Updated: Feb 16, 2022, 15:02 ISTShare:
Buying a home with a home loan offers attractive tax benefits on the principal and interest amounts paid. Each of the joint holders can make separate claims. Here are a host of other long-term and short-term advantages:
- Owning a home is a status symbol
- Eliminates hassles of dealing with a landlord
- Avoids payment of monthly rentals, with annual increases
- Can work as a rental property for extra income
- Offers a sense of emotional security
- A great investment due to price appreciation over time
This may be the right time to buy property, as real estate prices declined during the pandemic. Moreover, interest rates on homes are much lower and there are additional tax benefits being offered
