Not only are there tangible, especially monetary benefits of having a self-owned abode, but even
psychological advantages exist too.
Here’s a peep into some of the most lucrative and gratifying benefits of buying your home.
The Tangible Ones
The value of your home increases with time, whereas there is always a dip in the borrowing that
you have taken against it in the form of a loan. In other words, your equity in your home increases
as time passes.
Under normal circumstances, the asset value of your home may rise between 3%-4% every year. As
the value of your home increases, so does your wealth.
People are conditioned to believe that giving rent is still economical as compared to paying EMI’s as
the latter constitutes the down payment amount as well. Well, that’s a wrong notion as eventually,
when time progresses the portion of the interest in the EMI’s reduces but on the other hand rent
always goes up. Besides, you get to have your property too.
Home Loan Interest Rates today are much lesser than in the last one and a half-decade. With
The government initiated steps such as PMAY and other affordable housing schemes, going for a self-owned property sounds lucrative. With all this, you end up saving a lot of money which you may use
The Experiential Ones
Your home is your identity. It provides you with a sense of rootedness and belonging and has
immense social benefits. A self-owned house instils the feeling of security in the family. Buying a
home and staying in it makes you a part of a community around you. Social interactions help to
improve the mental health which is of prime importance these days.
When you stay in a house for long, the security and safety graph is always high because you tend to
know the neighborhood well. Moreover, the present construction of any real estate takes
formidable steps in improving safety parameters to no end.
Renting a house involves uncertainty because there is always a possibility of you moving out over a
period of time. There is stress or unevenness or both which might not happen in case of an owned
house. At least, in the latter scenario, you are free from the worry of shifting now and then.
Your self-owned home will always give you stability, identity and consistency in life. It will put you
on to that pinnacle of confidence from where you will keep wanting to upgrade.