Three Hidden Benefits of Homeownership in India

Buying a house is one of the most desirable goals of our lives. The best thing about living in the present age is that you need not wait for years to buy your first house. After all, the Indian government has come up with simpler home loan policies. Well, buying a house boosts one’s morale and enhances one’s social reputation. In this write-up, we have shared a few important benefits of buying a house that many buyers fail to recognize.

1. Wealth creation- Investing in a house is one of the simplest and most effective ideas for creating wealth. Real estate buyers in India can gain up to 200% interest on investment in 10 years. Buying a house at an early age is one of the best plans for saving for retirement. 

2. Social benefits- As compared to a renter, a homeowner can contribute more towards keeping the neighbourhood clean. Plus, as they tend to participate more in society politics, they can contribute towards the growth of the neighbourhood. Plus, as homeowners tend to be aware of the security of their house, they also contribute towards deterring neighbourhood crimes. 

3. Saving and tax benefits- By buying a house at a young age, you will be saving more money for your future. Plus, by buying a home on loan, you can avail tax deduction up to ₹ 1.5 lakh under section 80C.

Conclusion- Apart from all the above-mentioned benefits, homeowners can lead a happier life as they enjoy more freedom and privacy. Plus, they can make any sort of modifications to their property. And, they also get more control over their expenses.

Comments

Post a Comment

Popular posts from this blog

Why Jaipur Real Estate Market Is The Right Place To Buy A Property?

Image
Today, the real estate of Jaipur is increasing at an enormous rate. The city includes a great infrastructure and offers amazing educational growth as well as economic growth etc. And after seeing this growth, builders are developing new projects to allure the home buyers as well as the investors. People, who are hunting to acquire a property in this charming city, have to wander a lot to find the home of their dream.  For this, either they hire a professional real estate agent or search properties online. It is advisable to buy JDA approved plots in Jaipur because such properties will bring more benefits such as nice connectivity, water supply, electricity supply, etc. and if you buy a property which is JDA approved, there are chances that you will get higher returns on your investments. Jaipur is filled with all the essential amenities which are located close to capital state Delhi and as it is well-connected to other major cities of India, the market of this city ...
Read more

How to Convert Agricultural Land in Rajasthan for Residential Use

Image
In India, agricultural land can only be used for farming, floriculture, cattle rearing, horticulture, and other agriculture-related activities. But it cannot be used for residential or commercial purposes without obtaining prior approval from the government. In Rajasthan, the tehsildar is responsible for granting permission for the use of agricultural land for residential purposes. Here, are a few important information that you need to know in this regard. 1) The agricultural land can be converted for residential use under the Rural Areas Rules, 1992. And, for acquiring a license regarding the same, the applicant has to pay a fee that may vary between ₹ 60-200 per square yard. 2) In order to apply for the license of land conversion, you need to submit an application form to the tehsildar. The applicant has to mention the purpose behind the land conversion along with the information regarding the property detail. Along with the application form, it is important to submit certain docum...
Read more

How to claim your ownership on a joint real estate property after a divorce?

Image
Marriage is the foundation stone of a family. But unfortunately, the increased rate of divorce has become a harsh reality of society. As today both partners earn and contribute towards buying a real estate property, they want to claim ownership on the property after splitting off. Well, dividing a real estate property after a divorce calls for good legal knowledge and high attention. Here are a few simple tips on dividing a joint property amicably. Instead of distributing the property now, both parties can mutually rent the property and share the rent. You can continue this process until selling the property at a higher rate in the future. One ex-spouse can rent his portion to the other partner. If the wife wants to live in the house, the rent can be adjusted against any alimony that is payable to the wife. The third option is that one partner buys the portion of the other partner by paying in cash or installments. If there is any confusion over the share of each partn...
Read more