EMI Vs Rentals: Why New-Age Indian Prefers Buying A Home?

 By ANINDITA SEN, proptiger.com

Over the past 5 decades, we have experienced the most redefining generation, who are by far more experienced and smart enough when it comes to taking life’s most important decision - home buying.

There are many traits that drive their lifestyle choices. They have much higher acceptance of diversity and at the same time show a marked tendency towards traditional values. 

The previous generations often gave less importance to this very important ingredient of financial and emotional security and opted to live in rented homes. They were more focused on savings and used their funds to invest in different sections of the market.

Our predecessors often mixed the investment in home buying with other investing options and ended up viewing home-buying as less profitable.

They ignored the fact that a self-owned home sets the family free from a lifetime of bondage to landlords.

The value of the home not only lies in appreciation but also it negates the monthly outflow of rental money for good.

Because of this, Indian millennials have placed home ownership very high on their list of priorities.

With the country's extraordinary information technology explosion now influencing almost all minutiae of day-to-day life, the Indian millennial is an avid seeker of knowledge, especially in subjects that affect his or her life goals.

Thus, the process of finding and buying a home is driven by the need to understand all the variables, study all available options and make the soundest possible purchase decision.

EMIs Verses Rentals..!

Spending a chunk from their salary in paying EMIs on purchasing of new home is far better than giving rental payments to your landlords.

Indian millennials are dedicated investors. They understand the benefits of EMIs over rental payments very well.

They are very conservative with their hard-earned money and they will not purchase any inferior thing.

Buying a low-priced or discounted product was something which was favoured by previous generations.

But, yes of course, they also study their monthly salary and expenses and judge accordingly whether they can afford to buy a home at present or still have time to invest in such a huge amount. If the time gap is large, they would rather lessen their other expenses and get largely focused on the homebuying perspective.

Indian millennials will buy only those things, which come with an assurance of a maximum utility for a lifetime, no matter if they need to spend a little more. For them, discounted or inexpensive item might give a high on maintenance, in terms of frequent repairs. 

The kind of attitude this current generation carries also reflects in their choice of homes they buy. This also makes them deal only with reputed and branded developers who are effectively capitalised and have an established track record for superior quality and consistent in the timely delivery of their residential projects.

In a true manner, when it comes to buying a home, the Indian millennials’ appetite for risk is at its lowest point.

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