Benefits of Buying a Home When You are Young

The real estate sector of today has seen a boom in the number of young millennials buying homes at a very young age! The increase in the number of youngsters buying homes can be attributed to many factors. Large pay-checks, availability of consumer-friendly loans, the desire to stop renting and easy access to information are only a few to mention.

Luxury Kerala Flats, best real estate portal in Kerala, list a few benefits of buying a home when you are young. 

Tax deduction for your income

Buying a home on a loan is the best way to get the most out of our income and avoid unnecessary taxes! It gives you tax exemptions under both Section 80C & 80EE of the Income Tax Act. The deductions can be claimed until the loan is completely paid off. 

Step- up facility and consumer–friendly loans

Nowadays, there are a number of schemes and loans that are consumer-friendly. Step-up EMI is a scheme where your loan EMI is proportional to the expected growth of your income. The EMI amount gradually increases, allowing a buyer to pay less EMI amount initially while still owning a house.

Make use of the fact that you are more eligible for a loan

Young people have fewer financial liabilities than older people & lenders consider this as an advantage. Being young you have a longer active work life ahead of you, giving you enough time to repay the loan. 

You can take your time to repay your loan

You are eligible for a longer repayment tenure when you take a loan when young. Your loan obligation over a longer period of time means your EMI will reduce, giving you the space for other financial commitments.

An additional income source

Giving your home on rent gives you rent, an extra income which would certainly help you improve your bank balance or help to pay off the EMI.

Low risk High Returns

With thorough research on flats for sale in Kerala or flats in Kerala by a reliable real estate portal like Luxury Kerala Flats, you can rest assured that your investment will be worth its value. As land prices are constantly increasing there is a large possibility that your money is not just safe, it also multiplies over a period of time.

A future asset

The value of the apartment for or a villa in Thrissur appreciates over time. Owning a house works as a future asset & you can sell it and use the income to both buy a new house and fund any financial crisis. Owning a house gives one a feeling of safety and security.

As many young people begin to earn their own money in their early 20s, it’s good to buy a home early. If you are looking to buy apartments for sale in Kerala or independent houses in villa projects in Kerala , contact us at Luxury Kerala Flats. Book now!

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