home_buyers_guide
home_buyers_guide

Home Buyers Guide

By using an exclusive Home Buyers Guide.

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A home brings warmth, security, happiness, and helps create joyful memories of the time that you spend with your family. All homeowners speak about their homes with pride and a sense of identity. You, too, can experience the pride of being a homeowner with some planning.

While owning a home is an aspiration for most of us, one may want to compare home-ownership with living in a rented home. Read on to find out whether it makes sense to buy a home or live in a rented house.

Advantages Of Owning A House

While it’s true that renting a home involves a lower cash outlay, the benefits of buying outweigh renting.

  • You have the security and permanency of your own home; you don’t need to deal with a landlord and the hassles that may come along with it.
  • Your home gives you a sense of emotional security; it’s your very own space where you can simply be yourself.
  • Your home is a symbol of your success and accomplishments.
  • Your home is an asset with the potential to appreciate in value over time. It makes sense not to delay your home purchase since this may result in higher cash outlays due to value appreciation of property.
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Benefits of home loan

When you plan to buy property, the first thing that comes to mind is the need to have sufficient funds for this purchase. Buying a house is usually the largest asset that an individual purchases. It can take years to accumulate sufficient funds for this purchase. However, you don’t need to wait this long. You can simply take a loan to purchase your home. This way, you can enjoy the benefits of owning a house today instead of waiting for years. A home loan is offered by lenders with the home mortgaged as security. The lender also carries out due diligence of the property by verifying all title deeds and other property-related documents. While this doesn’t absolve the buyer from the responsibility of carrying out an independent check of the property documents, it does gives some added comfort of a clear title of the property.

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schemes

Home loan providers tailor your home loan repayment to suit your present and future income patterns. Interest rate levied on this loan is very affordable and repayment is done in the form of Equated Monthly Instalments (EMIs). EMI is a fixed amount payable every month and is made up of part principal repayment and part interest payment. Home loans are available for long tenures spanning up to 30 years.

Home ownership has become even more affordable with the introduction of the interest subsidy scheme called the Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN)-Housing for All.

This scheme primarily caters to two income segments:

  • Economical Weaker Section (EWS)/Lower Income Group (LIG)
  • Middle Income Group (MIG). First time home buyers can get interest subsidy up to ₹2.67 lakh on their home loan.

The amount of PMAY subsidy under the scheme depends on the category of income that a customer belongs to and the size of the property unit being financed. In addition to the above, first-time home buyers can enjoy several tax benefits on availing home loans.

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