Is It the Right Time to Buy a Home? - Best time to buy a house

Are You Averse to Government Scheme Benefits?
No?

Good.

The central government introduced a scheme in 2015 - the Affordable Housing Scheme for All or Pradhan Mantri Awas Yojana - which is active till 2022. This scheme applies to both the urban and rural populations.

According to this scheme, the government offers an interest subsidy of:
  • 6.5% for Economically Weaker Sections (EWS - households with an income range of ____)
  • 6.5% for Low Income Group (LIG - 3 Lakhs-6 Lakhs).

    Middle Income Groups
  • 4% for Middle Income Groups-I (6 Lakhs-12 Lakhs)
  • 3% for Middle Income Groups-II (12 Lakhs-18 Lakhs).

The eligibility condition to avail this scheme is that you shouldn't have a dwelling unit on your name or in the name of any family member, in any part of India.

If you don't have a home yet, you come under any of these brackets, and are able to manage down payment; then isn't it the right time to buy a home for you?

For people who prefer under-construction properties, the GST has been reduced from 12% to 5% recently, thereby bringing down the overall cost.

Here is the thing - these schemes are temporary. Hence, to get a benefit out of them, you need to take a quick step - this is the right time for you.

Do You Have a Good Credit Score?

If you have a credit score above 700, then there are good chances that you will get approval on the home loan.  In case you are a credit card user but haven't checked your credit score yet, then use the mymoneykarma intelligent finance tool to pull your credit report.

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