The choice between renting and investing in our own property is not that complicated. And as we emerge from the pandemic, here is what Mr. Ravindra Sudhalkar, CEO of at Reliance Home Finance believes one of the key lessons learned over the past two years is, a matured approach towards financial matters. And it is best reflected in the millennials approach towards investing in property.

A recent market study involving 1,200 millennials revealed that 75 percent of the respondents expressed willingness to buy their own homes in the next three years. Similarly, some industry experts believe that 55 percent of the total buyers looking to purchase their own homes are millennials.

The attitude towards owning a home was a change that was induced by the pandemic. With companies introducing flexi work policies, millennials began seeking their own homes rather than looking for rented apartments closer to their working space.

The ideal scenario

Interest rates are at a decadal low. The centre has been pushing the concept of ‘Housing For All’ under its flagship program called Pradhan Mantri Awas Yojana, widely known as PMAY.The Centre approved the construction of 3.61 lakh houses in 17 states and Union territories under PMAY (Urban), taking the total number of houses sanctioned under the scheme to 1.14 crore. While buying your first home, it will be worthwhile to check out the scheme’s credit-linked subsidy. This allows beneficiaries of the Economically Weaker Section (EWS), Low-Income Group (LIG), and Middle-Income Groups (MIG-1) and (MIG-2) to receive home loans subsidy for construction or acquisitions.

Equally, the Indian realty market has made a rapid recovery from the pandemic, and now is the ideal time for anyone to buy their home

However, there is always the argument that  buying a property means being tied down to the EMIs. This is a valid  for those who are on a temporary assignment in a particular city . But for those who are residing in a city where they hope to spend the rest of their lives, creating a solid asset makes sense.

A simple calculation will tell you that the amount you will end up paying in rent will be less than what you will spend on home EMI. You also have the option of prepaying the home loan. And at the end of the day, nothing beats the feeling of having a roof over your head that you can call your own.