Skip to main content

You Need Crores For Buying a House

Yes it is true and also not in very posh and upper end locality. Even the suburbs and out skirts there are properties and homes coming up with the budget range of a crore or more.
Just some years back we remember that houses cost in lakhs of rupees and people would get a very good house in about say 20 to 25 lakhs. But at present this budget is the beginning and starting level of housing development projects. From 15 to 20 lakh rupees for a house on the outskirts of the city or far away places with no roper infra structure the buyer sure needs to either increase their income or go rob a bank! Not literally.
Selection property within budget range has become an important task for new buyers. Especially the working category of class three employees like peons and ayahs and maushis, are all those people we need regularly and their services are irreplaceable. The Tata housing projects or the nano projects are the need of the hour. We really need many houses in this category of we want our dream of giving every citizen a roof over their head.  
Property redevelopment is another very important and promising option to increase the supply of houses. The owners of the buildings can go through legal procedures with proper guidance from lawyers and  enter contracts for redevelopment. Many people also get redevelopment housing loans approved for their society and with these they can build good homes out of their old dilapidated buildings.
Many places have rates that are a minimum of 4,000 to 5,000 per square foot which go on till 15,000 or more rate per square foot on the outskirts and suburbs of the city. With a two bedroom hall kitchen or larger house it is well understood how the rates of houses have increased. You either need a larger budget or you will have to compromise with the location of your house to be purchased. In the city homes are much much dearer costing more than a crore, even our favourite developers are helpless as the supply for houses is lower and the demand for purchase is higher. With so many projects developing and under construction it is important to see which projects have got government approval and clearance title documents.  
With one end buying home for investment,  what about the lower end of people. How do they purchase a house within their budget, will they get a housing loan, will they get a home loan on lower down payment, will they be able to dream of owning a home? Chawls and small budget homes are still dearer and with all the documents required is it really possible for every citizen to own a home , an important though to leave you with!

Comments

Popular posts from this blog

Washington Home Loans

An interest-only loan has become a very popular choice of the many Washington home loans that are available.  What is making this type of loan so popular?  What other options are available to potential Washington home buyers. If you have a desire for a lower initial monthly payment, lower payments over shorter period of time, the possibility that if rates improve your rates could go down giving you lower payments, the fact you may qualify for even an even higher loan amount which would allow you to purchase a larger house than originally you thought this may be an option you should investigate.  There are a couple of other things you may need to consider.  Your payments may change over time.  There is also the potential for higher payments if the rates go up.  These interest-only loans normally interest only for a specific period of time.  The normal time is 4 to 11 years then the payment is raised to a normal level.  This type of an option c...

Get Easy Tax Concessions Bonus on Home Loans

Easy tax concessions are a added bonus with your home  loan. Purchasing a home has become the most sought   after   dream today. Our major salary can go in terms of repaying home loans. With property rates increasing day by day it is becoming more and more difficult to purchase a home even on loan. The principle amount is increasing and also the interest rate added puts a tight crunch on our monthly salary. Tax concessions and rebates come as a boon to lighten this burden a little bit. Is it possible to get tax rebate on the loan amount? Many of us are not aware that this is taxable income money and one can avail rebate on a certain amount. If all returns are filed regularly and all criteria for applying for a home a loan fulfilled then one can avail on tax rebate for a certain amount of the money taken as loan. The main criteria would be the loan has to be taken in the prior financial year and the project has to have a fixed date for completion. The possession of th...

NRI investing in property in India some Tips Best Time to Invest in property

Global Home Loans NRIs are making a beeline for investing in property in India, the reason is with an all time falling value of Indian Rupee they have to shell out less as in $. Though it seems to be the best time for investing in property in India every NRI must find out, enquire, and find the right source to get their deal on any property in India. There are many agents and land dealers who promise too get you the best deals and with their heavy commissions sell land with unclear title or dispute property without your knowledge. hence the first thing while thinking of investing in India is to contact a relative or friend and enquire before hand about the land, property , deals and in case you need about companies offering home loans to NRIs. The news also reports about the RBI loosening a bit on rules for NRIs  to encourage more investments in India. Home Loans Simplified Facts Agricultural land is not under the rules for investment , as of farm houses with farms, and the NRI nee...