Living on rent? Subventions schemes are for you

Have you been living on rent all your life and craving for your own home? Try investing in a subvention scheme in Delhi NCR. Here’s why?

Anil Joshi, a 37-year-old working with a private firm in Noida does not own a house. He, along with his wife and one child, has been living on rented accommodation ever since he got married. What usually pulled him back from investing in a house of his own was the fear of bearing the burden of paying rent along with the EMIs. Not to forget the daily and monthly expenses.

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Joshi is not alone. This is the story of several property seekers living in rented accommodations. To begin with, under ideal conditions, one would have to manage for a period of around three years when the project is under-construction. However, considering the dubious reputation of most of the residential projects in Delhi NCR, delivery of project on time is a concern. In case, the project is not completed on time, the buyer is stuck with shelling out both the EMIs as well as the rent.
Investing in a ready-to-move property in the city is not an option for everyone due to the high property prices.

Most subvention schemes on offer in the NCR require the buyer to pay just 10 per cent of the total cost as an initial payment. Even though under these schemes, developers charge slightly higher per sq feet value for each unit, it suits those living on rent.

This is where subvention schemes are ideal. As per an expert on Magicbricks, “These schemes helps saving you a considerable amount of money as you can book a flat with just 10 per cent of the total cost and need not worry about EMIs till the time you get possession. One just needs to be careful about the developer’s reputation he/she chooses.”

“These are limited period offers as developers are trying to sell off the unsold inventory in the market. Also, as the developer is paying the bank on behalf of the buyer, they would want to finish the project on time,” said Kushagr Ansal, director, Ansal Housing at a boardroom discussion organised by Magicbricks in Noida.

Thus, if you have been holding back on buying that dream home for yourself due to the fear of being unable to handle the dual pressure of monthly rent and EMIs, these subventions schemes are certainly for you.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/living-on-rent-subventions-schemes-are-for-you/80060.html