Your own house is truly your sweet home

Buy­ing a house is not only about oc­cu­pancy but also about long-term in­vest­ment and free­dom from rent

HT Estates - - HTCLASSIFIEDS - HT Es­tates Cor­re­spon­dent

If you’ve been i nde­ci­sive about buy­ing a home and have so far pre­ferred to rent in­stead, this is a good time to fi­nally make your move. Home ownership is one of life’s great­est joys, but that is not the only rea­son why you should fi­nally take the plunge. The ad­van­tages of home ownership in­clude:

Bar­gains: It is a buyer’s mar­ket now. There have never been more de­vel­op­ers in the fray, and there are a huge num­ber of projects out there to choose from. “This means that you can get a real bar­gain to­day - and that too with top de­vel­op­ers who are known for ex­cel­lent lo­ca­tions, con­struc­tion and pro­ject ameni­ties. Even with a less-than-spec­tac­u­lar bud­get, you can now own a de­cent home in a good neigh­bour­hood. Banks are also fall­ing over each other to sanc­tion home loans. In other words, your ap­pli­ca­tion will get suc­cess­fully pro­cessed faster than ever be­fore,” says Arvind Jain, MD, Pride Group.

In­vest­ment value: When you pay rent on a home, the money is ba­si­cally gone for­ever. You get no re­turns and no se­cu­rity - all that your money has paid for is ac­com­mo­da­tion. The land­lord gets richer, but you have not reaped any in­vest­ment ben­e­fits.

“It is true that buy­ing a home in­volves a large ini­tial fi­nan­cial ex­pense. How­ever, un­like with pay­ing rent, th­ese ex­penses are re­cov­ered over time, be­cause you are build­ing equity in your own home. Res­i­den­tial prop­erty in ma­jor In­dian cities ap­pre­ci­ates very well in­deed. Re­mem­ber, home ownership is not only about oc­cu­pancy but also about long- term in­vest­ment. Also, you save tax on your home loan,” he says.

A sense of com­mu­nity and be­long­ing: Peo­ple who rent homes in a ma­jor city never re­ally build firm re­la­tion­ships with their neigh­bours. When you own a home, your chil­dren make long-last­ing friend­ships, and the adults in your fam­ily be­come part of a long- ter m sup­port sys­tem. Re­search has proved that peo­ple who have healthy re­la­tion­ships tend to be hap­pier and have less stress in their lives.

The se­cu­rity of ownership: Ob­vi­ously, home ownership means that the home is yours - not some­body else’s. There are var­i­ous ad­van­tages built into this, be­cause you have the right to do what you want with your home. In other words, you can ren­o­vate, re­fur­bish and dec­o­rate it as much as you please (within the bounds of the hous­ing so­ci­ety byelaws, of course), says a real es­tate ex­pert.

Also, you have the fi­nan­cial as­sur­ance of a rock-solid as­set to fall back on in case of an emer­gency. Emaar MGF Land Lim­ited has an­nounced their as­so­ci­a­tion with PayU, con­sumer pay­ment pro­ces­sors. Emaar MGF cus­tomers can now pay EMIs for their prop­er­ties through PayUMoney.

The as­so­ci­a­tion will en­able Emaar MGF to of­fer a unique and se­cured pay­ment gate­way on its

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In­vest­ing in a house also helps you save tax on your home loan

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