One of my friends, Akira moved out of her home 10 years back. First, she lived 3 years in Kolkata to complete her graduation in business. Then 2 years of completing her master’s in business. After being done with her internship, she got a job at one of the top agencies in Kolkata. So, in total, she lived 10 years in the “city of joy”.
Now, Akira is getting married and is looking for a few changes in her lifestyle. To start with having her own apartment in Kolkata. So, now the question arises whether to buy a flat in Kolkata or continue paying rent.
Your parents, friends or your bank manager may try to convince you to buy a home and put before you the concept- “Why pay rent if you can make EMI payments and own your home?” This is one of the top arguments one comes across.
This makes sense because the value of the house goes up while there is absolutely no gain in paying rent. Digging deeper, however, this reasoning is deeply flawed. The main reason is the high cost of real estate in India and your approach to buying a home. Let us understand this concept with the example of Akira.
It’s been a long time since Akira has been living on rent in a 2 BHK flat in Kolkata, paying 12 thousand in a prime location. But if she wants to buy a house within a budget, paying less EMI, then she needs to compromise on her lifestyle. But Akira does not want to make any sacrifice and wants an affordable flat with all the luxuries in it.
So, what she can do now is take a loan amount of high value and buy herself a dream apartment in Kolkata. But, it also comes with paying a high EMI amount from the monthly income.
The tax benefit aspect becomes a major reason why buying a home is a wise idea. Taking a loan gives a tax benefit on the principal amount. Thus, saving your money and also the first-time buyers get some relaxation. So, this becomes one of the wisest ways to cut taxes and own your own dream nest.
Living on rent in an apartment in Kolkata helps you organise your finances and save money for buying a dream flat in Kolkata. And to bring to your notice, you can claim HRA even if you live by paying rent.
Renting indicates that you need to worry less about maintaining your home. You also have the facility to move your home closer to your office if your job changes in the city. Shorter commute times make your life easier.
Well, that’s a no. Being in your own dream home gives you a sense of belongingness, and it’s definitely one of the achievements of life.
As Akira works in Cossipore. The best destination for her is to find a 2bhk flat in Cossipore, Kolkata. This will surely help her commute easily to work and live beside the holy Ganga.
Flats in Cossipore, Kolkata, by Oswal Group, has it all starting from providing a classy lifestyle, a healthy environment with open spaces and easy communication with the rest of the city. Home to 369 iconic homes in Cossipore, Orchard Amritaya reflects the true face of luxury and comfort.
Be at home with Orchard Amritaya by Oswal Group.