Everyone dreams about having his or her own house. But, we all know that building a house in today’s time and that too in Delhi-NCR area is not so easy and involves a huge cost. There are lots of things, which restrict a person from purchasing his or her own house. But, if you make up your mind about purchasing a house, there are many solutions available in front of you. You just need to stick upon your decision of purchasing a house and make some efforts to find the best suitable solution for you.
Some of such solutions are mentioned below, which can contribute much in making you move ahead on the way of purchasing your own house:
When you make up your mind to buy a house, you also decide upon your budget. Along with it, you also have some areas or localities as preferences in which you want your house. But, sometimes it happens that you don’t find any suitable and within your budget house in your preferred areas. That doesn’t mean you get upset or stop your search. Instead of waiting for more time to get property rates fell down or to increase your budget, you can go for the areas near by your preferred areas where property rates are quite down. Areas with lesser property rates are necessarily not backward or undeveloped areas. There are lots of areas under development. You can easily find a perfect and suitable house in such areas within your budget.
This can prove to be a good decision in many ways like –
- In future, the area is going to be developed and will be equal to the areas you preferred earlier.
- If you don’t want to stay at this place for long and want house in your preferred area, then for a period of time you can save the money which you use to give as rent earlier, and later on when you have enough saving, you can switch to your preferred area.
Now a days, we all are not unaware of the growing popularity of residential projects running down in the city by different real estate companies. If you search around, you can find numbers of such competed or ongoing residential projects, for example, Samadhan Marvelous Residency in Pitampura by Samadhan Social Welfare Society, Amrapali Smart City in Noida Extension by Amrapali Group, SVP Gulmohar Garden in Raj Nagar Extension by SVP Group and many more.
There are lots of benefits of purchasing house in such societies, like:
- The flats in such societies are designed in modern way, are proper ventilated, with modular kitchen and with efficient utilization of the space.
- You get proper parking space for your vehicle. So, you can get rid of everyday arguments and rift with your neighbors on parking problem which is quite common in NCR.
- There is attached garden in the society which can be your children’s playing area, party hall to organize your small functions etc.
- Some of the societies also have fitness clubs and gym built in, so that you need not to go far.
- There is sense of safety in such societies which you can’t find in the areas with normal houses.
- Some of the real estate companies also provide you place to live on rent until the project in which you have booked your house gets completed.
You must be thinking that any of the above mentioned two cases can be executed only if you have enough savings or money in your hand. Well, this is not true. If you look around, you will find that there are numbers of financial institutions like banks etc. offering home loans and that too at affordable interest rates and EMIs. For example, SBI is offering Home Loan @ 9.40% interest rate, PNB Housing Finance Limited is offering Home Loan @ 9.50% - 9.95% interest rate, and ICICI Bank offering Home Loan @ 9.45% - 9.70% interest rate etc. Similarly, there are many more financial institutions those are offering home loan at different rates of interest and with easily payable EMIs.
Here are the benefits that you can avail from purchasing home through home loan –
- Earlier you were giving rent to live in someone else’s house. But now, you will be using the same money to pay as EMI for living in your own house.
- You need not to worry about shifting home again and again, as now you are in your own house and not in someone else’s.
- Nowadays, various banks and financial institutions are also giving option of prepayment and closure. Generally a Home Loan goes for 10 to 15 years. But, if you have saved enough money to repay your loan before completion of its period, using this option you can pre-pay your loan and get a debt-free home.
- As the option of home loan is available to you, so you can purchase either a house or a flat in a society of your choice and that too in your preferred area.
Now a days, this option is very popular among the people, who own a land in residential areas or have house built of old type and needs renovation. There are lots of individual builders who enter into a contract with the owner of house/land. As per this contract, builder will be building a multi-storey house on the owner’s land on his own cost and as coverage, builder will retain either one or two floors. Like, if you are having land or old built house in Pitampura area, the builder will demolish the older one and will built a new 3 or 4 storey building, completely on his own cost. To get his cost recovered, he will retain a floor with himself and rest of the floors and house belongs to the owner of land.
Benefits of choosing this option –
- You will get a multi-storey house and that too designed in the modernized way with proper parking space for your vehicle.
- If you have enough money in your hand, you can purchase back that floor too from the builder and now entire house will be of yours.
- You can further rent the floors, which are not in use to you for now and thus, you can earn from it.
On the timely basis, government announces various housing schemes like DDA Housing Scheme, Housing For All Scheme etc. One can apply for a house under such schemes. However, this can be luck by chance, if you get a house under this scheme, but it’s worth giving a try.
Thus, there are number of options, discussed above, available if you have decided to purchase a house of yours. Providing you solution is in our hands, but whether to accept it or not, is completely on yours.