Getting out of college, fresh and dreamy-eyed and setting your sights on an exotic residential project like Pacifica Hillcrest can be an exhilarating experience. You want to live a life of your dreams but aren’t sure if you want to commit to the grind of paying the home loan EMIs while you’re still in the 20s. However, it can be the perfect time to buy a house, especially in the IT hub like Hyderabad, where the real estate prices are always on the rise.
You can benefit from making an early purchase at an economical price rather than buying an overpriced asset. Similarly, there are income tax deductions that you can avail in connection with your home loans and the housing property that you’re buying. Besides, there is always emotional security in purchasing a house at an early stage.
Also, at this age, you’ll not have financial responsibilities which means that you can divert a large chunk of your income towards the repayment of home loans. This can be a difficult task in later stages of life when you’re juggling with too many financial obligations related to your family.
Also, the sooner you buy, the wider will be the gap between the cost price and the selling price of your house. This will increase the scope of gaining healthy returns by selling your home in the future or enjoy an additional source of monthly income in the form of rent. On the other hand, paying rent for your house will be counted as a pure expense without any long-term benefit.
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