Everyone dreams to build their own house. Be it a poor man or a rich man, everyone dreams to have their own space which they can call their “MY HOME”. Some people work hard for their lifetime to buy their own home while some fortunate ones are content with their family or ancestral homes while some very lucky ones achieve building their homes quite early in their professional lives. When they are young, most people don’t really have the idea of buying their own home because of the growing inflation and also the reduced salaries offered to employees of different industries. Here is some expert advice on why you should plan your finances and start taking baby steps to own a property in your name right when you have started your career.
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1) You will have to pay lesser EMIs:
When you are young and have just got a good-paying job, you have enough time to pay back the home loan. For example, if you are in your mid-20s, you can easily get a home loan that can be paid for 20-plus years. Moreover, if you are unmarried and have lesser liabilities, having a home loan at a young age will be the best way to invest your finances in a property that will pay you back many times at your mid-age or old age.
2) You will get good tax benefits:
If your salary range is above the tax limit, you can avail of tax benefits under Section 80 C of the Income Tax Act for a home loan that will give you a good property. You will not only save enough amount of your tax but also be quite serious in your career to pay for the home loan. Homes are usually appreciating ones and buying a property at an early age will make you the owner of a property that will pay you well in the later stage, say for 20-30 years.
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3) You can save rent:
If you decide to acquire a property quite early in your professional life, you will save enough amount of money that would have to be used in paying rent. As the property rates increase, so will the house rent also increase. So, in the later years of your life, you can stay at your own home and don’t have the necessity to pay rent if you avail of a home loan quite early in your career and pay Equated Monthly Installments – EMIs.
Even if you already have a home that has been brought by your family or ancestors, you can still decide to invest in a home because nowadays, families live in nuclear set-ups. So, tomorrow when you create your own family with one or two children, even they can utilize this homemade by you for their benefit like living with their family or for studying or business purposes. Investment in a land never goes to waste provided you buy the right property that is legal and has no hidden hassles.
