03 September, 2018 Home Loans
Millennial, or people born in the early 1980s and 1990s, has a very key influence on the Indian economy. This demographic segment has been an important customer group for industry sectors, and therefore influence the strategies and decisions of these sect
In real estate sector, the idea of buying a home is generally associated with the older generation. It is true that buying a home or investing in real estate is one of the biggest financial decision one can make. If you have the financial ability at a younger age it can turn out to be a healthy financial decision to take, instead of deferring it to a later age. Having your own home without getting into the hassles of looking for rental accommodation is, in itself, a very satisfying thought. A house of your own brings in a sense of independence and accomplishment that young people seek. You might want to wait till you hit your 30’s or 40’s to buy your dream house but we suggest that you invest while you are in your 20’s. We can even show you a few benefits of buying your house at a younger age.
Investing in Your Future:
Investing in a home is a first step towards securing your financial future. A home of your own is one of the most treasured and valuable things you’ll ever own. Most of the time, the amount of rent we pay is more or less similar to the EMI that we have to pay if we buy a house in a locality that fits our budget. Besides, real estate value increases over time and if you buy a property at a young age, this investment will you give you larger returns. So why pay for rent when you can pay to own!
You might not be aware but buying a home loan has significant tax benefits. You can lower your tax liability by claiming deductions on the loan amounts paid to buy a house. This means you end up paying lesser tax to the government and might even get a tax refund at the end of the year! It surely makes more sense to purchase a home out of on loan funds rather than use individual funds thus saving tax, which otherwise you would have ended up paying.
Your spending habits will improve:
While this point might sound cliché, it is certain that buying a home loan at a younger age will make you more responsible. While other people of your age might be trapped in the peer pressure of upgrading lifestyle, you will be wisely paying off your mortgage. As a homeowner, you’re more likely not to commit irresponsible choices, as you are always putting away a sum aside for your mortgage.
A place of your own:
They say home is where the heart is! When you own a home, you will feel very accomplished and complete. You can customize the décor according to your aesthetic sense, make enhancements that add value, and grow deeper roots in the community you live in. You don’t need the permission of your landlord to throw a party or have guests, you can live life on your own terms- happily and freely.
Contrary to popular belief, Indian millennials still respect family and value traditions and they have much inclination towards community living. Demanding work life and stressful lifestyles have made the youth appreciate the beauty of community-based life.
Financial and Emotional Stability:
In India, a stable and well-settled life is the utmost priority. Owning a home is a significant sign of emotional and financial security. This also means they want to give some amount of stability and financial security to their families. By investing in a home you are putting your hard-earned money at the right place which will give you monetary benefits in the future.
To sum it up, there are more than enough reasons in favour of an early investment in real estate. It’s never too early to take the bold step forward and step into you a new home…your very own home! Check out our customised home loan solutions tailor-made for you.