Why Home Loans Have Become an Inevitable Need in India? - Loan Trivia


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Wednesday 20 March 2019

Why Home Loans Have Become an Inevitable Need in India?

Buying a home is every man's dream. However, not all of them have adequate financial support to fund their purchase. The per capita income in India is close to $1670 which translates to approximately 1 lakh 20 thousand. Needless to say, if you live in India it is barely enough to manage bread and butter thrice a day for the entire year, saving money from that is a distant dream. Therefore, housing loans offered by banks and NBFCs become an inevitable need.

Thanks to the recent drop in home loan interest rates, there has been a steady rise in the demand. In addition, various schemes and measures including PMAY and RERA by the Indian Government, in its tryst to provide housing for all by 2022 is not only encouraging the construction of affordable housing but making housing finance more affordable by offering interest subsidy on your home loans.

Advantages of Taking a Home Loans:-

- People can own a home at a much younger age using a home loan. Saving money and then buying the house of your dreams is an unreliable plan - one financial emergency and your plan goes into the waste.

- Besides, by the time you save the required amount, the market value of the house might go up and again your plan will become obsolete.

Therefore, taking a home loan at a younger age to own a house of your own makes it possible to realize the dream faster, and at a lower cost.

Read Also: How to Pick Home Loan with Lowest Interest Rate?

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