To buy a home or rent is a decision every Indian grapples with. However, becoming a homeowner is more than just owning four walls and a roof. To some, a dream home represents comfort; to some, it offers security, while many consider it a symbol of accomplishment.
But did you know that purchasing a home can also improve your quality of life and usher in short and long-term financial benefits? How? Let’s have a look.
Read on to explore how owning a home can help you unlock the door to financial independence.
Stable monthly payments
Living in a rented property means that you don’t have control over the rent amount and might have to face a hike soon. And a hike in rent can be challenging to handle as it can easily ruin your monthly budget.
While homeownership also comes with expenses like monthly instalments and interest payable on your mortgage repayments, you can plan for these. Using a home loan EMI calculator, you can figure out your EMIs in advance.
Freedom to design your dream home
If you want to create your own space that matches your vibe and aesthetic, then purchasing your new abode is the way to go. After all, the biggest advantage of buying a home instead of renting is the luxury to design your dream house! You are free to paint your house in any colour you want, make changes, and add amenities that might not be possible in a rented space.
Additional Read: What are the Advantages of Owning a Second Home?
Building your own asset
You must have heard the adage, “a home is an investment”. Well, that’s because as you continue paying a monthly mortgage, your debt amount shrinks, whereas the value of your property appreciates over time as the real estate prices grow. Hence, buying a home creates an excellent reinvestment opportunity.
While there are multiple ways a home loan can help you afford your desired abode, it can also offer you tax benefits. If you avail of a housing loan, you can claim a tax deduction of up to Rs. 3.5 lakhs on the interest component.
Your house, your rules! So, go ahead and adopt as many pets as you want. Moreover, owning a home means you don’t have to deal with difficult landlords to take care of a minor repair, negotiate over rent, etc.
Besides, you don’t need to worry about a sudden eviction notice or untimely termination of your lease agreement. Thus, homeownership increases stability in your life.
Additional Read: First Time Home Buyers
The bottom line
Purchasing a new home is an excellent first step towards achieving financial independence since it gives you control of your expenditure and lifestyle.
If you are ready to step into your own home and start a new chapter of your life, turn to Tata Capital for bespoke home finance offerings. Get attractive home loan interest rates and a loan amount of up to Rs. 5 crores. Enjoy flexible loan tenures as high as 30 years. Check our loan eligibility criteria and apply today!