This review is mainly for those who may feel financial hardship in owning house thru bank loan.
I feel living on a rented house is much better choice than to purchase/build own house. I state on the ground:
1.Due to big boom in infrastructure industry, in cosmos and other cities where around 85%population lives, houses were made by individuals on local housing boards authorities land, so houses are now easily available on rent. If landlord wants to vacate his premises, tenant will get another house in the same locality easily.
2.He will get 40%/50% tax rebate under section10(13) of the Income Tax Act.
3Further now it is often seen that people used to get transferred or go out for better job opportunities .In that case too, they have to rent out their house and live on rented house, in the new city.
4.It is also important that the family need not to stick to their own purchased/built house, in case they want to change premises, as per their wish.
5.Further if they have fund say 80% of the house cost(Borrowed money), they can better invest it in attractive schemes/mutual funds/Bank FDRs o government Infra structure Bonds and earn Income Tax benefits under 80C.
6.It is often seen that due to over enthusiasm, people used to take housing loan but pay much higher amount as interest, which cost to their family betterment, their children’s better schooling, their better personality development and at last at the time of their entry into job market, they find that their children are not up to the mark .Why? They are left with insufficient funds to look after their families.
At last I feel that making a prosperous family is better choice than making a house.
Yes making a house is better option for investment purpose, but you should have surplus fund to invest .Also making a house on our own is much cheaper than buying a house from multinational infrastructure housing companies, who earn exorbitant profit out of their actual spending on house building .Certainly making a single house is much cheaper option.
Ravi Sharma