My father brought a makita catalogue to home and ask me to check for this product http://www.makitatools.com/en-us/Modules/Tools/ToolDetails.aspx?Name=TM3000CX5 and know it's uses I found some good things on the net and told him it's uses he told he'll get one as he needs it for his work.

My question can I use it for hobby purposes if yes for what purposes.

Well simply put that multi tool is an oscillating tool and in the hobby it can accomplish a lot of different things, if you are working with balsa or foam. I mean giving shape to your model will become much easier using this tool. But it is meant for much tougher applications than shaping hobby materials and so they can damage your models if not used correctly.

My advice to you nitesh is that you dont need it just yet,start out with simple tools before advancing on to the complex powered ones.Granted that power tools will do the job a lot faster than traditional ones but the skill is in going simple.This tool is meant for industrial applications and if you require it then you can borrow you fathers. 

i have this oscillation tool, and i have tried using this on balsa. its too powerful tool for balsa or foam. this is not good for such light work. if you are using balsa and foam, best is to use dremel/clone or you hand to give shape or finishing touch.
Sandeep

Can we use die grinder instead of dremel. Its lots more cheaper. Any views

you can use die grinder, depends what size and how much output power is given by the grinding motor. since die grinder comes in many sizes and power u have to be very care full in using it on balsa.

Sandeep

Unless if you are going to setup a shop to build and sell models, this is not required.
however, there are lot of power tools which works from 7.4 volt to 12 volt that can be useful like powered PCB drill.
To start with scratch build, a hobby knife can do lot of help.

Ashok.P