Updated on: November 11, 2025
Rahul and Priya, a young couple from Kalyan, Thane, always believed renting was better than buying. They had heard that buying a home meant years of financial struggle and hidden costs. But was it true? Let’s uncover the reality behind common homebuying myths and help you make an informed decision.
Many believe renting saves money compared to homeownership.
While renting may have lower upfront costs, buying a home allows you to build **equity** over time. Real estate appreciates, making it a **profitable investment** in the long run.
Many first-time buyers think they must save 20% of the property’s cost.
Various home loan options allow buyers to **purchase with just 10% down**. Additionally, **PMAY subsidies** can make homeownership even more affordable.
Many believe only those with a flawless credit score can purchase a home.
While a higher credit score can secure better loan terms, numerous programs are designed to help those with moderate credit scores. Lenders consider the overall financial picture, not just the credit score.
There's a common belief that building a new home is more cost-effective than buying an existing one.
While new construction allows for customization, it often comes with hidden costs, such as permits, landscaping, and potential delays. Buying an existing home may offer more predictable costs and faster move-in timelines.
| Myth | Reality |
|---|---|
| Buying a home is too expensive. | There are affordable EMI plans that make homeownership easy. |
| Only rich people can invest in real estate. | Even middle-class buyers can invest with proper financial planning. |
| Renting is better than buying a home. | Homeownership builds long-term equity and financial security. |
| You need a perfect credit score to buy a house. | Many banks offer home loans with flexible credit score requirements. |
| Property prices always go up. | Real estate markets fluctuate, but well-researched investments grow in value. |
| Under-construction properties are risky. | Choosing an RERA-approved project ensures legal protection and timely delivery. |
| A bigger home is always better. | The right-sized home based on your needs and budget is the best choice. |
| Real estate investment is only for experts. | With proper guidance and research, anyone can invest wisely. |
| New homes are always more expensive than resale properties. | Many new projects offer better financing options and lower maintenance costs. |
| Location is the only factor that matters. | While location is key, factors like builder reputation, amenities, and resale value also matter. |
It depends on your long-term financial goals. Buying builds equity, while renting provides flexibility.
Most home loans allow 10% down payment, and government schemes like PMAY offer subsidies.
A credit score of 750+ is ideal for easy loan approval, but banks also offer loans for lower scores with higher interest rates.
Verify if the project is RERA-approved, check the title deed, land records, and legal clearances before investing.
Yes! Many banks offer home loans with low EMI options and joint loans can also increase eligibility.
Additional costs include registration fees, stamp duty, maintenance charges, GST, and interior costs.
Home loan approvals generally take 7-15 days, depending on your documents and bank policies.
Yes! NRIs can invest in Indian real estate under FEMA regulations and take home loans from Indian banks.
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