Renting vs Buying Home: Buying one’s own house is the dream of almost every person and most of the people want to have their own terrace, where they can live without any tension. The Reserve Bank of India has reduced interest rates by 1.25 percent in the last one year. After which banks have made home loans cheaper. Due to which there has been an increase in the interest of those who want to buy a house.
However, in the last few years, property prices in big cities have been skyrocketing. In many areas, houses have become beyond the reach of the common man. In such a situation, this question arises in the minds of people whether buying a house will be more beneficial in the current situation or living on rent can be a better option. Let us know about this….
Benefits of buying a house with a home loan
When a person buys a house through home loan, he has to pay regular installments i.e. EMI for a long time. Generally people take loan for a period of 15 to 20 years and during this period they gradually repay the entire loan. After which the house becomes completely theirs. Meanwhile, property prices also keep increasing with time. Due to which the house becomes not just a place to live but an important asset.
The advantage of such property is that it can be sold or given on rent if needed. According to experts, having one’s own home provides freedom of living and people can make changes or decorate the house as per their choice. However, you have to pay EMI for a long time.
Living on rent provides flexibility and less responsibility.
People living in rented houses do not have to bear the burden of financial responsibilities like long-term EMIs. Due to which the pressure on the monthly budget remains less. Additionally, problems related to property maintenance are generally the responsibility of the landlord. Therefore the tenant does not need to think much about this.
For those people whose job requires them to change cities frequently, the option of renting is considered more suitable because it is not possible to buy a house in every city. In such a situation, after transfer, a house can be easily taken on rent at the new place. Besides, there is no need to worry about paying EMI of the property.
That means the decision to buy a house or live on rent depends on your convenience, type of job, income etc. Therefore, the decision also completely depends on you.
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