Everyone has a distinct opinion of ideal homes. Every Indian desires to have their own homes. For many, home is more than a simple resource. It also serves as a source of pride, safety, love and stability. When it is your first home, this sensation is all the more amplified. Today, the government has taken several steps to help the first time home buyers including tax discounts, subsidies and programmes to promote purchase and also support the first time buyers with housing finance. There are several projects in Dwarka coming up and you can invest in the Upcoming New Projects in Dwarka Expressway.
The Phrase, “first time home buyers”, describes someone who makes their first purchase of the primary housing. These buyers are eligible for the special government perks that include subsides, reduced down payments and also help with closing the expenses. Moreover, there are several lenders who provide incentives and certain loans for the first time home owners.
Who falls under the category of first time buyers?
The first time buyers are someone who:
1. Has not owned a primary residence for the last 3 years.
2. Has never owned a primary residence at all
3. Is a single parent and has a joint mortgage on a house.
4. Is a stay at home mom who only shared ownership of the marital property
Benefits of being a First Time Buyer
There are several benefits of being a first time buyer and these are:
1. Government subsidy and Incentives
The Pradhan Mantri Yojana was implemented to fulfil the government’s goal of housing for all. According to this law, the people who belong to the lower and the intermediate income section of the society might receive a tax benefit when they purchase a home. The rates of the tax subsidy also vary depending on your income that is capped at Rs. 10 lac.
2. Financial Advantages
The real estate market is expanding quickly and even the property values are ever rising. Therefore, buying a home gives people the opportunity to build equity over a period of time. This provides a sense of security and also acts as a priceless resource that can be used for the upcoming projects. Moreover, house ownership in India can also provide you with an extra income from rents. This creates a second income source for you. The first time buyers are able to get access to the friendly loan choices that are essential for encouraging home ownership. These specialised loan options include more manageable down payments, lower interest rates and also advantageous terms.
3. Security and Stability
The first time home buyers are very much concerned about stability and security. It is therefore very important to lay the groundwork for a successful and a stress free home ownership as buying a house can be quite a daunting task. There are also several prospective buyers’ stability means, having the ability to make long term loan payments given their present financial circumstances. This needs careful budgeting and considering the variables that include emergency money, employment stability, outstanding obligations and the capacity to save money for the future. It is also very important for the first time buyers to check if the house is appropriately maintained and also has all the necessary amenities. You can also invest in the luxury Apartments in Dwarka Expressway.
4. Investment Opportunities
Today the first time home buyers have more attractive investment choices than they ever had before. These days, the real estate sector has demonstrated a huge potential for solid returns on investments as the borrowing rates are low and there is also an increase in demand of the affordable homes. For the first time home buyers, navigating the complex market can be quite challenging. It can however, also be quite lucrative, if it is done carefully. If the first time home buyers invest in neighbourhoods or regions that are rapidly developing, that might help them to get huge rewards as the property value will increase over time. Additionally using the government sponsored financing programs and the incentives that are especially for the home buyers reduce the financial pressures and also increase the accessibility of home ownership.
Conclusion
There are several advantages of first time home buyers and this cannot be overstated. The Pradhan Mantri Awas Yojana has provided significant subsidies for the loan interests and this has created an atmosphere that supports affordable housing alternatives.