The prices to buy a house are so high that one can only imagine buying a house in India. Home loans have made the things easy for some as they can now live their homes despite the fact that they have to pay the instalments every month. This is not easy even after then, as the monthly instalment is not a small amount of money and there is no guarantee that one always gets the salary.
The only sense of satisfaction is that you live in your own house and the money that you pay in the form of instalments isyour investment and not a shear loss of money as in the case of rent where the renter takes a huge amount of money for letting use his property.
Another factor is that the instalments are not going to end in a year or two, not even in five years. Since the cost of buying a house is very high the period that you would require to pay the whole amount of money including the interest on home loan is also high. Generally people keep paying for almost 20 years to make a house their own.
It is a general belief that owning a home is the biggest achievement in anyone’s life. Agreed but the recession
One more thing; home loan doesn’t mean that you don’t have to make a down payment. And mind you, the down payment is not a small amount of money. Before you buy a house don’t be overjoyed but think all the positives and negatives before making a decision.
To own a house is the best feeling for many however the prices won’t allow them to go ahead and buy one for them. In India it would take more than 10 lakhs in a village, more than 15 lakhs in a town and more than 50 lakh Indian rupees to buy a house in a metropolitan city. Home loans offered by almost all the top banks in India have facilitated many people to make their dream come true. But is it really a wise decision to buy a house especially on loan. Think over it. The decision is yours.