Among the three basic necessities of life, shelter is a high-value expense. It requires methodical planning and a large reserve of funds. With real estate prices always on the upswing, purchasing a house may be beyond the reach of most individuals unless they opt for housing finance. However, the big EMIs and finances involved may be a deterrent, due to which, some individuals might prefer to stay in a rented place. There are differing viewpoints on whether it is feasible to pay house rent or bear loan EMIs. Most people believe that paying EMIs to gain home ownership is preferable to paying rent. Yet, such opinions are personal and based on one’s circumstances, financially or otherwise.
How Does Buying a House Benefit You?
When you buy a house on EMI, you get the privilege of asset ownership right from the very first day through the income that you will earn in the coming years. It may seem unaffordable initially, but EMIs make repayments easier in the form of smaller manageable pay-outs. This acts as a compulsion to set aside the required sum towards loan repayment. If you do not avail of a Home Loan, it might not be possible to save money with such regularity and you would find it hard to accumulate the finances for buying a house.
To take an example, let us suppose that the current price of a 2 BHK flat is Rs. 35 lakh and the monthly rent for the same is Rs. 6,000 per month. If you were to secure a housing loan for 80% of that amount i.e. 28 lakh at 8% rate of interest for 20 years, your EMI pay-outs would be Rs. 23,420 per month. Based upon loan eligibility, lender norms and the estimates of a Home Loan Eligibility Calculator, if you draw a monthly salary of Rs. 50,000 or more; you are eligible to obtain a house loan of Rs. 28 lakh.
Why Pay EMI, Why Not Invest? – EMI vs Rent
Some individuals may not think it viable to pay Rs. 17,000 additionally for EMIs when one could stay in the same flat for Rs. 6,000 per month. Instead of blocking the EMI amount every month, they may wish to invest it for higher returns through stock markets, mutual funds and so on. Yet others may think it better to spend the money on enhancing their current lifestyle as a result of a larger spending capacity.
Alternatively, it is possible that you may already have the requisite savings of Rs. 35 lakh to buy the house and you may not want to obtain a house loan. If you divert this money towards investments in stocks, mutual funds or bonds rather than investing in a home; you may earn sizeable returns of Rs. 30,000 to Rs. 50,000 per month or even more. So, one can potentially pay the rent of Rs. 6,000 and save the surplus amount of Rs. 24,000 - Rs. 40,000; or utilise it for a business venture as per preference.
People Also Read: Ways Home loan Borrowers Can Reduce Home Loan EMI
The Joy of Owning a Home
The equation of home purchase and ownership stems from experiencing the true ‘joy of owning a home’ and a place to call one’s own. Despite the financial savings that may appear lucrative and appealing when one lives on rent, most people are keen to buy a house bearing heavy EMIs due to the following reasons:
- It provides a sense of security, satisfaction and peace of mind which is invaluable.
- Since it is legally your house, you can live there as you please, without worrying about eviction and rent payments.
- During times of hardships, if you lose your job or face problems in your business, your house will address your shelter needs.
- Under extreme conditions, you may choose to mortgage your house and borrow money to fulfil your business requirements, housing expenses, or debt consolidation.
- When one grows older, one may face a depletion of savings and income; consequently, owning a house takes the pressure off paying the house rent.
- Real estate prices appreciate over the years raising the valuation of your house.
Factors That Influence Home Purchase
Purchasing a house is a monetary commitment of a lifetime, especially when one has to avail of housing finance for the very purpose. This decision, therefore, is governed by various considerations such as:
Employment Needs
Real estate purchases cannot be made every few years if your job requires you to move from one city to another at regular intervals. In this scenario, it is better to rent a house wherever you may work rather than buying a property. Many people go back to their hometowns once they retire after long years of service. Hence, they prefer to purchase a house in their native place instead of the place where they work.
Financial Condition
To own a house or rent a house – which is better? The foremost factor that influences your decision to buy or rent a house is your current financial condition. If you wish to purchase a house, calculate the costs involved. It is recommended that you use a Home Loan EMI calculator before applying for a Home Loan so that you can make an informed decision.
Home Loan tenors normally extend up to 40 years. You may consider a housing loan if you have a stable job and income that will enable you to cover the EMI repayments comfortably. Otherwise, you could opt for a rented house. Missed or delayed payments due to a job loss, salary cuts or business crises are red flags for lenders that attract a penalty fee. In certain instances, they may even initiate legal proceedings against loan defaulters.
People Also Read: How to Pick the Right Home Loan Tenor
To Conclude
Postponing your home buying plans for any reason – genuine or perceived – is not advisable as the cost of your property will increase with time causing a sharp rise in EMIs correspondingly. Besides, market conditions rise and fall periodically. So, if you wait for the Repo Rates to fall or for the real estate business to improve, both property prices and Home Loan rates may get even costlier.
Several online tools like Home Loan vs Rent Calculators, Home Buy vs Rent Calculators and Rent vs EMI Calculators are available online that enable you to make informed decisions based on inputs such as property prices, appreciation rate, monthly rent, Home Loan Rate and tenor, monthly salary, etc. The results will help you determine whether you should avail of a Home Loan or rent an apartment instead.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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What is a Property Tax in India and How is It Calculated?2024-03-13 | 4 min
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loan+against+property Loan Against Property
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Understanding the Fees and Charges on Your Loan Against Property2024-04-10 | 6 min
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cibil Cibil
[N][T][T][N][T]
How Does Missing One Payment Affect Your CIBIL Score?2024-05-15 | 4 min
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home+loan Home Loan
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6 Ways to Reduce Your Home Loan Interest2024-03-20 | 4 min
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cibil Cibil
[N][T][T][N][T]
Ways to Improve Your Credit Score with a Credit Card2024-02-02 | 4 min
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cibil Cibil
[N][T][T][N][T]
What Factors Do Not Affect Credit Scores?2024-02-28 | 7 min
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cibil Cibil
[N][T][T][N][T]
How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
[N][T][T][N][T]
How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
[N][T][T][N][T]
How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
[N][T][T][N][T]
How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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[N][T][T][N][T]
7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
[N][T][T][N][T]
How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
[N][T][T][N][T]
What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
[N][T][T][N][T]
Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
[N][T][T][N][T]
Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
[N][T][T][N][T]
Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
[N][T][T][N][T]
What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?