The era of housing luxuriously at a high cost in major cities like Mumbai and Delhi are now close to impossible. With the population rising in the middle-income average rate and the people preferring comfort at a low cost high luxurious end real estate is now only kept for very cream class of people. Affordable housing is the norm. With higher job or employment opportunities in Tier 1 cities, people prefer to shift and live in these major cities. these cities are mushroomed and stuffed with houses. but one thing to note is the rapid rise in affordable housing and low-cost housing which is preferred.
Low-cost homes fit into a perfect box of homes for each and every middle income-earning individual and family. Not only is income a factor for choosing affordable housing but factors like rapid urbanization and migration are also adding to the demand for housing. With rapid migration to cities from interiors, there is a great shortage of housing in cities leading to an increase in the number of illegal housing and slums. These issues have to lead the government to take serious measures in the field of affordable housing. In the last few years, Real estate builders and investors have begun heavily funding and investing in low-cost homes and affordable housing especially because housing is a huge issue in cities, and targeting this demand they get huge returns along with great government support.
In the past real estate moguls only invested in high end and middle-level real estate due to high returns but with the government support for affordable housing real estate developers have now begun investing more and more in lower affordable houses and construction. As per RBI, the demand for houses that are within the budget for low-income populations will reach up to 38 million units in 2030. The housing shortage is now solved with various policies like Pradhan Mantri Awas Yojna which aims at ‘Housing for all’. With the Indian government trying its best to provide housing for every range of budget as an individual what are the few things you can do as a potential buyer to make buying a house affordable for you?
Here are a few tips you can make affordable housing much more than a dream and convert it into reality -:
1. Plan prior
Each and every person who wishes to own his or her own house needs to plan years in advance for their houses. One of the major tips for making housing affordable is making it cost-effective over the years. We are aware that the prices of housing have always been high and for this reason pre-planning your costs are essential. It is always sensible to divide your expenses over the years instead of thinking of spending such a huge amount in one go.
2. Research on home loans
Financial help is required by all .whether through family support or through banking or financial institutions, finance is a major concern in making housing affordable. Every bank or financial institution provides for home loans at different interest rates and durations of repayment. It is important to study the correct home loan plan that suits your financial planning.
Explore Government Policies
The government provides for great policies in affordable housing. Policies like Pradhan Mantri Awas Yojna are very powerful and provide a sufficient amount of relief on the payments for housing .these policies are specifically applicable for low-cost homes, affordable housing, and low-cost housing.
Research and envision your needs - this is very important as a buyer before indulging in any decisions of buying a house. Knowing whether the house fits your desires, needs, and wants along with your budget is essential.