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Buying a house

Buying Vs Renting a Home

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Owning a house gives one a sense of security and always it ensures that you are never rendered homeless in case of any mishap. Also, if you give your house on rent you can earn rental yields too, thus strengthening your financial bone. Additionally, in tough times, one can mortgage a house for taking an educational loan, marriage loan, etc. Fali Poncha, director residential and land (Mumbai), Knight Frank (India) Pvt Ltd, points out reasons why you should buy a home instead of rent: Owning a house gives a sense of stability and peace of mind, whereas if you occupy a rental flat, you would have to stress over periodically rising rental costs, the possibility of having to vacate on request of the landlord and other issues. “While there are initial costs involved in purchasing a home such as down-payment, registration and stamp duty charges, EMIs on home loans, property taxes, costs for doing up the interiors the end result is more than satisfying,“ explains AS Sivaramakrishnan, head residential services India, CBRE South Asia Pvt.
1 There are various tax benefits a homeowner is obligated to, such as deduction under Section 80C & Section 24 on Income Tax Act.
2 A tenancy cannot be transferred by way of a will, whereas the owner of a property can will the property in favour of a beneficiary. The mode of transfer of tenancy is restricted and always is dependent on the landlord.
“A tenant cannot mortgage, assign, create any 3 kind of third party rights in respect of his tenancy rights. However, an owner can create a collateral security with respect to his ownership rights by creating a charge, mortgaging, or entering into any kind of transfer,“ opines Omar Vanjara, partner, Solomon & Co. Ltd.
What if you have two options on one hand you get to buy your own house and pay an EMI for the next 20 years and on the other, you live in a rented property for 40 years and must shell out the rent monthly? Which is a better bet?
Ajay Jain, executive director investment banking & head real estate group, Centrum Capital Ltd gives an answer assuming the rent is Rs 15,000 p.m and the escalation in house rentals is 10 per cent p.a the total rental paid over 40 years would be over Rs 8 crore. Whereas, if a person buys a house, assuming a down payment of 20 per cent of Rs 10 lakh and a loan of Rs 40 lakh (at 8.9 per cent interest), the EMI would be Rs 35,732 p.m with a total repayment of Rs 85.75 lakh at the end of 20 years. As seen, the outflow is much lower in the case of buying a home and you also own an asset at the end of 20 years.


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