Best finance plans to buy your home

This is the best time to make the dream of owning a home come true. The present market conditions are indeed favorable for homebuyers who were sitting on the fence in the last couple of years. The home loan interest rates are at their lowest in decades and real estate experts predict that this good phase may not last. So, in more ways than one, it’s the best opportunity to make that move towards being a homebuyer.

Making the choice

There are several finance schemes to help you take that step towards home ownership easier and faster. Almost all banks and housing finance companies disburse loans faster if you have a good creditworthy score and a steady income. With a slew of ready to move in homes in the city, especially those beautiful luxury homes from HM Constructions https://www.hmconstructions.com/ , it’s that much easier to live the luxe life. Moreover, you tend to win if you choose a ready home because you are not required to pay the GST which you would need to pay for an under-construction house.

Explore these finance plans to see which one works best for you:

Construction Linked plan

This type of finance plan is also called a possession-linked plan. According to this plan, you as the homebuyer will be required to pay an initial booking amount upfront to the developer of the project. This amount is usually about 10-15 per cent of the apartment price. You pay the remaining amount according to the progress made in the construction of the apartment. For example, about 20 per cent of the amount with each floor constructed.

The main advantage of the construction-linked plan is that the developer will aspire to complete the construction as soon as possible since the payment comes in systematically. Also, you the homebuyer will have the guarantee of having the construction of your home completed faster.

Most banks disburse the loan for a construction-linked finance plan faster because of the guarantee of the project completion and speedy possession for the homebuyer-borrower. The home loan interest rates for women borrowers are pretty competitive since banks offer special discounted schemes on the property if the primary applicant or co-applicant is a woman.

The flip side of a construction-linked finance plan is that the cost of the purchase will increase for the homebuyer in terms of the interest paid to the lender.

Down payment plan

According to this type of finance plan, if you are planning to take a housing loan you will have to pay at least 10-15 per cent of the loan amount as down payment. This in a way, seals the deal with the bank from where you plan to borrow the money to make your home purchase and the bank in return lends you 85-90 per cent of the cost of the apartment to buy your dream home. This is one of the best finance plans because you can negotiate for an attractive discount from the developer since you are paying him the complete cost of the home.

Joint loan

This is one of the best finance schemes where the burden of the loan amount can be shared with other members of the family. A joint home loan can be taken by 2 or more members of the family. This ensures that all the borrowers are rightful owners of the house. The advantage of borrowing a joint home loan is that the equated monthly installments (EMIs) can be paid by all together so the burden of the loan repayment is not upon one person.

Credit-linked Subsidy Scheme

The Pradhan Mantri Awas Yojana (PMAY) is a Credit Linked Subsidy Scheme (CLSS). This means that under the PMAY scheme you are eligible for interest subsidy if you borrow a home loan to purchase or construct a house. While the maximum home loan amount you can borrow is Rs 6 lakh, the eligible interest subsidy amount ranges from Rs 2.30 lakh to Rs 2.67 lakh.

HDFC, ICICI Bank, SBI banks are the best choice for home loans with their lowest interest on home loans starting from 6.70 per cent.

Unique scheme

Each home from HM Constructions http://www.hmconstructions.com is built in a way to offer maximum space and comfortably accommodate a family of four.

Our unique scheme lets you book any of our spacious units of your choice at a token amount of Rs.10,000 only. Since the units are ready-to-move, you can finish up the formalities and move into an apartment of your own in just 10 days. What’s more, once you move in, you can let HM take the burden of your EMIs! The EMI Holiday Facility lets you postpone your EMIs by 10 months so that you may enjoy your stay at HM Indigo for nearly a year before you start paying the EMIs.

So, stop worrying about your monthly rental and book an HM Indigo http://www.hmconstructions.com/projects/details/hm-indigo apartment today.

Call us on 8880225555 and we will help you find a home that suits your lifestyle, falls within your budget and is close to all that you would need throughout the year!