Hello. Yes, you can choose to buy the house and pay EMI instead of taking it on rent. There are several benefits of opting for this. I did the same 5 years ago when I bought a house and took a home loan, instead of paying rent. One of the main reasons why I went with this decision was that buying a house was an investment, whereas rent was just counted under expenses. I will share more below.
Why to Buy a Home and Pay EMI Instead of Renting in India?
Here are the reasons why you should go for buying a house on loan rather than renting a place:
Home loan interests are lower than they ever were. RBI has brought the repo rates down, which has led to easier access to availing home loans.
With renting a house, you can’t control the costs as rents increase year on year. In the long run, you’d be losing out on a lot of money, plus the investment opportunity connected to buying a house. With home loan EMIs, you’d also know how much to pay every month, so the expenses would be controllable.
Renting a house doesn’t offer complete security. This is because you can be asked to vacate anytime and there are no guarantees of lease renewals. On the other hand, having a house gives you the security, even while you make the EMI payments towards your home.
Builders give out offers on many occasions related to home loans. So, you’ll have to see that for the particular project, as it can differ from one builder to another. I hope this helps.
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Some related information:
When Home Loan EMI Starts for Under Construction Property?
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Authors Of The Question
Instead of paying rent can i buy a house and pay EMI. Any bank or builder have such kind of offers?
prashantc
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1 Answers
4 Year
2020-08-27T15:19:33+00:00 2024-12-26T23:43:43+00:00Comment
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