Remember the cliched saying – A man’s home is his castle? Well, this is true. You can do whatever you want in your home without external interference. However, the most significant benefit of having your own home is being able to create an asset that will come in good stead when the need arises. So, if you are planning to apply for a Home Loan to buy a house, you should go right ahead and do it. It will be the best decision of your life, and you will not regret it.
In India, most people work hard to buy a home. They spend their entire life in that home. However, many homeowners do not realise that investing in real estate is one of the wisest decisions in life. Real estate value always increases in the long-term.
While you will hear a lot about the falling property prices and how people have lost money in real estate, understand that a majority of these investors enter the market for short-term gain. When it comes to property, it is necessary to hold onto it for the long-term if you truly want the value to appreciate substantially.
When you don’t have a home to call your own, you will be renting a place. This means a significant chunk of your monthly earnings will go towards house rent. Most landlords increase the rent by 10% every year. So, the amount you pay to rent the house will incrementally increase whether your cash inflow increases or not.
The most attractive part of being a homeowner is not paying rent each month. Of course, you will be spending on paying the Home Loan, but that will help to build equity. You can efficiently invest the rent money to grow your wealth or use it for other essential things in life. You will be amazed how much you can save every year once you buy your own home and stop paying rent.
There comes a stage in everybody’s life when they need access to funds to start a business, fund a child’s higher education or marriage, renovate your home and so on. These are expensive activities, and you may not have liquid cash lying around to undertake them. But, as a homeowner, you never have to worry. You can opt for Loan Against Property, where your home functions as collateral and allow you to get access to the much-needed funds.
You cannot Apply for Loan Against Property if you are staying in a rented place. So, when you need cash quickly, you will have nowhere to turn to. Your family and friends may not come to your rescue as the amount may be too high. You will get stressed and frustrated. However, this does not have to be the case if you have a home. Instead, you can reach out to prospective lenders when you have a home.
We work to provide for our loved ones, and when you have a home, you can leave it for your children and grandchildren so that they have a place to call their own and also remember you when you are no longer with them.
There is something satisfying and fulfilling about leaving behind home for your loved ones. You will secure the future of your kids and grandkids by ensuring they get the home you worked hard for. This will give you peace of mind.
So, if you’re planning to buy a home, these benefits should be more than sufficient to convince you. Owning a home is a form of wealth creation, and this wealth can be yours with the help of a Home Loan. Now, all you have to do is just find the right lender, who offers attractive interest rates. You can contact the experts at MyMoneyMantra, and they will understand your requirement and ensure you get access to the Best Housing Loan Offers online from reputable lenders.
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.