Expert Opinion: Should Single Women Live on Rent or Buy a House?

For today’s youth, one of the most important decisions is whether to purchase or rent a property. Is having a house a must? Or is renting a home a more practical option? Purchasing a home is often both a requirement and an aspiration for many people in Indian culture. Due to inflation and changes in lifestyle, this crucial subject has come up again in the modern day, particularly for single women.

A tax and investment expert, Balwant Jain, said that purchasing a home is a significant financial commitment. He claims that banks only provide 80% of the total amount of a house loan; the other 20% must be repaid from the borrower’s account. You will need to save this money while renting before you purchase a home.

For a married lady or someone who wants to live with her family forever, renting might be a difficult lifestyle. The problem intensifies since her spouse, kids, parents, and siblings will all be involved in the whole situation. However, if the lady is unmarried, she might begin making early plans to purchase a home.

Balwant Jain went on to say that the crucial decision is not whether to purchase or rent a home, but rather when it is better to buy a home and when it is ideal to live in a rented home. The expert said that when a lady chooses the place in which she wants to reside, she needs to work hard and create a strategy to buy a property. He believes that having a house makes one feel respected, happy, and satisfied.

The expert went on to say that, for their own protection and security, single women should choose to own a house. Renting a place has grown to be quite challenging. Living together has often made renting a home more challenging for couples. Balwant Jain went on to say that, given the unpredictability of the employment market, it is impossible to manage the inconvenience of moving while living on rent for an extended period of time. Additionally, purchasing a home will save you from paying rent.

It should be mentioned that women are eligible for stamp duty exemptions in a number of Indian states. In addition, a lot of house loans provide appealing interest rates for women. In addition, qualified first-time female homebuyers may reduce the cost of purchasing a home by using PMAY CLSS.