It is no secret that buying a home is not only a financial investment but also an emotional one. Even though several millennials prefer renting a house over buying property, they cannot deny that there are some significant advantages to having your own place.
Today, the millennial real-estate purchase sentiment plays a critical role in the consumer market as this group of people are now first in line to becoming homeowners.
And, it cannot be happening at a more opportune and auspicious time!
Why Should Millennials Invest in Real Estate this Festive Season?
Having your own house is more than just a matter of pride as there are many financial benefits attached to it. What are they? Read on to find out.
Passive income is the money you earn without even working for it and who wouldn’t want that? One form of passive income is rental income. Buying and renting a property will bring a high return on your investment over time. Therefore, purchasing property is a clever way to generate passive income while saving time and effort.
Additional Read: Why is Diwali the Best time to buy a property
As most of the millennials are still in their late twenties and early thirties, they have fewer financial obligations in life, which implies that it is easier for them to get a home loan. Another great advantage for this group of people while availing housing finance is that they can get longer repayment tenure along with lower EMI rates. If you are a millennial, getting a loan to buy your first house can also help you get substantial tax benefits under Sections 80C and 24A.
The biggest reason to invest in real estate is that its value increases over time. By investing in property at a young age, you will ensure a longer time to witness the appreciation rates. A residential property typically witnesses a yearly appreciation between 10-20% depending on factors such as location, inflation, and market demands at play.
Investing in real estate can be a great way to secure your future and have the luxury of retiring early. Many obstacles in life often slow people down in their financial growth. Thus, making a long-term investment such as buying a house, is a way to ensure you can reach your long-term goals despite unforeseen setbacks.
Are you looking to avail of housing finance at competitive home loan interest rates this Diwali? If so, then your search ends at Tata Capital. We offer custom home loans that help potential buyers purchase their dream abode. We also offer attractive interest rates and flexible repayment terms.
Additional Read: 5 Useful Tips to Get a Perfect Home Loan Deal This Diwali!
Before applying for a housing loan, we suggest you check your home loan eligibility and other details by logging on to our website.
To know more about our loan offerings, get in touch with us today!