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If one wants to avoid getting entangled in the emotional aspects of real estate investing & make financially sound decisions , it is imperative that these real estate myths be recognised & dismissed. In this info-bite, we will debunk a fondly held myth in respect of property investment.
It is. But, that cannot be given as a reason to buy a home. It is probably true for an undisciplined person, who will spend the money recklessly if there is no forced saving, like in the case of home EMI. But everyone is not undisciplined.
One can setup monthly investments which can get debited from one’s main account at the beginning of the month, to achieve the same result. Here, one has the flexibility to pause the investment or scale down, if there were an unforeseen event. This is just not there in case one has bought a home on loan. EMI cannot be paused.
If there is a job loss, one still has to service the home loans. Else, the property will get confiscated by the home loan provider & auctioned.