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Choosing Between Renting And Buying A Home: The Reality

This is the quintessential question for Indians who don’t already own a house of their own. With most young people moving out of their parental homes for greener pastures in different towns and cities, it is normal for this question to surface now and then. So what is that you should do: buy a home or rent it? This article talks about all the things that you should consider before deciding.

Buy Or Rent A House?

Buying a house is the ultimate dream for most people in the country. However, if you are aware of the real estate process in top cities and metros, you will understand exactly why so many people are renting houses instead of buying. Before you go ahead and take out a home loan from a financial institution to buy your dream home, some of the points to think about are as follows:

  • Security And Sense Of Ownership

Perhaps the most important reason why people want to invest in their own home is because of the security and ownership it brings naturally. No matter how comfortable the rented residence might be, the feeling of ownership is just not there.

When you buy your home, you will be able to enjoy a sense of ownership and security that is much wanted. This is especially true for people who have been renting for a long time and need their own space to feel at peace with the world.

  • Renting Is Expensive

If the rent you are paying for your house is going up every year, and it is quite high, then it is time to think about buying your own house. Rents are notoriously expensive in top cities and towns and when you take the time to check out the EMI for a housing loan, you will find that it is similar to what you are paying as rent every month.

So for the same amount of money every month, you are going to own a home!

  • Changing Rental Spaces Is A Hassle

Often people change their residences when rents go higher. This can be a hassle every year or so. When you own your home, this will be a thing of the past because your EMI will be stable and there is no need to relocate.

  • Investing In Real Estate Is Safe

In a country like India, investing in real estate is safe. The value will appreciate over time and there is very little chance of depreciation.

  • Reaching A Decision

If you are going to stay in the same city or town for the next few years, it is a good idea to buy a home. With loans available from the best banks and financial institutions, it is easy to do so. One important thing to keep in mind is that you have to have money for a down payment available. As long as you can make a down payment, you will be able to get a loan with ease.

Why Should You Get A Home Loan Online

There are many good reasons why people should apply for a home loan online.

  • It is easier: Once you have decided that renting is something you don’t want to do anymore, and you want to buy your home, then applying for a loan online is easier and more convenient.

All you have to do is go to the relevant website and apply for such a loan.

  • Find Out Whether You Are Eligible: Another reason why doing this online is a great idea is because you can find out whether you are eligible for such a loan easily. You don’t have to go from one bank to the next. You can sit right at home and get the information you need.
  • Fast Process: Banks and financial institutions pay a lot of attention to online customers. So you can expect fast processing of your loan application when you do it online.

Conclusion

Once you have had a look at the pros and cons of renting and buying a house, you will quickly realize that the latter is a better idea. It is however in your best interests to choose the right financial institution wherein to apply for a loan to buy a house.

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