Here is Why You Should Buy Home at Young Age
Sep 26, 2016 Home Trading Steps
Time has changed in terms of lots of things. One of such aspect is the average earning age, that has changed from 30 to as young as 25 or even proper to that and the remuneration level has comparatively increased. Earlier people use to start working with a pay package of about Rs 4000 or less but now that starting level has gone up to around Rs 10,000 to Rs 15,000.
Looking at this trend, real estate experts also suggests that people should start investing or buying at much younger age. You must be wondering why?
So here are the few pointers that will suffice your curiosity.
Looking at this trend, real estate experts also suggests that people should start investing or buying at much younger age. You must be wondering why?
So here are the few pointers that will suffice your curiosity.
- EMI for home loans are basically calculated on the home loan amount and how much time the borrower can take to repay the loan amount. Longer the duration of the home loan, lower is the EMI amount. Therefore, if you are young then there is a higher possibility to get the loan approved easily. Banks or lending institutions also are keen to offer loans to young people as they at the start of their careers, tend to earn more in future and thus in a better position to pay off the loan.
- If you are married then there is a high probability of getting a home loan even easier. As banks prefer giving joint home loans; hence, in such case, there is an assurance if one of the applicants can not pay then the other can easily pay the loan amount. Also taking a joint home loan is less risky and you can close the loan much faster and easily. Due to which you can concentrate on other investments for future.
- One of the major advantages of buying a home at a young age is that it becomes very easier to finish off the outstanding loan amount later in life, with the help of savings. This opens up a better opportunity in future to move into a bigger house.
- Furthermore, these days, married couples usually keep their plan of having children in the back seat and focus on living and enjoying their lives together atleast for few years after marriage. So this decision works very well in case of such young couples who are interested in buying their home. This means that they can invest a big amount and be financially relaxed before starting up with their additional responsibility.
- The earlier you buy a home, there are more chances of its value to increase due to longer duration. This helps in getting a better return on your investment.
- It is always better to pay EMI than rents with your hard earned money. So if you buy a home at a young age you tend to save a lot of money and use that to pay off your loan. There are also added benefits attached to the repayment of the home loans like tax benefits.
Hence if you are young and planning to buy or invest in property then you are moving in a right way and should make the decision without thinking for the second time.
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