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Is Home a Good Investment?
Home is a primary asset that every Indian intends to own. It is indeed advisable to save for this important asset, rather than paying rents. Not just for creating a basic asset, investment in a home is also a lucrative option to have a wonderful source of passive income i.e. earning through rentals. With the ever rising population and growth in demand for homes of all varieties, investment in a home is as good as bridging the demand-supply gap for your own benefit. Besides, we need to consider the capital gain that it promises in the long-term horizon. That way, investing in a home is a good investment from both perspectives i.e. for saving and for returns and gains.
Let us have a look at few reasons suggesting why investing in a home is always a good idea:
Interest Rate: Banks offer home loans to support your investment. The interest rates are very affordable. Since the future is unpredictable and inflation factor is always haunting, the prevailing interest rates are generally very appealing for a home buyer (considering the kind of mental security that a home ownership allows). The interest rates may rise in future, making the cost of homes more expensive. So investment made now can fetch you good returns in future.
Less Risky: An investor is always concerned about the value the home would fetch in future if it’s sold in the market. According to various surveys and study, the price you pay currently for a home would always be lower than the market price of a home in future, if the investment horizon is not short.
Tax Benefit: Loan taken for investment in a home offers tax benefits too. The tax benefit is available on loan EMI payments. The principal amount of home loan repaid by the borrower is eligible for tax deduction under section 80 C of the Income Tax Act, 1961. The stamp duty and registration fee paid towards investment in a home are also eligible for a tax deduction (under section 80 C of the Income Tax Act, 1961), even if you have not taken any home loans.
Relaxed Norms: The government and the banks have relaxed many standards to ease up the investment in a home. The loan process has fastened up and the permissions from municipal corporations are easier to get. Taking benefit of relaxed norms and easy availability of funds to purchase a property, it is the right time to invest in a home.
Saves Money: Investment in home saves the money that you pay to your landlord. The saved money can be used towards paying the principal and interest on the bank loan.
Offers Benefit of Rental Income: Investing in the home, earns you good rental income. Apart from what you are earning, you have another permanent source of income. The money from rent can be used to make further investments or to meet personal expenses. The rental income acts as a pension after your retirement.
Choice of Location: If you invest right now, there is a high probability that you will get the home location of your choice. The demographics of the cities are changing rapidly and soon the currently available homes at the location of your choice would exhaust. This is because the number of home owners are increasing day by day. So it is better to invest in the home at the earliest.
Investing in a home fulfils your social obligation and gives you the social security of owning your own place. With the rapid development in real estate industry and limited resources, it is preferable that you invest in a property now. The prevailing rate of interest and cost of the property is very cheap compared to what is expected in future. Become a landlord, rather than paying to the landlord.
Bank offers numerous home loans with varied interest rates to help you invest in a home. Contact your bank and seek their advice.
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Taking a home loan for your dream house? Calculate your EMI here
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