Explore all Credit Cards
Premium Metal
0% Forex & Travel
Lifetime Free
10X Rewards
UPI Cards
Fuel & Utility
Showstopper
Credit Builder
More
Customer Support
Explore NRI Banking
NRI Savings Account
NRI Fixed Deposit
FOREX Solutions
Transfer to NRE
Markets & Beyond
Customer Support
Explore Startup Solutions
Explore Corporate Banking
Corporate Account
Cash Management Services
Supply Chain Finance
Corporate Lending
Treasury
NBFC Financing
Customer Support
BRAVO (Auto Sweep)
Explore Business Banking
MSME Accounts
Trade Services
MSME Loan
MSME Solutions
Debit Card
Offers
Customer Support
Explore Gift City
About Us
Investors
ESG

FOLLOW US ON :

Download Now

  • App Store
  • Google Play

Notifications

  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on +44 7831 065557 or visit the nearest Metra Trust branch for further queries.

  • Activate your Credit Card within minutes and enjoy unlimited benefits

    Know More

  • One FASTag, three payments:Toll, fuel and parking

    The only FASTag with triple benefits

    Apply Now

FinFIRST Blogs

Credit Card Savings Account Personal Loan Home Loan Car Loan Education Loan Two Wheeler Loan NRI Business Banking Fixed Deposit Finance Beyond Banking MyFIRST Mobile Banking Startup Banking Investments Salary Account
Apply Now

Your guide to buying or renting in a metro city: Pros and Cons

21 Aug 2021 by Metra Trust
your-guide-to-buying-or-renting-in-a-metro-city-pros-and-cons
Apply Now


Most of India dreams of living in a metro city like Mumbai or Delhi at least once in their lives. The ones who do are faced with a tough question, should we rent or buy a home?

While some would prefer to take out a home loan right away, others would think of choosing a personal loan via online banking app considering how huge the rent and living costs the city takes out of you.

What one needs is a cool mind and a list of pros and cons on whether to rent or buy a home in a metro city. We made one for you right below.

Pros of buying a home in a metro city:


You fulfil a dream aspiration


For most Indians, buying real estate is considered a status symbol and the sign of a responsible adult. Plus, if you’re able to do that in a metro city, you are considered to have, well… MADE IT! 

READ MORE

Best reasons to Opt for Home Loan Balance Transfer
Why should you opt for a Home Loan balance transfer? What should you know about it?
5 Reasons to use an EMI calculator before taking a Home Loan
5 Reasons to use an EMI calculator before taking a Home Loan


It’s a solid real estate investment


There will always be demand for housing in metro cities like Mumbai and Delhi, so, if you own a home here, you’ve made a solid investment. You not only save on rent but if you were to move to some other place, you can put your house on rent and see a considerable sum enter your savings account every month.

Cons of buying a home in a metro city:


The interest rate can be exorbitant


Most people will choose a home loan to finance their dreams of buying a house. But, the interest rates in India for housing are on the higher side and the loan repayment period will easily be over 15 years. So, you end up paying more money than the original loan amount.

The cost of living is too high


Even if you’re able to buy a home, you’d have to shell out money for stamp duty, maintenance, interiors, and other kinds of upkeep from time to time. A lot of people end up using their credit cards indiscriminately due to these expenses.

Pros of renting a home in a metro city:


It’s affordable


The rate of increase in rents is quite affordable as compared to a housing loan interest rate. Also, if you’re living with someone, both partners can easily afford the rent and you don’t have to break your savings accounts on this.

You can move anytime


If you don’t like or enjoy living in the same space anymore, you can easily move to a rented apartment somewhere else in the city. India’s metro cities have diverse regions when it comes to renting so there is something for everyone.

Cons of renting a home in a metro city:


A knife over your head:


When you’re living in rented premises, you’re always under worry due to the landlord/landlady on rules and regulation: who can enter, who cannot, damage or renovation to the house, etc. And then there is the bigger pressure of if your lease will be extended or not.

The lack of ownership:


Owning a home gives you a kind of mental comfort that’s rarely seen in a rented apartment. From painting your home to making changes to doing what you want, you don’t have to seek permission every time.

So there you go! While there are many pros and cons to both buying or renting a house, it is always advisable to invest in a property when you are financially ready to make the big leap. 

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

Prev

Loan Tax Benefits: Your Guide to Exemptions
Next

How to check Home Loan Eligibility

Related Products

Related Articles

Download Metra Trust App

Tags

You might also be interested in:

Savings Account

Savings Account
Personal Loan

Personal Loan
Credit Card

Credit Card
Home Loan

Home Loan
Two Wheeler Loan

Two Wheeler Loan