7 Unsaid Benefits of Homeownership
When you buy a new house in Chennai, you not only get a roof over your head, you also get a lot of benefits, some of which are obvious while others no so much. These benefits of buying a home in Chennai are slightly or less apparent, and not all of them are about money. Here are 7 unsaid benefits of house buying in Chennai that you might not be aware of: -
1. Buying a House is a Good Investment
Buying a house is the safest investment you can make. While there are various instruments that can yield better returns, buying a house in Chennai
is the safest thing as there is a negligible chance that the price of the house will fall in the future. Infact, many financial experts will suggest you to buy a home in Chennai as the safest option for long-term investment.
2. Homeownership Gets Easier Over Time
When you buy a new house in Chennai, it would often involve putting a strain on your financial resources. You will not only have to come up with a down payment but will also have to face the burden of EMIs; all this is in addition to the unexpected homeownership costs. This may make you feel the pinch for the initial few years, but things will gradually get easier with your own growth on the professional front. Moreover, you will also have an asset against which you can borrow in the future.
3. Tax Breaks When You Need Them the Most
The Income Tax Act, 1961 allows for various deductions under Section 80C, Section 24 and Section 80EE. Section 80C allows for deduction of up to Rs. 1,50,000. The amount paid on stamp duty and registration fees is also allowed under this section. Section 24 allows for tax benefits on the interest paid towards home loan, and Section 80EE offers tax benefits on interest paid on home loan for first time buyers.
4. No Worries of Landlord’s Interference
When you buy a house in Chennai, you free yourself from the interferences of the landlord. You can, if you want, have a menagerie of pets or change the interiors to a shade you like. You can play music (in a considerate way, of course) or do whatever you want. Since there is no landlord, no one can stop you from doing something you like.
5. Improve Your Credit Score
Buying a house in Chennai can help you improve your credit score. When you repay the home loan and EMIs on time, your credit score improves drastically. Here is how it will help:
* Consistent and timely payment of EMI will show you are a responsible borrower
* Your home loan gives you an extra account on your credit report
6. Wealth Accumulation
When you buy a house in Chennai, you built an equity which you can view as a type of saving. As said before, house is only one of the few assets that hardly see a decrease in their price. So, the EMIs that you would be paying are in fact helping you accumulate wealth.
7. Better Health
Studies have shown that homeownership and better mental and physical health are linked. Similar studies have also shown improved community engagement and higher educational attainments for the children of homeowners. So when you buy a new house in Chennai, not only are you creating an asset for yourself but also contributing to your health.
For all these reasons, buying a house in Chennai can be a pragmatic decision. The question is, when do you plan to take it?