{"id":22849,"date":"2023-08-28T12:37:47","date_gmt":"2023-08-28T12:37:47","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=22849"},"modified":"2024-07-04T18:51:23","modified_gmt":"2024-07-04T13:21:23","slug":"why-should-you-consider-buying-a-home-at-a-young-age","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/why-should-you-consider-buying-a-home-at-a-young-age\/","title":{"rendered":"Why Should You Consider Buying a Home at a Young Age?"},"content":{"rendered":"\n

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It is no wonder that most people wait to have financial stability before investing in a house. After all, it\u2019s a major financial commitment. However, with sound financial planning, you can own your dream pad, even at the beginning of your career. Yes! What\u2019s more, property purchase early on has benefits manifold.<\/p>\n\n\n\n

So, if you\u2019re wondering how to buy a house at a young ageand why, read on.<\/p>\n\n\n\n

Pay lower EMIs<\/strong><\/h2>\n\n\n\n

The principal of your loan is split across EMIs, and interest is added to it. So, a longer term means a higher number of EMIs and smaller EMI amounts.<\/p>\n\n\n\n

As a young loan applicant, you can opt for a longer loantenure. This means you save EMI funds and can still close the loan before retirement. However, a longer term also translates into a higher overall interest payable.<\/p>\n\n\n\n

To get a better idea about the potential EMI and interest applicable on your loan, use a home loan EMI calculator<\/a>.<\/p>\n\n\n\n

Avail of tax deductions<\/strong><\/h2>\n\n\n\n

As a first-time home buyer, when you buy a house with a housing loan, you get several tax benefits. Under Section 80C, you can accrue tax deductions worth Rs. 1.5 lakhs on the principal repayment. Besides, you get maximum tax-deductible benefits worth Rs. 2 Lakh on interest payable under Section 24.<\/p>\n\n\n\n

Additional Read: <\/strong>Top Benefits of Buying a Home in a Woman\u2019s Name<\/a><\/p>\n\n\n\n

Higher ROIs on property investments<\/strong><\/h2>\n\n\n\n

Property prices are known to multiply over time. So, the earlier you buy a property, the more its value appreciates. Besides, buying property early on is a profitable investment, even if you don\u2019t plan to live in it. This is because you can rent a property out after purchasing it and get an additional income source. Or you can sell them at an appreciated market value.<\/p>\n\n\n\n

Building credit with property investments<\/strong><\/h2>\n\n\n\n

Since property prices are rising, it\u2019s smart to invest with a loan. When you get a loan and repay it on time, it reflects on your credit history. What\u2019s more, timely paying the EMIs lifts your credit score, allowing you to qualify for higher loan amounts and lower home loan interest rates<\/a> <\/strong>in future.<\/p>\n\n\n\n

Now that you know about the why let\u2019s see how you can make a property purchase early in life.<\/p>\n\n\n\n

How to buy a home at a young age<\/strong>?<\/h2>\n\n\n\n