunity to create further wealth or it can help you in times of crises.
You have the option of earning by renting out space in future, or selling it at a profit and reutilising the funds to move to a bigger or better place, or reallocating funds to other investments.
In times of crisis, you can always take a loan against your property to tide you over a situation and repay it over a period of time.
3. Certainty of expenses and investment
For most of us, investment planning tends to be ad hoc. Look at EMIs as a monthly investment rather than an expense. The fixed sum every month that goes towards building your roof ensures that you prepare and stick to a well-thought-out budget.
4. Freedom to make it your own
If you’ve lived in a rented place, you know that even driving a single nail in the wall requires the landlord’s permission. You can forget about ‘doing it up’ to your taste.
With your own home, you have the liberty of making changes as you please, whenever you please. Not just cosmetic changes, but even the option to redesign the space as long as you don’t compromise the structural integrity.
5. Privacy and surety of space
With a rented place, the equation is always lopsided in favour of the owner. You would have to entertain queries and visits as per their whim.
You may have to pay increasing rentals year-on-year. You may even be asked to vacate at short notice if the homeowner needs the space or finds better prospects.
All of these factors are eliminated when you step over to the other side and become a homeowner.
6. Tax benefits
The Income Tax Act provides for various deductions for homeowners to reduce their tax outflow on buying a home, especially if a first-time homeowner.
7. Retirement security
At the end of the day, you want to live on your own terms, without being dependant on anyone. Your home provides an income generating possibility with which you could easily enjoy your golden years with your loved ones.
Owning a home is not only a great milestone, but also considered a yardstick for success within the Indian community. Tata Capital understands and values the struggles you undergo on a daily basis and aims to provide the best support it can through flexible payment options, instant approvals, lower EMIs and doing away with prepayment penalties.
Tata Capital is just the partner that help you create more freedom in life and support you to realise your dreams of becoming a proud homeowner!