A Guide on How to Select the Best Housing Scheme
The various schemes and policies along with the amendments made to the real estate acts have had a profound impact on India’s housing market. Several state government organizations are providing affordable houses under numerous schemes since such revisions.
HUDA Haryana is one such organization providing housing schemes in some of the major cities across India. Currently known as Haryana Shehari Vikas Pradhikaran (HSVP), it offers both residential flats and plots to eligible sections of the population.
Selecting the right scheme is a hassle that homeowners have to face irrespective of the organization providing it. Some individuals have withdrawn advance payments against a penal fee upon suggestions that they can opt for a better residence. According to estimates, as high as 50% of applicants are never satisfied with the house they have booked.
Follow these easy tips for a smooth purchase of a home:
1. Check the location of your property
Several applicants rarely check the location and directional position of their flats in depth. A HUDA housing scheme can offer properties in various regions which usually are advertised with the proximity from a closed railway station, airport, etc.
2. Review the available projects
Check whether there are other projects available in the same area. What to-be homeowners do regularly is come across a scheme, check its features, and blatantly apply for it. You must avoid such common mistakes when choosing a property.
However, it is crucial that you make sure there is no other project in that area more lucrative than the one you have picked. For example, schemes like the HUDA affordable housing are aimed to provide lucrative low-cost properties to individuals.
3. Check the project details
The next step is to check the project details and its amenities. Vehicle parking is one of the leading factors you must consider. Usually, housing schemes charge extra for vehicle parking. Check for open space parking if the property does not provide reserved ones.
HUDA Haryana housing schemes provide space for your vehicle along with several other amenities. Some of the crucial ones that you must go to include children parks, parks for senior citizens, electric backup in case of power cuts, grocery stores, etc.
4. Choose the right spot
Choosing the right orientation for your flat is equally significant. It has a lot to do with your lifestyle and living standards.
Check the position of your apartment along with the size of its bedrooms, kitchen, bathroom, balcony, etc. A large balcony can accommodate not only multiple individuals but also provide ample space for basic utilitarian requirements.
5. The prosperity of the location
Taking into account the current and future developments of the area is also another factor to consider. Check whether it is promising for livelihood in the long run even though the current situation may not be similar. Many homeowners deem investing in properties that will prospectively scale in value.
6. Select the right home loan
The last and final step is choosing the right loan to finance your purchase. Home loans under the Pradhan Mantri Awas Yojana can offer subsidies on your loan interest rates.
Furthermore, several NBFCs offer Home Loans up to Rs.5 Crore with tenors that can go up to 20 years. They also offer balance transfer facilities as well as competitive housing loan rates within loan terms.
Make sure to keep all of the tips mentioned above in mind when you opt for a HUDA Haryana housing scheme. Choose a home without comprising your expectations with the help of substantial financial assistance. Refer to lenders who offer home loans with terms that can make your repayment easier over time.