Housing-friendly initiatives such as the Real Estate (Regulation and Development) Act or RERA and Pradhan Mantri Awas Yojana (PMAY) mean the best time to buy a home may be now. And with great housing loan schemes and loan add-ons available today, your dream home may just be within reach.
You can Benefits from The Implementation of RERA
RERA was passed by the Central government in March 2016 to address the various grievances of homebuyers. The objective of this Act is to protect homebuyers from unscrupulous builders and to also channel investments in the right direction within the real estate industry. The Act came into force in May 2016, and since then, setting up of a RERA authority in every Indian state has become a mandatory norm.
With the directives of RERA in action, homebuyers can expect authorities to resolve their grievances and disputes with builders in a timely manner. For better clarity and to promote transparency, RERA allows you to question the developer for the steps he takes during the entire process of development and promotion. This means that the developers cannot take you for granted and have to inform you about the progress of their project at every stage.
Moreover, they cannot carry out any changes in design without taking consent from two-thirds of the homebuyers involved in the project. Another important aspect of RERA is the standardisation of the sales agreement. This agreement allows you to withdraw from the project and get full compensation for it if the developer does not hand over the property by the due date mentioned in the sales agreement. Also, if you do not withdraw from the project, then you will get compensated with interest for every month of delay from the due date. This makes the entire process of buying a home more transparent and cost-effective.
You can Apply for PMAY and Get Benefits
The Pradhan Mantri Awas Yojana or PMAY was brought to action by the Indian Government in June 2015. The goal of this scheme is to create affordable ‘housing for all’ by 2022. Lenders are offering best home loans under this scheme to help you benefit from the interest subsidy on home loan interest rates as directed by the scheme.
You can avail the scheme as per your income eligibility to get various benefits and enjoy subsidies on your home loan. Based on the basic household income demarcations in India, this scheme is broadly divided into three sub-schemes for each income group, namely Economically Weaker Section and Lower Income Group (EWS/LIG), Middle Income Group I (MIG I) and Middle Income Group II (MIG II). Once you qualify for this scheme based on your income eligibility, you only have to abide by the home buying norms such as the carpet area and builder restrictions and then you can avail an interest subsidy on your home loan.
You can Benefit from Low Interest Loans
You can take advantage of low home loan interest rate being offered by various lenders. Checking your home loan EMIs is easy using the home loan EMI calculator online on lender websites. Input the figures for each parameter such as the tenor, interest rate, and loan amount to arrive at an EMI figure that suits your budget and then apply for a low interest loan to keep your interest obligation within a pocket-friendly range all along the tenor.
You can Take Advantage of Additional Facilities
While you check your EMIs, it is also important to check the lender offerings. Lenders like Bajaj Finserv offer home loans of up to Rs.3.5 Crore for a tenor of up to 25 years. You can also opt for benefits such as a Flexi Hybrid facility to enjoy 4 years of principal holiday and more to help you organise your finances better, a top-up loan to fund urgent needs, and nil foreclosure charges to allow you a chance to become debt-free faster.
With great pre-approved offers on home loans and convenient features, now is as good a time as any to apply for a home loan.
Nishant is a passionate blogger. He has expertise in writing finance articles.He have been serving society as a financial adviser. He loves keeping himself up-to-date with the news and happenings around. He is always open to learning and shares his experiences on Greetings of the Day.