Getting a home or buying a home of your own is one of the most important aspects of life. It not only defines your well-being but also gives you security for life!

Having a place of one’s own is important in terms of security and investment for the future. With changing times and economy, it has not only become easy to buy a home but also the age at which you purchase your first home has decreased.

Here are some of the benefits of having your own home.

1. At the most basic level, having your own home gives you a sense of security and ownership. Not only do you have a place to reside but you also own it and would own it for the rest of your life. Isn’t that a great feeling?

2. Property rates would only increase with time. We have seen a surge in the property rates in the last two decades and it is only going to move upwards. With the lands getting scarce and the demands increasing, we only know what happens to its prices.

3. With changing times, we have also seen an upward trend in the salaries, so affordability is not an issue combined with the fact that home loans are no longer a terrifying aspect.

4. Staying on rent cannot be a permanent option. In fact, the amount that you shell out every month on your rent can be your EMI towards your home loan repayment, which in the end, will help you own a house and not leave you homeless. Also the interest on home loans are lower than any other loan, so it’s better to take a loan and buy property.

5. Advantage of tax breaks. Under the present tax rules, you can get a tax break on interest repayments for home loans to the extent of Rs 150,000 and on principal payments up to Rs 100,000 per annum.

6. Property works as a good investment and an asset. We have always seen homes becoming a rewarding investment and property rates are only likely to rise with urbanisation and economic development.

These reasons not only sum up the need of a home but also make it look beneficial for the future.