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Tata Capital > Blog > Why Paying Home Loan EMI is Better Than a Home on Rent?

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Why Paying Home Loan EMI is Better Than a Home on Rent?

Why Paying Home Loan EMI is Better Than a Home on Rent?

To own or to rent? Are you facing a similar dilemma? If so, you’re not alone!

Many tenants weary from rental problems like rental agreement renewals, maintenance issues, and more, think of getting their own homes. However, the thought of paying housing loan EMIs often keeps them away. But, in truth, paying EMIs is the way to invest in your dream home.

How? Let’s discuss!

You will not just be spending, but investing your money

When you make a home loan EMI payment online, the money will help you build equity over time. This is not the case with rent, which is simply money lost. Also, the property you purchase can help you generate income in the long run. The time is the catch here.

Renting a property may seem cheaper in the short run, but rental payments can be worrisome post-retirement. With a few sacrifices now, you can stop worrying about getting an eviction notice, both now and in the future.

Additional Read – Renting Vs Buying a House in Metro City: Know the Pros and Cons

Home loan interest rates are lower than ever

RBI had slashed repo rates to make lending more accessible in light of the pandemic. As a result, the interest rates reached a record low for the first time in a while. Most lenders are now offering affordable housing loans to both salaried employees and self-employed individuals.

So, if you have been on the fence about buying a home, here’s why you shouldn’t wait any longer!

Your monthly payments become predictable

If you currently rent a home, you have no control over the rental costs. With rental costs rising year on year, you might even have to dole out a hefty amount to keep your rental home. But in the case of a housing loan, you will know exactly how much you need to pay every month.

You can use a home loan EMI calculator to get an exact figure of your EMI amount. This will help you keep your budget in control. 

You can experience real security

With renting, it’s not just the monthly payments that are unpredictable, but even your occupancy. The moment your lease is over, you don’t know if you’ll get a renewal. The landlord could suddenly send in a notice that he has found a good deal and is planning to sell his home off, leaving you on the run for a new home to rent.

In contrast, even while you make home loan EMI payments, you can reside in your property.

Tax deductions

Renters are not eligible for some significant savings on taxes that homeowners are. Did you know first-time homeowners can claim tax deductions on the principal, interest, stamp duty and other charges? Yes! If you’re paying housing loan EMIs, you can avail of tax deductions under Sections 80C, 24, and 80EEA of the Income Tax Act, 1961.

Additional Read –Top Benefits of Paying Higher Home Loan EMIs

To sum up

Did this guide help clear your dilemma? Are you ready to make the most of falling interest rates? If so, take advantage of Tata Capital’s tailor-made housing loans. With our competitive home loan interest rates and flexible repayment options, you can conveniently pay home loan EMI online.

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