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09 January 2011

Home Loans and their Importance

Property prices are reaching the sky. It is becoming nearly impossible for buyers to afford a place under the sun in the city. The suburbs and outskirts of the city are fast developing into latest construction sites and many builders are trying to put forthe the idea of budget homes. In such times home loans are the best option for owning a dream home.
Prices of property are ranging from a crore to 10 crores and more. Depends upon the area and place where the houses are purchsed. Every area has a standard 'area per square foot' price fixed. Some constructions amy be more due to availability of better construction and facilitites offered by the builder. Even when both spouses are working it becomes very difficult to payback the loan. The salary of one spouse has to be kept aside for repayment of the loan. If only one member is working it becomes more difficult as the family also has daily household expenses to cater to. For a loan in crores they have to pay the EMI of  more than 50,000 and maybe even i lakh. How can an person who earns 50,000 repay a loan? it is very difficult and hence people are opting for places on outskirts or suburbs where the rate of houses are comparatively low than in the mid heart of the city.The borrower has to survey the market for best home loans available.
Home loans have come as a very lucrative option and when financial planning is done effectively one can purchase a home on loan without extra hassles. Many a times working individuals cannot save, however much they try, to make an outright purchase of house, hence they have this option of taking a home loan and fulfilling their dream. Even government and other big builders are paying more importance on providing home for every citizen and nowadays the idea of budget homes is coming in the limelight. The year 2011 is especially dedicated by the government and reputed builders fo making affordable homes. Let us wait and watch how these people fulfill the dreams of the many lakhs of people dreaming of owning a roof under the sun!

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