First-time home buying is an exciting and significant milestone in one’s life. The Indian real estate market offers several benefits for first-time home buyers. The Indian real estate market has been witnessing steady growth in recent years. Therefore, it is an ideal time for first-time home buyers to invest in a property. The appreciation in property prices and rentals can provide a good return on investment in the long run.
Government schemes
The most significant benefit is the availability of affordable housing options. The Indian government has made a concerted effort to provide affordable housing for all by 2022. They adopted offered schemes such as the Pradhan Mantri Awas Yojana (PMAY). This scheme provides interest subsidies on home loans to low and middle-income families. This can help first-time home buyers afford a home.
Another benefit for first-time home buyers in India is the availability of government-backed loans. The National Housing Bank (NHB) and the Housing and Urban Development Corporation (HUDCO) offer loans at a lower interest rate than traditional home loans. They are available to low and middle-income families for the purchase or construction of a house.
Tax Benefits
The Indian real estate market offers various tax benefits for first-time home buyers. The Income Tax Act, 1961 provides tax benefits for those taking out a home loan. The interest paid on the loan is tax-deductible under Section 24 of the Act. Moreover, Section 80EE helps first-time home buyers with tax benefits.
The government offers tax benefits for those who invest in a property under the PMAY scheme. This can help first-time home buyers save money on taxes and make it easier to afford a home.
Rent to own and owner financing
Another benefit for first-time home buyers in India is the availability of various options. This includes rent-to-own and owner financing. The rent-to-own offers an arrangement where the buyer rents the property and can purchase it at a later date.
Owner financing is an arrangement where the seller of the property acts as the lender. They allow the buyer to make payments directly to the seller. Both of these options can be beneficial for those who have limited resources. These options can also be used by people who face difficulties in obtaining a traditional loan.
First-time home buyers can avail of these benefits. They can, thus, purchase the home of their dreams, while making wise financial decisions.
When looking to buy a home in Bangalore, consider the various options available in the city. Upcoming projects in Bangalore offer the opportunity to invest in a property that is still under construction. On the other hand, new apartments in Bangalore are ready to move in.
Additionally, many ongoing projects in Bangalore are offering attractive deals and discounts. With the diverse range of options available, buyers can find the perfect apartment. They can choose the house that fits their budget and needs.
You should also consider the location and the amenities offered when buying an apartment. Buyers can find the perfect apartment in the perfect location with the right amenities among the options.
