When you are young, the need to invest in a home may not appear to be too serious because it is then that the mind swings towards other priorities and spends. For many individuals, buying a home may not be an immediate need and the wise among them will take it as an investment to meet tomorrow’s need.
Our society is evolving from the ‘joint family’ framework to the ‘nuclear family’ concept and this is augmenting the demand for more homes. Further, the common conviction that owning a home is a matter of self-esteem, dignity and pride from the general perspective of any individual cannot be underplayed. Thus you need to keep pace with your need and invest in a home for reasons mentioned below
- Today there are a plethora of Banks and NBFCs offering housing loans at affordable interest rates based on your home loan eligibility.. When you start early, the more are the number of months you get for EMI repayment. Scout the home loan and real estate markets. There is every likelihood of a good deal coming your way.
- There is the Government sponsored Pradhan Mantri Awas Yojana [PMAY] which provides interest rate subsidy on housing loans leading to lower EMIs. You will be guided on its procedures once you approach a builder or a home loan lender or when you just type – ‘PMAY’ on an Internet search engine. Act now and capitalize on this scheme.
- A home, by and large is an investment that beholds a history of value appreciation. Value, not only in terms of personal & family recognition within the society but also from the financial angle, at a rate which is perceived to surpass the inflation rate as compared to other forms of investment.
- When you buy a home with the help of a home loan, you can enjoy tax benefits by showing the interest amounts in your tax returns.
- Once you purchase a house at an early age especially by virtue of a home loan, you naturally tend to start controlling certain unwanted expenditures, learn to be more disciplined and inculcate a broader sense of responsibility within yourself.
Certain needs, when let to surface themselves may do so at a time when you are unprepared. Do not be caught unawares. In today’s fast moving world, the trend is to create a need and keep pace to fulfill it. Investing in a home is no exception.