Even as the real estate market is now witnessing robust demand, the sector is seeing strong growth after a 2-year hiatus due to the pandemic. The higher demand and the rise in interest rates are also pushing housing prices. In such a scenario, how can a salaried person buy a home? Real estate experts explain what a salaried person can do to fulfil the dream of buying a house.
Avneet Soni, president of Omaxe, said, “A salaried individual may think that owning a home is a distant dream, but with proper financial planning, it is possible to make this desire a reality. The first step for buyers is to establish clear objectives, make a budget, and give savings priority.”
Explore Govt Schemes On Affordable Housing
Soni said one must look at options of homes as per the family’s need, its connectivity with public transport and the support infrastructure around the project. One also takes into account government schemes that aid first-time homebuyers like interest relief and tax benefits.
“There are specific affordable housing schemes launched by private developers and the government. Prospective buyers should also investigate other home loan alternatives, compare interest rates, and select the one that best fits their financial circumstances. A paid person can turn the dream of homeownership into a proud reality with perseverance and wise financial preparation,” he said.
Keep A Good CIBIL Score, Explore Cheap Home Loans
Yash Miglani, managing director of Migsun Group, said, “Owning a house for salaried persons is extremely easy. If one has a regular source of income, pays income tax and possesses a good CIBIL score, then banks are more than willing to provide a home loan to them. However, it is vital to know one’s eligible amount and accordingly select the property. One should also understand that banks finance up to 85 per cent of the total cost of the house, and one will have to raise the other 15 per cent from one’s pocket.”
The government under PMAY also provides a subsidy to eligible first-time homebuyers. “Contact a bank representative who will guide you through the process and inform you of the home loan amount you are eligible for,” he said.
After Arranging the Budget, Selecting The Home
Once it’s decided to purchase a home, the homebuyer must conduct due diligence on the developer.
If the selected property is newly developed or under construction, it is advisable to carefully review the approved plans before making any deposit to ensure they meet your specific needs and expectations, Gada said.
Despite the implementation of the RERA Act in 2016, real estate projects in India still experience alarmingly high levels of delays. That is why buyers need to assess the developer’s experience, market reputation and track record of fulfilling promises before committing to a property purchase.
Homebuyers also need to verify the RERA number and date provided on government websites, comparing them with the completion date mentioned by the developer in the agreement. It is important to have a clear clause in your agreement regarding compensation or refund procedures if the dates do not align.
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