In India, home buyers are younger now than ever, with the 34-38 age group accounting for a majority of home sales. Moreover, these buyers are making the most of their youth by leveraging their strength as a team. Young married couples crowd the home market as dual-income nuclear families have become the new standard. The opportunity to buy a home in a prime location today and locking in its valuation and capital growth potential is fueling the trend even more.
So, if you’ve recently married and are looking for your dream home, here’s a quick tip to help you buy it without a hitch.
5 Simple Home Buying Strategies for Young Couples in India
The following are some suggestions to assist you in buying a home.
- Do Your Research
Purchasing a home is a significant financial investment that demands your undivided attention. It is critical to conduct thorough research online and look for various societies and independent villas in different localities. It will help if you consider the amenities, connectivity, crime scene, infrastructure, and so forth available. Additionally, the builder’s credibility, past projects, and future initiatives are essential factors. Inquire with the builder regarding the permissions, licenses, and such.
Only buy RERA-approved property. Finally, it is critical to conduct an on-site assessment and speak with locals in the surrounding area to understand the project’s potential thoroughly. You can also check if banks have approved the specific project for a home loan.
- Buy Under Construction Property
If you are on a tight budget, you may want to consider a still under development property. This is because ready-to-move-in homes are often more expensive than under-construction houses. It is critical not to stretch your budget because it is detrimental to financial planning. You should consider reserving an under-construction flat if the builder has a good track record and the project is RERA registered. For this, you can look for the best bank with low-interest rates on home loans.
- Apply for Joint Loan
It is best to secure a joint home loan as a working spouse. This increases your eligibility for an enormous loan amount while also providing tax benefits. However, both couples must be eligible for the loan. Notably, the tax benefits for couples are dispersed in the same proportion as the loan obligation. However, before taking a loan, you must check the home loan interest rates as they will directly impact your EMI payout.
- Check Your PMAY Eligibility
If a young couple is shopping for their first house, it is a good idea to see if they are eligible for the CLSS incentive under the PMAY scheme. Additionally, purchasing a residence in the name of a woman helps reduce stamp duty. You must consider the different options and select the one that best meets your needs.
- Home Loan Benefits For Women
As a couple, you can also explore the option of getting a house loan in the name of a female working partner. Most financial organisations provide low property loan interest rates to women. Also, when purchasing a home, it is essential to consider all of the extra or hidden charges that will be incurred while servicing the loan. You must search and negotiate the deal with the best bank for a home loan.
Every couple’s dream is to own a home. It is where they hope to start a family and raise their children. It is their biggest purchase and has significant emotional and financial significance. As a young couple who has just begun their life journey together, it is ideal to obtain the loan after considering the crucial aspects stated above for a bright future.