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I am a Home Buyer

I am a Home Buyer

Whether you live in a rented house or a parental home, buying or owning a house is a dream live by most of us, especially after saving our self-hard-earned money. Property buying task has some emotional attachments too as it is always a pleasant feeling to own a home, too, if you are bearing finances. However, when we come to know various stories about the builder’s inabilities to deliver the project on time and the buyer keeps paying the home loan EMI without actually living in it, it disappoints many potential home buyers.

I am a buyer; I want to own a house, however, I am scared of choosing right project, right builder, confused where I should go for ready to move in or an under-construction project, which is the right payment plan, location, bank loan eligibility, loan repayment planning, fund management …so on!

I am a buyer; I want to shift to my own house; however, I am wondering if paying rent is beneficial then paying EMIs; what if the rate of interest of EMI keeps on increasing and I would be able to pay the EMI on time.

I am a buyer; I want to fulfill my dream of buying a home; however, I am scared of getting trapped by this defamed builder lobby, whom to trust and whom not?

I am a buyer; I want to preserve the memories of my family on Grah Pravesh (house warming); however, I am not very comfortable with expensive ready-to-move property due to high demand among buyers!

I am a buyer; I am excited to get a good deal and enjoy my home buying journey; however, scared of listening defaults and pain of cheated buyers, shall I leave my dream of home buying?

I am a buyer; I am searching for a good property from the last 5-6 years but I am yet to decide whether today is the right time to buy a property?

With all the empathy of a home buyer, I suddenly found today’s scenario is feasible to evaluate whether now is the time to close this long-pending decision:

Since the Govt. has intervened and now RERA is here to protect the interest of home buyers, all C level developers already knocked off, and A & B developers are the player remains.

Since a home loan does not only become a manageable process, the rate of interest also dipped to less than 7%, which ease lots of burden on the borrower.

Since the under-construction property has a construction link payment plan and it is mandatory for all projects to fall under RERA, to invest in such properties are always a better option than to live on rent.

Since Govt. is committed to ensuring “Housing for all” under PMAY(Pradhan Mantri Awas Yojna), if you are a 1st time home buyer, you may be able to get subsidy on a home loan up to Rs.2,65000, which again helps in reducing liability.

Since, in this internet generation, the buyer has awakened and does thorough research before investing, the buyer is more likely to make an informed decision.

After seeing all the above points from a property buyer’s perspective, I can say after years in The Real Estate industry, today is the time when:

  1. Builders are legally bound to offer timely possession or refund
  2. Home loans are easy to process, and the rate has reached the level of 6.9%, which is the lowest till date
  3. Under PMAY, first time home buyers get even subsidy
  4. Lots of credible content and research reports can be easily accessed on the web

Hence, being a potential property buyer, it has become clear for me to understand no time could be more beneficial to buy my dream home than TODAY.

Writer: Chandra Rijwani, Marketing Head, CRC Group