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Why should one buy an affordable home instead of living on rent?

why should one buy an affordable home instead of living on rent

In this article, you will know why should one buy an affordable home instead of living on rent. It is an incessant dream of every individual, especially in India to own a house. Be it for security purposes or the sense of achievement, Indians believe in the notion ‘APNA GHAR TO APNA HI HOTA HAI’. The same however is not a piece of cake. It takes a huge investment of capital, land, and labour. Somehow, the government comprehends this problem which occurs as a hindrance while buying a home. In 2013, the Affordable Housing Policy was introduced which is especially meant for the people whose earning is below 18 lacs. The perks of this policy which you should know before framing a decision of whether to buy an affordable home or rent a place are as follows:-

Secured investment

A house of your own is always cherished. With the help of the Affordable Housing Policy, the rate, size, and tenure of the project are already decided by the government. Thus, there are lesser chances of any sort of malpractices or frauds. So, it is a secured investment. Whereas at a rented place, you may have to immediately leave the accommodation.

Home loan

In recent times, under AHP the bank loan is available on the total sale price of the property upto 90%. This facility is solely made for the ownership of houses. 

Safety

Living on the rent is never so safe as compared to living in your own house. A rented place will fail to give you the sense of security and you will always be driven by the thought that you would have a house of your own.

Easy EMIs

At a rented space, one has to pay the rent every month. However, this is not the case when you live in an affordable housing project. Here, 5% of the total sale price is paid during booking. Then an amount of 20% of TSP is payable at the time of issuance of allotment. 6 months from the letter of issuance of allotment the installments of 12.5% after every 6th month is paid. Therefore, there is no financial strain.

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