We all wish for a home where we can live peacefully with our loved ones. Irrespective of what size our house is, it is the most comfortable space for us on earth! And after a hard day’s work, coming back home is the peace that we all crave for.
However, talking about home, the first thing that might concern us is whether we should buy a home with EMIs or we should rent a home.
In this article, we have tried to find out which one can be more profitable for you.
The home EMI perspective
Buying a home is everyone’s dream, and it is also among the most expensive investments that one can make. Before you rush to apply for a home loan, consider the following points:
- The security of your job – Think about this, after taking up the loan, if you are not able to pay the EMI then the home will be taken away by the Bank and you would be marked as a CIBIL defaulter, which implies that you would not be able to get any loans in the future.
- Affordability – After paying your EMI you should be left with enough money that can sustain your lifestyle. If you are a salaried employee do remember the fact that Home EMI is the most expensive payout for you and you should be prepared enough to avail it.
The rented home perspective
Living at a rented place, you would not be able to consider it as your own. With interruptions from the landlord and lesser freedom, you might feel a bit claustrophobic. But there are several benefits of renting a home:
- If you are planning to settle in a new city for your job, then renting a home can be more convenient for you.
- You would not have to worry about maintenance and additional overheads – just pay your rent on time.
- The affordability of rent depends on you. If you have a lesser budget, you can go for smaller apartments.
Which one is better?
If you are financially stable and have no plans to shift to a new city or country then EMI homes are the best for you. Even though you would have to pay a lot in the initial years but ultimately it would be your own valued assert and post loan completion, you can continue living in it or sell it to find a new and better apartment.
On the other hand, rented apartments are best in case you do not have high job security or is unsure about your stability in the location. Renting an apartment would keep you away from all hassles but in the end, you would know that you have not built assert for yourself.
So, it all depends on your individual situation. Before you make the final decision, do consider these points and find out which one would work the best for you. After all, it is a long term commitment and you would have to bear with it for years to come.
