Owning a home of your own has a lot of pros; some tangible while some intangible. The entire experience is more of an emotion than a task. While the tangible benefits might add quantity to life intangible benefits like the feeling of belonging to a place, stability, pride bring quality and pleasure. Individuals grind all their life to own their dream home, get stability and hence buying a home is the most important decision in life.
The other major reasons:
Investment- Having a household is the largest asset for most people. Equity is built when you gradually upgrade your home and pay down the principal on your mortgage
Income Tax Savings- As per Income Tax Act, 1961 all of the interest you pay on your mortgage and your property taxes are deductible under various sections of the Act.
Fix monthly housing payment: The monthly rate of your mortgage won’t change for the length of the term whether we make a choice to go with a fixed-rate mortgage or not.