buy a home

Buying a home is one of the most important financial decisions you will make. It can be an exciting time, but it’s also stressful and often confusing. You’ll need to consider many factors when deciding whether or not to buy a home.

Are you ready to start buying your dream home? Here are 6 reasons why now is the best time to buy a “home”:

Homeownership Can Help You Better Deal With Uncertainties

In the past few months, the coronavirus pandemic has exposed the advantages of owning a home as opposed to renting one. Renters cannot move around freely like homeowners can. They also have no control over how much they pay or whether landlords decide to raise rent.
And also it’s better to own a house and live life at ease if ever a situation like the lockdown arises again .

More Affordable Housing

Since the government launched its affordable housing scheme Pradhan Mantri Awas Yojana (PMAY), many developers have started building affordable housing units.
Pradhan Mantri Awas Yojna aims to simplify the entire process of buying a house. Therefore, once you complete the registration process, you can get a home loan approved immediately.

Easy Documentation

Under the PMAY scheme, you do not need any documents to apply for a home loan. All you need is proof of identity and address.

Low Down Payment

The government has waived off the requirement of down payment under the PMAY scheme. However, you still need to show some savings so that you can repay the loan.

Mortgage Calculator

To help you calculate the amount you need to borrow, the Pradhan Mantri Awas Yojana offers a mortgage calculator.

Flexible Repayment Plan

One of the best features of the PMAY scheme is that you can choose from different repayment plans according to your needs. For example, if you want to pay back your loan in full within five years, then an interest-only repayment plan would suit you. On the other hand, if you wish to pay back your loan over 10 years, then an amortization plan would work better.

Home Loan Interest Rate

The interest rate varies depending upon whether you have taken a personal loan or a housing loan. If you take a housing loan, the interest rates are generally lower than personal loans.

Quick Process

You don’t need to wait weeks before getting your home loan approved. Under the PMAY scheme, all you need to do is register yourself with the bank and submit your application online. Once the bank approves your loan, you can make payments directly into their account.

Interest Rates Are Low and Expected To Stay That Way For Some Time

If you are planning to buy your dream home now, then you must know that interest rates are at an all-time low. In fact, they’ve dropped below 4 percent recently. This means that if you take a loan from any bank or non-banking finance company, you can easily get a lower rate of interest than what you would pay on an equivalent tenure elsewhere.

Better Loan Availability

Banks and NBFCs have become much more willing to lend against collateral since the global financial crisis. As such, there is greater availability of loans for buyers looking to purchase a home.

You Can Take Advantage Of Tax Benefits Available

If you decide to purchase a home, some advantages come along with owning property. For example, you can deduct interest paid on your mortgage as well as real estate taxes. Also, you might qualify for a tax credit based on your income level. These credits help reduce your taxable income.

Appreciation Can Be Enjoyed As Compared To Rental Property

The most important reason to buy a home is that it allows you to enjoy appreciation. Every year, your home value increases due to rising demand and increased supply. Unfortunately, many renters never experience this type of growth. By purchasing a home, you become part of this upward trend.

The Bottom Line

Today’s mortgage rates are at an all-time low. And while home prices may not be where you want them to be yet, they’ll continue to climb for many years to come. So, if you’re thinking about buying a home, now is probably the best time to do so.

The first step is to figure out what type of mortgage loan you want. There are two main types of mortgages available: fixed-rate and adjustable-rate. If you choose an adjustable-rate mortgage, you may have to pay extra fees if your interest rate rises above the initial rate, but you won’t have to worry about paying more than the initial rate for as long as you stay within the terms of the ARM.

You should also consider how much money you can afford to borrow. Remember that there are no down payments required with FHA loans, so they’re typically less expensive than other conventional loans. But, because the government insures these loans, you’ll have to pay insurance premiums. If you plan to live in the house for at least five years, you may qualify for a tax deduction on those premiums. Check with your accountant to see if this applies to you.

After determining how much you can afford to spend on a home, think about your credit history. Your credit score affects how much you’ll get for your home. The higher your score, the better deal you’ll find. Don’t let your personal finances dictate your decision to buy a home. Make sure you understand all aspects of the home before making a final choice.

Finally, don’t rush into buying a home. Take some time to explore your options. Find out everything you can about the property you’re interested in purchasing, including, neighborhood, amenities, taxes, etc.

Now that you know what to look for, it’s time to buy your dream home!

If you are looking for 3BHK, 4 BHK flats in Indore, then come to ‘The Residence’.

It is one of the best residential townships that offers luxury apartments in Indore with high-end amenities and green open spaces in the form of gardens, parks, kids’ play areas, etc. The project is situated in Bicholi Mardana, providing seamless connectivity to educational institutes, hospitals, malls and public transport .

Make The Residence Your Next Home!

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