Rent versus Buy Home?

Hi,

I am trying to determine if I should continue to rent and save the difference between a new mortgage payment and my current rent to buy a house with cash in a few years rather than a mortgage. I currently am paying $800 rent. Interest rates in my country for a mortgage is minimum 12%. I can invest and get a 7.5% return per annum minimally. I want to purchase a home about $250,000. I am thinking it is better for me to continue renting for the next few years, as I can probably save between $2000-$3000 per month and then in a few years (may 6-7 years) buy my home cash. Mortgages are usually for 15 years here, so I come ahead 8 years before a mortgage and don't owe a thing.

What do you think?