BUY sell RENT Patna


Prime Factors to Own your House in Patna. (24/01/2014)

There’s lot of good reasons for becoming a homeowner in Patna. Social and financial benefits are key factors when it comes to deciding to buy an apartment in Patna. Home ownership allows people to grow wealth slowly over time, to hold assets that build equity, and to bring stability into hustle- bustle lives of a city like Patna. 

The top five benefits of homeownership in Patna are:-


1. Savings:  One can easily find that long-term homeownership is still a way to get big savings in the long term.


2. Tax Breaks: The government ofIndia allows tax benefits on home loans. Consult section 24 (D) of Indian Income Tax Act.


3. Equity: When you pay a landlord, it’s money down the drain. When you pay on a home loan, you are paying towards owning a piece of something. You may still owe Rs.1000, 000, but perhaps the home is worth Rs.2000,000. This means you have Rs.1000, 000 worth of equity; that you’ve built up over time.


4. Budgeting:  Each lease renewal (usually every 11 months in Patna now) could mean a jump in prices. A fixed-rate home loan, however, means your monthly payment is the same amount for the life of the loan. A Rs1, 000 a month payment on a 30-year home loan is the same now as it will be in 30 years!


5. Security: When you own, it’s yours. You can paint, improve, and decorate. The trees and flowers are yours to enjoy — for a lifetime if you wish. Most homeowners are in neighborhoods with other homeowners, meaning more time to build relationships and friendships. Recent studies have also shown that homeowners rank themselves as healthier than their renter counterparts in Patna.


Should you rent or buy in Patna? If you have decided to stay in this city for your life the answer is BUYING. However if you are temporarily living in Patna and your stay will be less than 5 years then it is better to rent. Remember, the residential rental yields in Patna(most of areas) are very low.


If you buy you are now making an investment in Patna for your future through home price appreciation. Once your home loan is paid off, you’ll have a real asset. That brings real stability. Home affordability though is becoming a challenge in Patna with each passing day. Now is a good time to run the numbers and see if buying makes good financial sense. If it does, then you’re in store for a wealth of benefits that only homeowners can experience in Patna.


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