Home Ownership in India: The Dream that Lives On
Home ownership, and getting out of the never-ending string of rented places, is something that everyone who is getting into family life has as a basic goal. This first dream becomes even more daunting for low and moderate income groups, in urban settings, in search of better living standards and stability in the future.
Hurdles Associated with Home Loan Acquisition and Reimbursement
A major barrier when it comes to owning a home, be it an apartment or a piece of land, is availing the home loan and the sky high interest rates as well as the overwhelming process of loan repayment. Lack of a home loan can result in a significant portion of people making home purchases as a big segment of the population can not buy a house without a home loan.
Nonetheless, acquiring a home mortgage is the beginning of another concern that a borrower will very likely face with regard to the repayment period that will take more than 10 years or even 2 decades depending on the terms set out. Mortgage loans in form of instalments can deal a great blow to the savings of people in the lower or middle income class groups thus disturbing their monthly budget expenditure. Unfortunately, this set of circumstances pubic the many families as described has no option most of the time. This burden continues to be a major limitation in cities in these cases for these people who earn decent salaries in fixed monthly payments but whom earn very little in terms of potential and also possess limited resources financially speaking.
Government Initiatives to Support Sale of Homes
The present government headed by Prime Minister Narendra Modi has come into terms with the economic needs of this category of people in the society and has also put in place a home loan subsidy scheme. In fact, this scheme has changed the course for many and given more comfort with respect to mental tensions for many individuals and families. In the last 9 to 10 years, this type of financing has helped and sped up the colonization and urbanized housing development in India.
Growth of Gurugram Real Estate – Best Location
Urban population in Gurugram increased two folds while the supply of housing and commercial real estate has increased at least three folds. With this tremendous growth, Gurugram has uniquely positioned itself as a dream investment location as demand for housing continues to outpace supply. Such a trend is the time for real estate developers to grow their construction activities.
More prospective property buyers can be attracted by the central and state governments by providing more home loan interest figure. These works together with the emerging location, Gurugram, increase accessibility and availability of real estates and homes for dedication in Gurugram region.
New Subsidies Schemes for Middle Class Homebuyers
In a speech to mark the start of festivities on August 15, 2023 which was the country’s Independence Day, Indian Prime Minister Naredra Modi placed emphasis on the issues concerning middle income strata in urban cities and enabling them to realize their home ownership dream and leave rented houses. The government of India is planning to roll out a new plan to subsidize home loan rate which will be announced shortly.
In relation to this commitment, the Union Housing and Urban Affairs Ministry has conceptualized a scheme which seeks to provide aid to potential homeowners looking for houses in urban cities. This program will be a great relief to middle income families that have housing issues in urban areas such as families living in rented houses, in slums, chawls, or unauthorized colonies. The scheme, amongst other things, provides homebuyers with bank loans at reduced interest rates, which could see such buyers save a lot of money in the long run.
Gurugram’s Housing Schemes and Safe Real Estate Developers
Gurugram, being a cosmopolitan city, has witnessed the launching of a number of housing schemes by the state government, offering affordable flats and also low-rise premium flats at subsidized prices. However, it is still very important for people intending to buy property to locate reputable real estate developers.
Gurugram is home to one of the most reputed developers known as Signature Global. The company makes certain that any housing or commercial project developed and being sold by them is safe and has no risk whatsoever. Moreover, these properties generate good rental returns, create good appreciation and returns on investment, thereby making them ideal for Buyers seeking stability, security and growth in a dream city like Gurugram.
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