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Buying a house for the first time? Remember these tips.

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Buying a house for the first time? Remember these tips.

In the last few years, the real estate sector has gone through such immense changes that the entire industry has transformed into a whole new entity. Various reforms like demonetization, GST, RERA (Real Estate Regulatory Authority), etc. have impacted the real estate sector like never before. Close to ninety cities have made it to the list of Smart Cities where affordable housing is a granted infrastructure component. To ameliorate the situation further, the rapid economic growth of the country’s economy and easy access to financial help along with high disposal income has made it simpler for young people to purchase a home that they can call their own.

Solidity in property prices and concentrated focus of the government on the real estate industry have revived the interest of young people in Indian real estate prior to which the demand was not heading towards the right direction. As of now, house buying has become far easier and simpler than it was a few years back. This is mainly due to the below stated reasons:

Housing Sector Has The Government’s Attention:

Established under the under Pradhan Mantri Awas Yojana (PMAY), Credit Linked Subsidy Scheme (CLSS) enables first time home buyers to opt for more benefits when purchasing a home. Segments like Low Income Group (LIG), Middle Income Group (MIG), economically weaker section (EWS) now have fair chance at owning a house due to the numerous benefits provided by the scheme.

Home Loans With Numerous Interest Benefits:

With the presence of multiple banks in the market, first time house buyers have options to choose from when opting for home loans with different interest rates. Along with the current tax benefits that provide great deductions, a buyer can claim additional cuts that will reduce the burden of repayments. Thus a first time house buyer now has better options and possibilities when it comes to making a purchase decision. Purchasing a home or owning a home is a huge responsibility. It involves diligent planning and proper financial movement. During home buying process a buyer must keep in mind the following points:

I.The property being purchased is right
II. The developer is honest
III. The relevant permissions are acquired
IV.The developer’s previous projects

Beyond the selection of house for purchase, it is important for the buyers to choose a good housing finance company that will guide them through the entire process. Home loan is a commitment for nearly fifteen to twenty years. Thus a buyer needs quality service, domain expertise, process knowledge etc. in order for the deal to close without any hindrances.

To promote affordable housing under PMAY, various banks have created dedicated teams across the country to educate developers, including their sales staff and consumers about the government’s initiatives on the CLSS. The aim of such workshops is to educate and provide access to real beneficiaries like first time home buyers to schemes that will help them in their endeavor of purchasing a new house.

Written by Mr. Sarveshaa SB

MD Bhadra Group

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