The urban-dwellers these are surrounded by this seemingly never-ending debate of whether to buy or rent a house. Whilst renting has its own set of benefits, it is important to realise that buying a house proves as a better of the two choices when compared in a longer timeline, let us explain how!

Stepping up the property ladder

Booking a property in our own name is considered as a stepping stone in our lives. It is seen as a benchmark for a financial and social stability, as the contribution of your daily efforts is going towards asset building.

Sense of ownership

The feeling which associates with owning the house you live in is bound to boost confidence in your life. Living in rented properties would always have the attached stigma that the place doesn't belong to you, additionally a long list of dos and don'ts would be there as a charter enlisting the code of conduct, none of which would be the case when your dwelling belongs to you.

Interest on home loan fetches you a tax-deduction

While on one hand buying house is an asset-building exercise, the government also gives your tax-reliefs in the form of deductions. The interest which you pay on your home loan instalments can be deducted from your taxable income, thus acting as an incentive for you to own your house.

Sturdy identity and location

Experts suggest that professional success is dependent on how well one knows his surroundings and the people around him. A permanent address or a prolonged stay in one place to help you build professional contacts and relationships. Ergo, it would most certainly work in your favour if you make a mind to settle for good and own a house.

Property appreciates

It is the most known fact that the property market is the best bet when investing your hard-earned savings. It is also very wise to invest in property as soon as you become capable and confident, as not investing in property is as good as incurring a chunky opportunity cost. In India, the population is on the rise which means that the demand for housing is not going to go down for at least fifty years to come. Owning a house now would guarantee you a secured future.