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An insight on Affordable Housing

Author: Pooja Agrawal
by Pooja Agrawal
Posted: Jul 08, 2019

Whenever the question about whether or not buying a home stands, the question about finance rises along with it. Buying a home is considered as the biggest financial investment. Hence, people tend to choose something that is more affordable. While the price of an affordable home can be tempting, as a buyer it is important to examine the challenges associated with such projects.

The demand for affordable housing is very high in India. The buyer can face the challenge of timely delivery of the residency which still remains a test to be cleared. A buyer must be thorough with the market trends which will be helpful to overcome the hurdles in the journey of home buying. There are many sources online that provide homebuying guides for the first time buyers.

One of the major drawbacks in affordable homes is that they are located in areas which are far from the major cities to where people mostly go for work. Buying a home in such places can add to the commuting time leaving the buyer with a stressed life. These points are very important and should be kept in mind at the time of buying an affordable home. This is the reason why the involvement in these projects is much lower even though the demand may seem higher.

According to the recent rate cut by RBI, the term affordable has got more importance and is giving a clear indication for the homebuyers to convert into homeowners. This rate cut will certainly lower the interest rates charged by the banks on home loans which in turn will reduce the number of monthly instalments.

The current situation shows the signs of a buyer’s market. So the prospective buyer is eligible to bargain for a lower price and extra discounts. This trend can be seen across multiple cities where the inventory is sufficient enough to meet the demands of the buyers but the buying indication from the buyer is low.

The initiatives from our government are a form of encouragement for the people in order to promote home buying. Other provisions such as HomeCapital’s Down Payment Assistance Program is also another way for people to buy their dream home early in life rather than waiting for years to accumulate savings.

Discover a completely new way of homeownership through HomeCapital's Down Payment Assistance Program, revolutionizing the homeownership and changing lives of millions of home buyers through our Interest-Free Down Payment Assistance program using a secure interactive platform. By combining real estate, finance and technology, they have pioneered the solution to the biggest problem of Down Payment in Homeownership.

It's a really powerful and innovative idea bringing a positive change to the lives of millions of home buyers. We help you cross the biggest hurdle of down payment savings to fulfil your dream of Homeownership. You can calculate your downpayment assistance eligibility for each selected offering. The Down payment assistance amount is provided as an unsecured credit from our lending partners to fast track your home buying. The repayment helps you build equity in your home today with your future income.

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Author: Pooja Agrawal

Pooja Agrawal

Member since: Jul 13, 2018
Published articles: 87

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