Advantages of Having Your Own Home

Did you know that almost all Indians want to fulfil one wish at least once in their lifetime? Yes, it’s none other than owning or purchasing a dream home, a place where they could relax, rejoice, rejuvenate and move ahead!

Of all people, only a few are actually able to make it live in their homes because of the financial issues. For such people, modern finance in the form of online Home Loan applications has come to their rescue of buying a Home Loan without issues. Borrowers can repay it in smaller EMIs over longer tenors and never feel the burden of having a loan.If you are unsure of the advantages that purchasing and living in your home gives you, let’s provide you some quick benefits right away!Easy Advantages that You can Pocket to Living in Your Own Home

Here are some direct and indirect advantages that you can avail if you own a home in India! Have a look!

• It’s a viable Long-term Investment

Be informed to know that real estate is always considered a profitable long-term investment because there are always fair demands and unaffected by market conditions. Over the years, the interest that you will pay for a Home Loan will go down when compared to the rent that you pay. Thus, when you purchase, you also don’t keep aside some money for rent. You are putting in some money (EMIs) in something that is yours and worth spending on.

• Feeling of Achievement

When you are finally able to purchase a home, the feeling of accomplishment is just of this world and is something that can’t be put into words. One needs to experience it to know it. You feel a great sense of belonging and community where the house is located. The same is not true for a rented property as it’s not your home.

• Freedom of Living as per your Wish

When you have your own home, there will be no more restrictions on late coming as the case in a rented property. Thus, you get the ultimate to live as per your wish, design it as per your ethnic values, keep pets without objections and enjoy fully.

• The Home is your New Address

With a home of your own, you also get to avail a permanent address which you can use for all documentation purposes. What’s more, your children need not worry about changing school frequently when you shift from one rented house to another. Your children can also grow better and develop life-long relationships with other children as gated community living in on the surge.

• Provides you Viable Tax Benefits

Other than offering benefits, a home that you have purchased can also help you claim both principal amounts as well as interest amount of your Home Loan for tax benefits. Yes, if you are a first-time home buyer in India, you are further eligible to avail an extra deduction of Rs.50,000 on the Home Loan interest rates of up to Rs.35 lakh.

• You can Build Equity over Time

Not all are aware that having a home of your own also helps you build higher equity over time. Yes, equity is the amount that you will grab on selling the home and the money that you still owe on it. The equity will grow with each passing year due to:

- Home prices will go up

- Fall in the mortgage balance

- You can also improve your home’s worth by upgrading it and maintaining it well

The Bottom Line

You are now well-versed of the advantages that your home can provide you. If you are short of cash, you can rely on a Home Loan to help you buy one easily! If you can, you must purchase a home and feel accomplished and pocket other benefits as well.