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 Gurgaon News  | Gurgaon Blogs  |  Gurgaon Article

Consider Buying Home Early for Benefits
31/07/2014
There are many benefits of buying a property when you are younger than at an age when you have fulfilled all the liabilities and got done all the things that needed investment or spending as such. The new mantra is to buy a home of your liking as early as possible, even before you get married and have children. The thinking previously was that after fulfilling all obligation of a marital life, one doesn’t have any other financial liabilities to take care of however this thinking has changed now. In the modern terms, and as the experts would tell you, it is better to buy a home for yourself at an early phase of your life. This way you get to plan your finances in a better way, and have more time to recover. The most important benefit of buying property early is the benefit of income tax. For people who take home loan against a property, they are eligible for income tax deduction from their remuneration that they receive from their organization.

If you consider buying property early than most people do in India, it would be a better choice as at an early age, you don’t have many financial obligations. So, if you and your spouse decide to own a small house in the beginning, you can get a higher amount for your home loan, provided your spouse is also working. Moreover, at this stage, the repayment term for loan is also higher, somewhere around 25 years. So, the monthly repayment installments or EMIs are also considerably easy to pay.

From this humble beginning, you can plan a bigger and more luxurious house in the coming 5 years as in that time you would be financially more capable and the house you already have would offer you a better return price, which would definitely help you in your quest for a better option.

You house can also help you in paying your EMI as you can rent your house and use the money that you get from it to arrange for the monthly installments of your home loan.

In order to be on the safer side, it is always advisable to analyze the interest rates on home loans and the tax benefits on property purchase with the help of a home loan. One important thing that always needs to be remembered is that buying a property is like making the most important investment of your life. If you follow the right procedure and do the right things, this investment would surely reap profits in a span of time.









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