Ideal weekend getaway:
In spite of the fact that their two-bedroom flat in Mumbai, was roomy, it was plagued by the normal challenges of a major metropolis, including pollution and traffic. The couple and their two tiny children couldn't afford to buy a home in a Mumbai gated community where they could have their own space.
They had chosen a property, on the other hand, for their weekend retreat that was remote enough from the city to still be easily accessible. The couple could afford it because of the vast areas and the pool. This would allow the family to spend quality time together on the weekends, and the children would be able to run about in a safe and secure environment.
Capital growth:
The property's value would almost certainly rise because it was so close to Pune. As a result, the value of their second property may appreciate in the future.
Affordable loan for constructing a long-term asset:
Interest rates on home loans are at an all-time low, making them the best option for long-term investments. The couple's salary and credit history make them eligible for a loan with a 6.5–7.5 percent interest rate. A long-term asset may be built at the lowest possible cost using this type of loan.
Tax benefits:
The couple could no longer take advantage of the associated tax break now that their former house loan had been paid off. The only exception is if they were to secure a new house loan in order to buy a weekend property, which would allow them to keep the tax break of up to Rs. 2 lakh each year (B)
Regular earnings:
Having the home rented out may provide them with a steady source of money that would augment their family's income.
Retirement home:
A young couple may retire to the weekend house in roughly 15 years. For example, they may cash in on their Mumbai home, which is expected to appreciate, invest the money prudently, and then follow whatever hobbies they like without having to worry about money.
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