Why is it important to get a home loan early in Hyderabad India?

Having a place to live is in instinct in every species on this planet. This thought keeps pushing us humans too, to build a home of our own. The sooner we get home, the better it is.

So, let’s see the top 3 reasons why it is important to avail a home loan in Hyderabad India in the shortest period.

1. Rising property prices: You know, every year the rent of a property increases. This is because the value of the property appreciates every year irrespective of the location. So now, if you plan to buy a property, and its market value is 3 crores, then after 5 year its value will increase to 4 crores, sometimes the value of the property increases exponentially. So, if you don’t act now, then the house you earlier planned to buy will get difficult to buy. And if you’re paying rent, then 35% of your income goes in paying for the rent, for which you get nothing but a small place to sleep. So, push your limits for 20 years and own a house. After 20 years, the value of the house will be 10x the original value.
2. Inflation: Growing inflation influences literally everything. When inflation strikes, it strikes like a snowball. Currently, if you’re on rent and plan to save money to buy a house later, then for that you need to be extremely disciplined in saving money every month. But saving money depreciates its value if you’re not investing it. You cannot keep your money stagnant; it must be on the go at all instance of life. Also, inflation will increase the prices of everything, and that will enforce you to spend more, which means cut down on the saving. Even if you’re getting hike every year but in the entire history of human civilization, no hike is more than inflation. Its always less so even now, the hike you get will be less than the rate at which inflation increases. So again, you must stay below your means to have a house.
3. Lofty interest rates: History is the proof, ever since the concept of loans rose, the interest rates have only gone up, they’ve never come down. So, when you’ll get a home loan to buy your first home, the interest rates will be very high, and again you’ll be where you started from. The external factors affecting the interest rates will make it touch the stratosphere. It will be even more difficult to get a home because you’ll not get the property you initially thought of purchasing plus high-interest rate. The amount you have saved will be less than the value of the house. So why do things later? Do the difficult part now and get over with it. If you’re in your 20s, then do it now. By the time you reach 40, you’ll have a house, but if you get a house in your 40s then you’ll reach 60s.

Avoid all of this. Make up your mind and do it. Your expenses are less now. In the future, your expenses will also increase.

Hello, I am Alvina working as a content writer in Hyderabad.