Buying a home is a dream for many people in Mumbai. Though housing finance has made purchasing a home easier, many potential homeowners carry doubts on whether buying a home makes sense. Owning a home is a smart decision. Here are the top five advantages of getting your own home in this city.
- Own home means own space:
When you have a home, you can call your very own, you are in control of the space. No longer are you answerable to a landlord. You are the lord of your own sweet little space in Mumbai. Be it water, electricity, and maintenance, your home means you are the last word. By taking a home loan, you give emotional security to your family. Your family has their very own space. Be it office or from outstation, returning to your own home makes it all worth it especially in a city like Mumbai. With a housing loan from Tata Capital, you can finally call a spot your own.
- Buying a home means no uncertainty:
When you live on rent, you are constantly worried. There is fear that your rental lease may get terminated if the owner sells the place. At the end of 11th month, the brokers in Mumbai demand brokerage for the next 11 month-lease. If you don’t agree to the rent and the brokerage, you are out on your own to get a new place. In short, there is no certainty even though you may be paying a steep rent. Buying a home makes it all such troubles go away. There will be no need to deal with brokers. There will be no negotiations on rent. Nobody can ask you to leave your home. All this can be yours by taking advantage of the attractive interest rates on housing loan and affordable EMIs.
- Your home is your asset:
When you own a home, it is your asset. As you repay the home loan, you build the asset. Over the housing loan tenure of 10-15 years, you ensure that you nurture the asset. In comparison, a rented home is never your asset even if you pay rent for 10-15 years for the same place. The ownership of the rented home is never going to come to you. You cannot take care of the rented home just like your own home. Therefore, you should take advantage of easy housing finance options from Tata Capital and be a proud owner of a home. The day you fully repay the home loan, you gain 100% ownership of this asset.
- Buying a house on home loan gives tax benefits:
When people take home loans, they are entitled to various tax benefits. A home loan is eligible for tax deductions. The interest portion of the EMI paid in a financial year can be claimed as a deduction from your total income up to a maximum of Rs 2 lakh. The principal portion of the EMI paid for a housing loan is allowed as deduction. The maximum amount that can be claimed is up to Rs 1.5 lakh per financial year. These same benefits are not available for rented homes.
- Buying a home may be a good investment:
In a city like Mumbai, a home is a potential investment. Property prices usually appreciate over the long term. Hence, buying your own home can lead to profit and contribute to wealth creation. Hence, taking a home loan and getting a home makes sense. With more and more people coming to this city every year, there is expected to be long-term demand for homes. Buying brand new homes means waiting, so many prefer to buy pre-owned homes. Those who build homes by taking Housing loans, can quickly repay the debt and sell the house to an interested buyer later at a good profit. With attractive housing finance from Tata Capital, consider this investment today.