While owning a home is always on the mind of a common man, there are several factors that hold him back. Affordability, raising finance and repaying through limited income act as major deterrents in one’s pursuit of owning a dream home. However, this is not the scenario anymore. We list below why this is the right time to buy a home:

1) Interest subsidy under Pradhan Mantri Awas Yojana:

There is huge relief for first time home buyers under PMAY, especially those who belong to the Lower and Middle-Income Groups. Under PMAY, a home loan borrower can save upto Rs. 2.67 lakhs interest on the loan through credit linked subsidy scheme. The amount is credited directly to the lender’s loan account thereby reducing the total amount to be repaid.

2) Boost in affordable housing segment:

Because of PMAY, many developers have launched projects in the affordable housing segment making the houses cheaper for the first-time home buyers. So, while earlier one felt discouraged to buy a home due to the steep prices, now he can buy a home at a price that he can afford.

3) RERA effect:

The Real Estate Regulation and Development Act was implemented in 2017 with an agenda of protecting the interest of home buyers. Right from pricing to the quality of the houses and the delivery of the projects come under the purview of RERA. The developers are now bound to adhere to the conditions of the Act.

4) Relaxed and flexible assessment by NBFCs:

Earlier traditional lenders like banks used to reject applications of home loan borrowers because of lack of documentation or income proof. However now the scenario has changed and NBFCs like Capri Global Housing Finance Limited are flexible with documentation and not very stringent in assessing income resulting in quick sanctions and disbursal of loan.