The homebuyers often look to purchase property at a budget-friendly cost as it allows them to avail increased tax benefit and the longest repayment tenure to repay the loan amount in easy and small installments.
India is a diverse country. As the financial capabilities of individuals and families vary, so does the meaning of affordability. The word ‘affordable home’ does not create the same image in the mind of a person belonging to the EWS category as it does in the mind of a middle class individual. Home is a necessity for all individuals. For someone belonging to the Economically Weaker Section (EWS), it means a dwelling where they can enjoy a secure living like a middle class person. Several Housing Projects in Gurgaon cater to the needs of the HNIs and the government is coming up with affordable options for the EWS.
However, for the person who is neither too poor not too rich, what is an affordable home. He will obviously not like to live in a small dingy apartment nor can he afford a villa in some posh locality. They are not as economically challenged as the EWS but they So what should a middle class person do? [Read more…]