Should you rent a home or buy a house with a home loan?

Buying a home is a lifetime purchase. However, middle-class families often face the dilemma: rent or buy? Most people prefer comfort zones, but at what cost?

Why people prefer Renting:

• Low initial investment.
• Simple approval process from landlords.
• No repair worries.
• Myths about loan procedures.
• Rent is often lower than EMI.

Why you should consider Buying:

• Capital gain on a personal asset.
• EMI adds to your equity, rent adds to someone else's.
• Freedom to design and model your home.
• Emotional and financial security.
• Improves CIBIL rating through timely payments.
• Immense tax benefits.

Conclusion

Buying a house shouldn't be a decision taken on a lark. Affordability is paramount. From a financial standpoint, acquiring your own house is recommended, but only after you are confident in your monthly installments.