Expert Shares If Single Women Should Buy A House Or Live On Rent

Renting or buying a home is one of the most pressing questions for today’s youth. Is owning a home a necessity? Or living in a rented house more feasible? Generally, in Indian society, buying a house is a dream and also a need for many. In the current times, due to inflations and changes in lifestyle, this has once again given rise to this important question, especially for single women.

Balwant Jain, an expert in tax and investment, shared that buying a house is a huge investment. According to him, banks just give 80 per cent of the home loan amount and the remaining 20 per cent is paid from one’s account. Before buying a house, you will have to save this money while you live on rent.

Living on rent can be quite challenging for a married woman or those who wish to live with their family throughout their life. The hassle increases as the entire family- including her husband, children, parents and siblings will be a part of the entire ordeal. But, if the woman is single, then she can start planning to buy a house early.

Balwant Jain added that instead of debating about whether to buy or rent a house, the important question is when to buy a house and when it is best to live in a rented house. The expert shared that once a woman decides on the city she wants to live in, the next step should be putting in effort and making a plan to purchase a house. He feels that buying a home gives a sense of satisfaction, happiness and respect.

The expert further explained that single women should prefer to buy a home for their safety and security. Getting a rent has become quite difficult. Often, couples in a live-in relationship have also faced difficulty getting a house on rent. Balwant Jain added that it is not possible to deal with the hassle of changing houses while living on rent for a longer duration, especially when the job market has become unpredictable. Buying a house will also save you from rental expenses.

It should also be noted that in many states of India, women are offered concessions on stamp duty. Many home loans also offer attractive interest rates to women. Apart from this, eligible first-time women buyers can avail of PMAY CLSS to lower the house’s acquisition cost.