When you decide to buy a home it is considered to be the biggest and the most vital decision in life. You need to think and consider things before you make the final investment. This is a big ticket investment and making a one time payment for the reason is not an easy thing to do. This is the time when you look for options in the sector of home loan and for this it is important for you to know about Equated Monthly Installments or EMI. However, most of the time you wonder whether it would be right to pay money for a monthly EMI, or rent a home on temporary basis.
The main advantage in paying an EMI is that you don’t have to put in lots of money at one time and at the same time you can own a property from the very beginning. In this case you are the owner of the property and not any one else. In fact, it is really important that you think well about all pros and cons before you settle to buy a property or home. When you own a home you are sure to enjoy the tax related advantages.
Apart from being the owner of the asset, you can enjoy the claim benefits in matters of income tax. The principal repayment amount in case of home loan is made eligible for the sort of deduction under the Section 80C. You are even subjected to capital appreciation when you own a property. It is also good to know that your own home can become an additional source of income. In case certain parts of the property are left vacant you can well rent out the portion and earn some money every month. The money that you get as rent can be used for making EMI payments. In fact, being an owner of the property will make you qualified in enjoying more than one benefits.