Buying a home is the biggest investment one could make. No surprise here that it can pose its own challenges for inexperienced and first time home buyers.
Here are some of the most common challenges faced by home buyers in India.
Making the down payment
Getting a bank loan is not as difficult anymore, but making the down payment can prove to be a tricky task. Most banks expect that you are able to finance at least 20% of the property. Coming up with the initial down payment is the first challenge home buyers face.
Lack of affordable options
In the recent years, developers have been more focussed on constructing properties in the premium sector. This has resulted in fewer options in the affordable housing segment. This can prove to be a challenge for buyers looking for pocket-friendly homes.
However, there’s good news! The government has resolved to initiate a scheme to bring more affordable housing to the country by 2022, and has begun efforts to construct ‘smart cities’, with more affordable housing options.
Rising property prices
Demand for homes and property prices are definitely on the rise in the last few years. The reason being, a growing demand for buying flats by the young middle-class with an increased spending capability. Also, the limited space for construction in Tier 1 cities, has resulted in a hike in prices of new developments.
Furthermore, investors are eager to snap up homes, leaving first time buyers on the side-line.
For those looking for a home that surpasses the challenges, there’s Ganga Acropolis.
Ganga Acropolis offers 2 & 3 BHK residential apartments in Baner-Sus that blend technology with luxury living. The project offers spacious homes with features that can be controlled using your smart phone.