Biggest Home Buying Myths in India

Buying a new house will be one of the biggest purchases you would make in your life. But buying a house or an apartment on SV Road of your choice and in your budget is a difficult task, and it can create immense pressure on you because even a small mistake or uninformed decision could cost you heavily in the long run.

Also, when it comes to purchasing a house or an apartment on SV Road, many of them tend to believe in myths just because others believed in it. However, the fact is that several so-called facts are myths that people follow without and authenticity. It is always better to understand the difference between facts and myths.

Therefore here, in today’s article, you can find the list of some of the home buying myths in India that you should be aware of when searching for your dream property.

• Myth 1: RERA is here so, homebuyers can opt for any project without much research

RERA stands for Real Estate Regulator Authority. This act came into force in 2016 and offered great relief to home buyers. RERA act had become the saviour of most of the homebuyers, as it regulated real estate sales and protected their rights. But with the implementation of this act, several homebuyers believed that all properties are protected under this act. But that’s not true; RERA is an act applied only to larger than 500 square meters and with over eight or more housing units. Plus, to be RERA compliant, a builder has to be registered with the RERA board.

• Myth 2: Renting is more affordable compared to buying a Home

This is probably one of the biggest myths out there. You would also have come across some of the articles that would have stated that renting an apartment on SV Road is a far better choice than buying it. But, the truth is far away from that. Let me explain to you why.

Suppose if you buy a smart 1 BHK apartment on SV Road, it would cost you around 1CR and if you choose to take a home loan for 80 lakhs. The bank has a fixed interest rate of 9.4%. And the EMI you will have to pay would be around Rs 65000 to Rs 70000 for 30 years. Whereas if choose to rent out the same apartment the rent would be around Rs 40000 to Rs 45000. And according to an infographic of Economic times, it shows that the rental prices in all cities across the country are going to increase rapidly. And the rental price can go up to 26.2%. Whereas, unlike the rental prices of an apartment on SV Road, the EMI remains constant for the entire tenure of the loan. So, while you may feel burdened initially, the EMI burden will be significantly reduced after a few years with annual salary hikes.

• Myth 3: The builder doesn’t matter while choosing Homes

Selecting a builder who is not customer-centric can lead to a lot of frustration for home buyers. Such type of builders may also use low-quality materials to cut the cost. So it’s very important that for you to select a trustworthy builder and has a solid reputation for building high-quality projects within the promised timelines.

Closing thoughts

As you have read the above article, now if you are planning to buy a residential property for sale on SV Road or a smart 2 BHK apartment on SV Road, you should visit – Chandak Group – as they will offer you some of the best property deals in your budget.

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