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Should you buy a house or stay on rent?

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May 04, 2007 10:39 IST

We all need a home to live in. At present, the cost of living in a metropolitan city is rather high. Also, property prices and home loan rates are moving up sharply.

If an individual stays in a rented house, he could be paying a substantial amount as rent, depending on the location and the area of the property.

On the other hand, if he buys a house by taking a loan from a housing finance company, at the end of the stipulated period, he may find that the total repayments on the loan far exceed the actual value of the house.

Do you think staying in a rented house is better than buying a house at the moment? Is it advisable to possess a piece of property no matter what? Or is it okay to be happy with your house on rent?

Tell us