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How to arrange funds for the down-payment for a house?
How to arrange funds for the down-payment for a house?
Demand for housing in India is currently at its peak, private estimates show, because of wide variety of factors. Fueling this demand is also the comparatively lower rate of home loan interest—banks in India are currently charging annual interest in the range of 8.5% and above. But, what if you are falling short of arranging this 20% amount from your own savings and still don’t want to let go of the opportunity to grab your dream home at the earliest? What would be some safe ways to arrange this down-payment for some safe sources without taking a monetary hit? Borrow from family members We must first approach our near and dear ones in out time of need. This is your best bet because of the sheer safety and cost advantage involved. Check if your parents or spouse can help you with the down payment even if you are taking this money as a debt and plan to return it in due course. Not only would you save a great deal of time, energy and paperwork but also secure a lender, who will be more compassionate and sensitive if you are unable to repay the loan within a specified timeline, owing to some unforeseen event. If you plan to pay an interest to this family member, you will also be able to enjoy tax deductions on this payment. Word of caution You run the risk of damaging your personal relationship in case you fail to repay the money as planned. Treat the entire arrangement as a professional one and meet your obligation accordingly. Withdraw money from your provident fund (PF) account The Employee Provident Fund Organization (EPFO) allows subscribers to withdraw a certain portion of their provident fund (PF) money for home purchase and various related purposes. A subscriber could avail of a loan that is equal to 36 times his wages, for property purchases. Read our guide on how to check your PF balance using UAN member login. Take a personal loan This should be your last option and must be used, only when you cannot find any other alternative. This is because personal loans are unsecured and hence, cost more than any other type of loan. You may end up paying nearly 11%-20% interest on personal loans. Word of caution “Personal loans are only recommended when the buyer has no other option. Personal loans can elevate the financial burden on buyers, with its higher interest rates and their shorter terms for repaying monthly installments. Lower interest personal loans are only possible, if one has a good credit score and stable income. So, try and maintain a good credit score from the very beginning, if a personal loan is your only option,” says a senior executive at a leading Mumbai-based Fintech, requesting anonymity.
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Most Desirable Rental Localities in NCR:
Most Desirable Rental Localities in NCR:
The National Capital Region (NCR) of India, encompassing Delhi and its adjoining urban centres such as Gurgaon, Noida, Ghaziabad, and Faridabad, represents one of the most dynamic and diverse rental housing markets in the country. It has evolved significantly over the years, mirroring the constantly changing economic landscape, demographics, and lifestyle preferences of its residents. The NCR stands as a vibrant economic hub, offering ample opportunities in a thriving job market, and showcasing a cosmopolitan lifestyle. The region has grown exponentially, driven by its status as the country’s political and administrative capital and its emergence as a major centre for business, technology, education, and culture. This confluence of factors has not only spurred rapid urbanization but has also fostered a robust demand for rental housing. Today, there is a diverse range of housing options on offer, from traditional apartments to modern co-living spaces. Primary Catalysts for Growth The key drivers of the NCR rental market include its booming employment prospects, with a strong corporate landscape encompassing major IT and finance districts in Gurgaon and Noida, as well as the presence of major multinational companies, government institutions, and educational establishments. This has made the region an attractive choice for a wide range of renters, including young professionals, students, families, and retirees. The region’s property market has also adapted to changing lifestyle preferences, offering amenities such as gyms, swimming pools, and communal spaces that cater to modern demands for convenience and comfort to the residents seeking rental accommodation. Top Localities Searched for Rent in Delhi NCR Our analysis of online search data for rental properties in NCR shows that Noida Extension and Saket received the most substantial number of inquiries for rental accommodations. Following these, Patel Nagar, Uttam Nagar, and Noida Sector 62 were also frequently sought after online by prospective renters. While Noida Extension and Saket typically see monthly housing rentals at around INR 15,000-17,000 per month and INR 44,000-46,000 per month, respectively, the rental values in Uttam Nagar and Noida Sector 62 tend to range from INR 7,000 - INR 14,000 per month. Apart from these areas, other frequently searched neighbourhoods for rental housing include Lajpat Nagar and Laxmi Nagar, with rental values in the range of INR 31,000-33,000 per month and INR 12,000-14,000 per month respectively. What makes these areas more popular amongst prospective renters? A number of pertinent factors contribute to these locations’ rising popularity for rental housing. For instance, Noida Extension’s proximity to Noida and Greater Noida's commercial centres, coupled with excellent connectivity to Delhi, makes it a prime choice for professionals seeking an accessible commute. Meanwhile, Saket’s closeness to major employment hubs, educational institutions, and the presence of retail and healthcare facilities make it a strategic choice for renters. Additionally, its metro connectivity adds to residents’ ease of commuting. Other localities such as Patel Nagar and Uttam Nagar owe their popularity to their prime location, metro connectivity and affordability. These areas offer a wide array of housing options, making them accessible to a diverse demographic. Table showing current rentals of the top 10 most searched online micro-markets in NCR Summing up NCR's well-developed infrastructure, improved connectivity through the Delhi Metro, and the presence of world-class shopping centres contribute to a high standard of living for its residents. It is a market that reflects the changing face of urban India, embodying convenience and the sense of belonging to a vibrant community. Going forward, with the promise of a convenient lifestyle, ample job opportunities, and affordability, the aforementioned locations will continue to attract renters while more neighbourhoods would emerge offering quality living.
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Most Desirable Rental Localities in NCR:
Most Desirable Rental Localities in NCR:
Most Desirable Rental Localities in NCR:
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