Renting vs Buying Home: Everyone dreams of having their own house. Where they can live comfortably without any tension. In the last one year, the Reserve Bank of India has reduced the home loan interest rate by 1.25%. After this, the bank has made the loan cheaper, due to which now more people are showing interest in buying a house. But property prices have increased significantly in big cities. In many places, houses have become beyond the reach of the common man. In such a situation, the question arises, is it beneficial to buy a house or would it be better to live on rent?
Benefits of buying a house with home loan
If you buy a house by taking a home loan, you have to pay EMI for a long time. Usually these loans are for 15-20 years. Over time, your home becomes yours and its value continues to increase. Meaning, the house becomes not just a place to live but also an investment.
Let us tell you that there are other benefits of having your own house, you can sell it or give it on rent if needed. Additionally, having your own home allows you to change or decorate it as per your liking. Yes, for this you have to pay EMI for a long period.
Benefits of living on rent
Those living on rent do not have to bear long responsibilities like EMI. This reduces pressure on the monthly budget. The landlord is generally responsible for the maintenance of the property, so the tenant doesn’t have to worry too much.
At the same time, it is easier for people whose jobs change frequently, it is easier for them to stay on rent. Every time you move to a new city, it becomes easier to live in a new house and there is no need to worry about property EMI.
Let us tell you that the decision of buying a house or living on rent depends on your convenience, job stability and income. So it is entirely up to you to choose the right option.
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