Rent vs. Home Loan EMI – What’s Better?
One of the most common dilemmas faced by young professionals and families today is whether to continue living on rent or take the plunge into buying a home through a home loan. Both options bear their pros and cons , and the good conclusion mostly depends on a person's financial goals and long-term planning Renting – Flexibility and Lower addition Renting is a much safer and more versatile alternative, especially for those who move frequently due to job changes or personal preferences. It requires lower initial costs – Generally just a security deposit and a few months’ rent in advance, which means you don’t need to worry about a hefty down payment. Monthly rental expenses are generally lower than home loan EMIs for similar properties, which allows renters to save or invest the difference elsewhere. In addition, renters are clear from the place care costs, property taxes, and different long-term responsibilities that come with owning a home However, taking payments i...