Buying with FabX is cheaper than renting. Here’s how -
Statistics reveal that tenants in Mumbai live an average of 2 years in the same house (even if they didn’t plan to). Minimum rent agreement is for 11 months. Below is the comparison between renting & buying for a 1 BHK apartment for 1 year.
Cost calculated for furniture package which includes
sofa set, centre table, chest of drawers, Solid wood Queen Size bed, 6*5 feet mattress, double door wardrobe
|Tenure||6 months||12 months||Lifetime|
|Rent / EMI||₹5,200||₹5,200||₹5,600|
|Net upfront payment||₹10,400||₹10,400||₹5,600 (with EMI)|
|Tenure cost||5,200*6 + 5200 = ₹36,400||5,200*12 + 5200 = ₹67,600||₹60,000|
|Deposit / Buyback||₹5,200||₹5,200||₹24,000 (40%)|
|Total Cost||₹31,200||₹62,400||₹36,000 (₹43,000 with EMI)|
*Source: Rental packages from well known online portals.