Nothing can compare to the sense of pride and security that comes with buying your own home, especially now, more than ever, with the paranoia and the insecurity surrounding the pandemic.
While owning your own home seems like a beautiful prospect and an achievement of a significant life milestone, it can be quite stressful when it comes to planning its financing. That brings us to the question of what pans out better? Paying EMI and purchasing your own home OR paying monthly rent?
Ownership
The pride that comes with owning your own home always tops having a rented apartment that does not belong to you. While rent is a monthly expense that offers shelter for the period that the rent is being borne, paying EMI has a two-fold benefit of shelter as well as an increase in the proportional ownership of the house.
Investment
Paying EMI will eventually give you your own home. Owning this asset in the form of a home means capital appreciation and tax benefits – both of which of these you cannot get if you are renting a home.
Certainty and Security
In the case of having your own home that you paid through EMI, you will always be paying the same amount without having to worry about losing your home. With a rental apartment, you have increasing rent, agreement renewal, the hassles of re-negotiation, and the worries of having to move out as per the wishes of the house owner.
Preference
Having your own home means the freedom to design according to your taste. You can choose the look, feel, and aesthetic of your home as you please. Other than some minor interior set-ups such as furniture, a rental home does not give you this liberty.
Monetary
While paying rent might seem cheaper in the longer run, upon calculation, it is far more expensive than paying EMI for your own home. Here, it is important to bear in mind that rent is a cost that cannot be recovered, whereas EMI is an investment, the returns of which are your own home or an asset that can benefit not just you in your lifetime, but also generations of your family that are yet to come.
Source of Income
Having your own home means the flexibility to rent it out or a part of it to earn additional income which can then be used to pay off the EMI. This plan would prove beneficial in the long term as it not only helps ease off the burden of EMI but also gives you your own dream home.
At Mittal Group, we help our customers choose their dream home from a selection of our properties. Affordable and comfortable, you can choose from any of our 2/3 BHK properties – all with top-notch amenities and brilliant connectivity in the most unparalleled locations within the city.