Which is better – Buying a house or renting a house in India.
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It’s almost every Indian’s dream to secure the future, own a house, and settle down in life before they hit the age of forty, and almost like every first-time buyer transitioning from renting to buying - you are left with one major question – which is better? Buying or Renting a house?
It’s no surprise that the real estate market in India has been on the upswing since the second half of 2021 and it is assured to grow at a CAGR of 15% over the next few years, possibly by 2027. Indian government’s mission to ‘Housing for all’ has generated the required liquidity in the real estate sector and has pushed the demand for affordable housing.
After analyzing the market and researching through valid sources – we have put together some key differences for your next accommodation.
Buying a house in India
Tax Privilege – You can avail tax deduction on the amount of interest you pay for a self-occupied home loan under Section 24, it also allows you to assert tax exemption of Rs 1.5 lakh under Section 80C on the principal amount.
Secured Asset – You can choose to transform your rent amount to pay the home loan EMI for building an asset for life. Your own house will provide you with a sense of security and the freedom to design it as per your liking.
Record Low-home loan rates – At present, home loan rates are low at 6-7%. Henceforward, the real estate market is bound to take off and we can expect a boom in the sector in upcoming years.
Stability - Unlike in rental houses, you don’t have to constantly stress about changing homes if the landlord wants you to shift houses.
Safe Investment – Along with the tax advantages, Real-estate investment is implied for capital growth. Introduction to RERA (Real Estate Regulatory Authority) in the real estate sector in India has enhanced transparency in proceedings.
Renting a house in India
Rental cost – Rents are usually affordable and they’re lower than the home loan EMI. Although, the landlord can choose to increase the rent anytime considering the annual rise or the market condition.
No Tax Privilege – Unlike buying a house, renting a house isn’t supported by any kind of tax benefits or incentives.
House Rent Allowance – HRA benefits are only available for salaried employees in India. No common man can avail the HRA perks for renting a house.
Location Flexibility – You have the liberty to change houses or choose the location of your new house depending on the remoteness of your workplace or convenient transportation routes.
Limitations & Lack of Freedom – You cannot make any constructural changes in the house or design it as per your desire without the landlord’s approval. Plus, you will have to abide by the society rules and reforms conditioned to parking on the premises, restrictions on pets, etc.
Article authored by: Team Propfynd
Date: 28th September, 2022