Why Should You Invest In Real Estate At A Young Age?

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Buying a property or a home of your own at a young age has its own positives. Firstly, since property purchase is a lengthy commitment, the earlier you start the better off you will be. This means you will get a longer span of time to clear off your dues without burdening your finances. You will also be able to get housing finance with ease at a young age with more relaxed eligibility criteria offered by most lenders. Additionally, buying a property in Pune like Joyville Hinjewadi or one in a city like Bengaluru will help you secure a home that gives you the advantage of higher valuation in the time to come.

Read to know more about the benefits of buying real estate at a young age.

Own a high-value asset early in life

Buying a house at a young age allows you to dedicate a hefty amount of your income to buy an asset without the additional responsibilities that you are sure to have later in life. This way, you can have an asset that will appreciate in value over the years and will also learn to manage a loan, thereby building your credit score. Starting early not only helps you bring about a balance in your financial portfolio basis your income and debts, but it also offers you maximum flexibility as you can also choose a longer tenor for repayment of your home loan.

Enjoy high valuation and returns over time at low risk
Unlike other market-linked high return investment options like stocks and mutual funds, your real estate investment is safe and promises good returns over time. The real estate market is growing at a fast pace, and if you decide not to live in your property, you can also rent out your home to increase your income.

Get a loan with ease

With simple eligibility criteria offered by most lenders today, you will find it easy to apply for and get approved for a home loan at a young age. For example, when you apply for a Home Loan from Bajaj Housing Finance as a salaried borrower, you can apply from the age of 23 with a minimum salary of just Rs.25,000. As a self-employed borrower, you can apply at the age of 25 with a business vintage of just 5 years. Additionally, you can benefit from step-up EMIs where you can increase your EMIs parallel to the increase in your salary. This makes becoming a homeowner easier for you.

Gain from income tax exemptions
You are eligible to claim tax exemptions for the interest and principal repayment on your home loan. Under Section 80 C of the Income Tax Act, you can claim up to Rs.1.5 lakh basis the principal repayment and up to Rs.2 lakh with respect to interest repayment under Section 24. Added to this, as a first-time home-buyer you can claim an additional Rs.50,000 basis interest repayment under Section 80 EE of the Income Tax Act. However, you can claim this only if you take a home loan that amounts to Rs.35 lakh or less and your home purchase value is less than Rs.50 lakh. You can benefit from these tax deductions for as long as you are repaying your home loan. So, the earlier you start the longer you will be able to claim the tax benefits. Also, if you start with a home loan right at the beginning of your career then you will be able to reap tax concessions all along your employment years.

You can get started on your property purchase by applying for a Home Loan from Bajaj Housing Finance Limited. Apart from availing a high value loan of up to Rs.3.5 crore, you can get in-person assistance for site visits and documentation assistance on your purchase along with property search services. Start your journey now and check your pre-approved offer to view a customised deal and benefit from instant approval and a hassle-free borrowing experience.

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