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Answer to your question
hi brawnym!

The question that you have posed has many angles to it, and one very important aspect is personal beliefs and preferences.

I think if I say my own preference (this should not be construed as my `belief`) is not to be an `slave of EMI`. That is mean I do not like to lead a monetarily uncomfortable/ tight life because I have committed an unusually large some of money every month for the next 15/20 years as EMI of a huge loan. These 15/20 years of my life are likely to be the `prime period` of my life which comes only once and it is to be enjoyed in a slightly relaxed manner with the family(I do not indulge in luxuries and mindless spending) .

After all, money is not supposed to dictate terms and constrict our living, it is supposed to be an enabler and supporter of an elegant, honorable living. I only mean to say that to that extent, I like to limit loans to small ones that can leave me with enough money every month to live life the way I always want to.

I talked about myself in brief just to tell you that this is a personality dependant matter.

I always prefer land property to anything else. Personally I have been buying small plots of land in slightly underdeveloped city outskirts (mostly on news that an institute or a hospital or other developments are likely to come up)purely from investment perspective. If you do this, you should sell it after at least 3 years (to take advantage of `long term capital gains` benefit) and invest the proceeds/profit in the next land property (this gets you capital gains tax benefits as well).

In this case, I believe that money from land/property, IF REQUIRED TO BE REINVESTED, SHOULD ALWAYS BE invested back in land/property ONLY.

I have studied in Pune for three years and am very fond of the city. I would have put my money in the outskirts of Pune in 1997, say towards Lohegaon area , if I belonged to Pune. However, since I also believe that land should ideally be bought in the place you belong/plan to settle (this helps you to monitor it better and have contacts to vacate encroachers if required) I did not go for any purchase there.

I am sure you can find a plot in an underdeveloped suburb which may turn to the next hot township.

If the question is only about buying a house/renting it, better to buy one than keep paying rent on a house.		   
Posted By     prjayachandran

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