By the end of financial year 2035, it is expected that Indian real estate market will reach almost Rs. 69,000 Crore. The rise is primarily due to the shifting of a major part of workforce from the rural areas to the urban regions of the country.
To deal with this rapid shifting, the Indian Government has launched PMAY-Urban that provides affordable housing for the urban poor at subsidized rates of interest on home loans. Under PMAY, the target of constructing houses has been set at 1.12 Lakh Crore, out of which more than 80 Lakh houses have already been sanctioned in various Tier-1 and Tier-2 cities.
Why are home loans a convenient finance option?
The reasons behind Pradhan Mantri Awas
scheme compliant home loans being one of the most convenient options for financing your residential unit’s construction are mentioned here under -
It requires minimum documentation. You can simply present your income and identity proof to get the necessary funds sanctioned from a reputed lending institution.
You can also foreclose the outstanding repayment amount, but make sure you know about home loan foreclosure dos and don’ts beforehand.
Opt for a longer tenor as it will reduce the monthly payments (EMIs) towards your loan. You can thus enjoy a convenient repayment option without stressing your budget.
Most lenders let you apply for home loans
online to make it easier for home buyers to avail the necessary finance. Hence, opt for a reputed lender which also offers affordable interest rates and quickly disburses the loan amount to an eligible applicant.