How to buy an affordable home in Ahmedabad in 2023?
Buying a home, especially for a middle-income family is not just any purchase. It is a mix of emotion, aspiration and getting out of the comfort zone. But dreams are to be realised. Right action taken in the right direction at the right time is always a blessing for the family. Clarity on some crucial points can be both handy and helpful to buy a house and cracking the best deal.
In present times where the spending power of people has increased, lending has also increased proportionally. The trust quotient is definitely on the higher side. But certain unavoidable criteria are to be understood and fulfilled.
Get your credit score checked : A good credit score speaks a lot about your discipline in repayments of the earlier loans you have taken. A good credit score is a trust card for you. It helps you get a home loan with a lower interest rate and this is what makes the home purchase affordable. Getting your credit score better known as a CIBIL score checked regularly keeps you updated about your chances of availing of a loan whenever you need it.
Plan and save for your down payment: any middle-income group, the habit of saving is a problem solver. Amidst spending on the necessities, one is not left with a large sum to accumulate so here is where the habit of saving for a purpose becomes a smart move. Save regularly for your down payment. Start saving the maximum that you can plan. Consider increasing your income by putting your time and skill to use by doing extra work.
Search for help from the government help for Home Buyers: Govt. of India has made a goal of housing for all and under that objective, both the central and the state governments provide assistance for down payments and closing costs. These schemes are especially for middle and low-income groups.
Government-backed loan: National Housing Bank (NHB) or the Housing and Urban Development Corporation (HUDCO), may be available to those with low or moderate incomes. These loans often have more flexible credit requirements and may allow for a lower down payment.
Compare the Home Loans from different lenders: It's important to compare home loan offers from various banks so that you can choose the one best suited for you. In addition to the interest rates, other costs associated with the loan should also be considered and understood.
Affordable areas provide affordable homes: A city like Ahmedabad is ever expanding. Govt. announces several town planning schemes around the city in close vicinity. Look for such areas. These areas are both promising and have immense capacity to appreciate both in lifestyle and monetarily. Areas like Bopal, Rancharda, Vaishno Devi circle, Bhadaj, Shela and now Kasindra are a few examples.
Seek help from a Home buying or Financial advisor: A financial advisor can help you achieve clarity and understand the nitty gritty of the home buying process. Home buying requires a lot of financial formalities and legal formalities. It is quite possible that in absence of a consultant, one may land in trouble. A home-buying consultant or a financial advisor shall help you understand the purchase in a comprehensive manner.
Certain points to be explored and clarity achieved while buying an affordable home:
Schools nearby: A school nearby is of utmost necessary and a school in a nearby location can save you long-distance travel to use. This can be especially important if you don't have a car and will be relying on public transportation to get to and from school
Availability of public transportation: If you don't have a car, it may be important to find a home that is located near public transportation, such as buses or trains. This can make it easier to get to work, school, or other destinations.
Shopping and amenities: It can be convenient to live near supermarkets, pharmacies, and other amenities that you may need to access on a regular basis. Consider what amenities are important to you and look for a home that is located near them.
Hospitals Nearby: If you have a chronic illness or are getting older, it may be important to find a home that is located near healthcare facilities, such as hospitals or clinics.
Living near these facilities may come at a higher cost so while buying a middle-income home, having a complete and practical idea about these points make your everyday life easy. Daily living is what decides your quality of life after you have purchased your house. Fortunately in Gujarat and especially in and around Ahmedabad, the infrastructural development ensures that the quality of your daily life remains excellent.