If you start early in your life, say at 25, you can start saving early. The EMIs will usually be lower if the home loan is that of a long tenure. What’s more, you can easily get home loans. And if you are married and your spouse is working, too, then you can own the house together by taking a joint loan. If you opt for this method, the eligibility of your loan will be very high. Then, when you are 40 years of age and have amassed a considerable amount of wealth, you can either pay off the loans or you can increase the EMI. If you are interested, you can then buy another house without any financial hassles.
No Major Responsibilities
Another major advantage of taking home loans early in life is that you won’t be having any big responsibilities like children, education and the rest. These will come later in your life. What’s important to know is that the property price will also appreciate. In short, you can have assets that appreciate in value with respect to time. And in your later years, you can choose to buy another house. By then, your first loan would have been paid off. But if you postpone purchasing a property, you may lose out on a lot of advantages. You may be comfortably settled in your later years and you will be having other issues to be concerned with, such as your your children’s education, marriage and more. Needless to say, you may also want to save some money for your retirement. Worse, EMIs will be high. Hence it is always advisable to start early.