There are certain things in which we must think before going for renting the home because we must pay On Monthly basis in case if you choose to rent .it is better to buy a home instead of taking on rent.
We have certain advantages with Buying a home (EMI or Direct Payment) instead of renting.
Following are the few advantages of Buying a home instead of Renting.
Tax Benefits: -
The homeowners receive tax rebates against their property loans. You can avail the tax benefit on both the payment and the interest over the loan from the bank. Buying home loss, you need to make sure about your future earning potential and budget because it is financial on your bank balance Is causing the crisis. If you take a home loans, you must make sure that you maintain a contingency fund for the emergency crisis and deduct some discretionary expenses.
Ownership: -
The biggest advantage is that you are the owner of the house, and you will have its name. The benefits of ownership are many, you can reproduce, decorate and present it according to your wishes.
The lease must be signed at least three months before applying for the loan. A tripartite agreement has been signed before a loan approval between the lessor, the lessee and the bank. You must have Income TaxReturn (ITR) for your rental income.
Your bank statement shows the monthly rental specified in the lease agreement. Facilities under the LARR(Land Acquisition and Rehabilitation and Resettlement) you can avail the loan for construction and repair of residential and commercial properties and Can purchase plots. You can get business activities like the business, you can also get loans for start and education expenses.
In addition, you should have a good financial reserve because you must pay all the maintenance cost of your home. Absorption This reduces your flexibility to some extent. For example, when you go from one city to another, selling a home is not easy and you can sell it at a lower cost, the lesser obligation of renting a home is less obligation when you If you rent, you have less responsibility while talking about home maintenance.
You also have the freedom to buy expensive furniture, because you often do not have to make any changes. Without ownership, you cannot make changes in a rented house without the permission of the landlord Lifelong Property: Your home can be a lifetime income source, you can rent it and get regular income that can cover your retirement needs. is. If required, it can prove to be a profitable asset, and if necessary, the next generation can also be passed.
If someone needs to repair or change, then it is the responsibility of the builders or the landlord to have a little less sticky in low-cost pockets. Apart from the rent and maintenance cost, you do not have to pay much. From renovated renovations like cheap toilets like expensive toilets, from cheap repairs, the landlord is responsible for all maintenance related work. In fact, it is necessary to read the rent agreement carefully to know about the various sections mentioned.
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