A home buying process involves a lot many things but what if your preferred home exceeds the budget? Well, this is disheartening and many people drop the idea of owning a property for some time. But, this is not a smart idea and thus we are listing all the points that prove helpful in case the property cost extra than the determined budget.
Firstly, compare the annual rental amount you are paying currently with the cost of an affordable home. Also, you can opt for a compact home that is in huge demand now-a-days as it helps a person save the extra amount that is paid to the landlord.
Secondly, the availability of subsidy under the Pradhan Mantri Aawas Yojna for multiple categories helps you live the dream of being a homeowner. Apart from this, you also become eligible to avail various other benefits on buying an affordable home.
Thirdly, the homebuyers enjoy lesser taxable amount on buying dwelling units under the affordable housing segment according to their annual income and the home loan amount that is sanctioned by the financial lender i.e. a bank.
Fourthly, the homebuyers can enjoy revised GST rates now as the GST Council revoked rate to 1 percent on the under-construction properties and 8 percent on ready-to-move-in properties. Hence, the homebuyers are on the winning side, however, they must take clarity on the Input Tax Credit [ITC] from the developer before finalizing the deal.
Fifthly, the lower home loan amount will be easy to repayment that too in a less time. Hence, you get the opportunity to save while being a homeowner and this is a smart way to save money for buying a bigger home.
The Sixth important point is lower property registration and down payment. Yes, the cost of a smaller home will bring these two amounts and will reflect on saving. This amount will work as funds for shifting and other things once the property is purchased.
On a whole, the saving of both money and time will reap fruit in the future as you can easily plan to buy a bigger home that was out of the budget once upon a time.