Updated: Feb 18, 2022, 16:54 ISTShare:
Why Buy a House?
Often touted as the safest investment, owning a house of your own brings stability and a sense of pride and freedom. When you buy a custom-made house to suit your needs and those of your family, you ensure a safe space for your loved ones, to find growth and happiness.
Buying a house is considered a stable form of investment, a sound financial decision (buying a home and renting it out), and a very personal one (buying a home for your family). Either way, purchasing a home becomes an investment in the future equity of your family’s prosperity. If you’re wondering what else to consider before buying a home, look no further because ICICI Bank has a vast database of approved projects to choose from.
Buying a Home implies a Secure Financial Planning
Social and sentimental reasons aside, one of the most important incentives to buy a house is to make a secure investment. Property is usually an appreciating asset, the value of which is likely to increase year on year. A property can also act as your financial backup in case of an emergency.
Moreover, the government has multiple tax-saving benefits to encourage you to buy a house. As a first-time homebuyer, you can avail Home Loan benefits of up to Rs 2 lakh annually, under Section 80C, Section 24 and Section 80EEA of the Income Tax Act.
So, is it a Good Time to Buy a House?
From a purely monetary perspective, two factors are highly favourable for buying a home in the current market scenario: lower property prices and lower interest rates on borrowing.
The Reserve Bank of India data suggests that the third quarter of 2020 has charted a decrease in the property prices. Also, RBI cut the repo (repurchase) rate by 115 basis points (bps) last year to support the economy. Over the past year, multiple states like Maharashtra added to these favourable factors by lowering the stamp duty for women home buyers. Even ICICI Bank’s Home Loan offers lower interest rates starting from 6.70% with a tenure up to 30 years, to make your dream home an affordable reality. When you apply, all of the above benefits applicable in the current scenario of reduced home prices get offered to you and this becomes a definite reason to purchase your first home, now.