I?m a millennial. And, here?s why buying my own house has started making so much sense.

By India Ashok

“A man travels the world over in search of what he needs and returns home to find it.”

– George A. Moore

The age-old proverb “home is where the heart is” holds true for all of mankind. Famous authors like Robert Burns and Anthony Burgess have used the proverb in their works. The immortal king of rock and roll Elvis Presley even wrote a song about it, and Disney made a heartbreakingly beautiful animated movie that showed how two best friends fell in love and spent their happily ever after in a cosy little house.

The movie—“Up”—became widely popular among kids and adults alike. It is perhaps one of the most evocative examples of what a home can come to mean to people and how it becomes a part of the very identity of an individual and a family. Much like the sweet old man in the movie, whose love for his home, which held years of precious memories, spurred him to hang on to his home against all odds, many people today take pains to hold on to their houses—such is the power of home.

Why am I telling you all this? I’m a millennial and one of the things on my bucket list is to someday legally own my very own home. However, one of the things I’ve often been told is how millennials are too irresponsible and flighty to ever be able to afford their own place. While I wholeheartedly disagree with such generalisations, I’m more than aware of the challenges one can face when even considering taking the daunting step from putting aside money for rent to shelling out cash for EMIs.

No more rent, no more moving

One of the things I absolutely abhorred doing was packing up and moving from one place to another. Being a renter can be really emotionally challenging—first you take weeks, sometimes months, to find that perfect home (within your budget of course). Next, you move all your worldly possessions into that place, lovingly decorate it, begin to identify it as your safe haven, make memories, and get emotionally attached to it—only to eventually be forced to pack up and leave.

While some people may get stuck in just such a rut, in this day and age, one has options that can help one break out of this vicious cycle. Fortunately, the economy is not what it used to be a few years ago. This means that qualifying for a home loan is now fairly simple and painless. Banks across the country are now, more than ever, eager for business, offering clients attractive low-interest, long-term and short-term home loans.

Shop around a bit before you make the leap

According to reports, 2017 saw an immense surge of around 43% in the affordable housing loans segment. Meanwhile, home loans overall saw a 23% growth, indicating a healthy rise in both the demand and supply of housing loans. Both government, as well as private banks, have now increasingly begun to present attracting offers that include providing cash-back options, and in some cases, waiving off nearly a dozen EMIs.

With such an abundant variety of options available, it can be slightly confusing or even daunting to make a decision about home loans. However, this is when one must make use of home loan EMI calculators. These number crunchers can be of immense help when you’re shopping around for a home loan and can even help you understand whether a particular loan offered is tailor-made for your budget or will be a financial burden.

Yet another important aspect to consider when shopping for home loans, is what kind of interest rate to opt for—a fixed interest rate or a floating rate. While a fixed interest rate would mean that your EMIs are stable and the same amount every month, a floating rate would mean that you have flexible and diverse EMIs every month. While a fixed rate is usually considered to be more secure, they offer comparatively fewer alternatives for savings. On the other hand, a floating rate, which granted, may be less secure, could offer more options for savings in the long run.

The most important thing to remember, regardless of whether you’re a millennial or not, is that buying a home is not an impossible dream. When you’re ready to take that step, make sure you do your research. If you have doubts or concerns, feel free to reach out to family and friends, but also ensure that you speak to a professional. Head right up to the bank and ask to speak to the home loan officer—this will not just help in establishing a relationship, but may also help those not too financially inclined, like me, to get a better understanding of all that is being offered.

Buying or building your own home is a major life event and as such, should lead you to take your time and consider all your options. However, there is no need for such decisions to be marred by fear or doubt. Instead, self-confidence and a little bit of hope can make all the difference in the world. Who knows, you may even end up owning not one, even two, or more homes in your lifetime. Finally, in a true millennial fashion, having been deeply influenced by animated movies all my life, I shall leave you with this lovely quote from the movie “Turbo”—“No dream is too big, no dreamer too small.”

Featured Image Credits: Instagram/yaoyaomva