Based on his analysis, Jain found that buying the apartment would be a better financial decision in the long run. While the initial costs of buying were higher, including the down payment and stamp duty charges, the monthly mortgage payments were only slightly higher than the rent he would pay for the same apartment. Additionally, Jain would benefit from tax deductions on his home loan payments, which would significantly reduce his tax liability.

Furthermore, Jain estimated that the value of the apartment would appreciate by 7 per cent per year over the next 20 years, which would result in a significant capital gain if he decided to sell the property in the future.

Overall, Jain’s decision to buy the apartment was based on a thorough analysis of the financial costs and benefits of both options, taking into account his current financial situation and potential future gains.