A home is more than just bricks and mortar; it represents a sanctuary of cherished memories. Let us set out to unravel these misconceptions, to simplify and clarify the process of buying a home.
Reality: While a good credit score is essential for securing a favorable home loan during the process of buying a home, it doesn't necessarily need to be perfect. Indian lenders consider various factors beyond just the credit score, such as income stability, employment history, and existing debts. Even if your credit score is not great, you may still qualify for a home loan with slightly higher interest rates or by opting for government-backed schemes like PMAY (Pradhan Mantri Awas Yojana).
Reality: Contrary to popular belief, you don't necessarily need a massive down payment or ready cash, to buy a home in India. According to Reserve Bank of India, the minimum down payment requirement for home loans is just 20%. First time buying a home is even more rewarding. Moreover, first-time homebuyers can benefit from schemes like PMAY and affordable housing projects initiated by the government.
Reality: While renting may seem cheaper initially, especially in metropolitan cities with high prices, buying a home can provide long-term financial, professional and emotional stability to a person and acts as an appreciating asset. Additionally, one can also save tax, while paying the home loan.
Reality: Traditionally, real estate investors focused solely on major metropolitan areas, overlooking the potential of smaller cities. However, this mindset is changing rapidly as businesses increasingly seek opportunities beyond crowded urban centers. In recent years, there has been a notable shift towards Tier II and III cities as viable investment destinations like Ulwe. Buying a property trend is fueled by several factors, including the saturation of metro cities and the growing demand for infrastructure and amenities in smaller urban areas. There are several ongoings projects in Mumbai, presenting investors with promising opportunities for new beginning.
Reality: With options like home loans covering a significant portion of the property value, anyone can invest regardless of wealth. From affordable housing options tailored for budget-conscious buyers to mid-segment properties offering a balance of value and quality, and even luxury homes catering to those seeking opulence, there's something for every home buyer.
This is an attempt to dispel the myths surrounding real estate investment, and embrace the inclusive nature of the market. With the right mindset and determination, real estate investment can be a transformative path towards a secured future.
General Information Awareness
The content of this blog post is for general informational purposes only, sourced from secondary information, and should not be considered professional advice. It intends to raise awareness, not guide decisions. Readers must consult experts before making choices. This blog post cannot be invoked against the builder in any sales agreement.