Deep down inside your heart, there’s one dream you’ve forever clung onto, never letting it go no matter what. It is your dream of owning a nice, modern and beautifully furnished house in some place, far away from the noisy, chaotic life in the city.
Maybe it’s a beautiful, modern apartment, a huge villa or just a house of your preferences. Or it’s just a simple, true Indian home in a leafy suburb. And because you would rather buy it than build from scratch, you haven’t really thought of hunting for it yet.
You possibly can’t acquire it right now perhaps because a house, similar to your dream home, goes for tens of Lakhs. Saving is your grand plan although you know it too well that it may take you years before you raise an amount adequate to buy one!
But ever thought of buying it through an affordable housing loan instead?
Well, with their unbelievably reduced EMIs, friendly repayment terms and slashed rates of interest, maybe housing loans could be a perfect fit for you. This type of mortgage fondly referred to as Home Loan, is now helping millions to overcome an uphill task of buying a home. Incredibly, all it takes is a principal amount and as little as ₹10,000 per month for a couple of years.
Home loans aren’t exactly new when it comes to financing a home purchase. It has been subject to lots of myths of buying a home, just like any other loan, yet for those who know it, this style of funding is a lifesaver. And indeed, there’s a lot to write home about, especially for someone who could be interested in going down this route.
First, one doesn’t need to worry about getting duped with hidden fees, twisted facts and so forth. Most of them come with a special and incredibly handy Home Loan EMI Calculator for easy understanding of the repayment terms, rates and so forth.
The affordable housing loan, itself, has a couple of other alternatives, which conveniently help a potential homebuyer hunt for the right kind of financing based on individual preferences. It’s important, therefore, that a person gets to understand what the loan entails and talk to the right persons before taking the loan.
Critical Need-to-Know tips regarding affordable mortgage loans:
- It is one of the most efficient ways of owning a home today.
- Getting a lender is not hard at all.
- Determining the loan amount, the period of repayment and the interest rate is a breeze.
- You get to know the monthly payments upfront.
- Monthly payments can’t be hectic since you stretch them yourself.
Alternatives to financing a home
Pradhan Mantri Awas Yojana or PMAY – it’s a government-backed initiative started in 2015 and whose aim is to help Indian people own homes. Under the banner “Housing for All,” this initiative targets the middle- and lower-income cadres, allowing them to own homes.
The Credit Linked Subsidy Scheme – it is yet another program targeting middle-class families. Under the scheme, the families whose annual income range between Rs 6 lakh and up to Rs 18 lakh get a highly subsidized loan to use and buy a home.