Every bank has developed home loan plans to assist you in realizing your dream of investing in your dream home. But are home loans truly beneficial or just another burden on your shoulders? Will you benefit from taking out home loans and paying EMIs instead of waiting to earn enough money to pay for your dream home? This blog will discuss the advantages and disadvantages of buying plots in EMI. You’ll have a deeper understanding of whether you can afford and benefit from a home loan.
For Indians, owning a plot has always been a measure of financial success. The majority of people hope to own a home at some point in their lives. However, the passage of time causes the investment price for any type of real estate investment to rise. It creates a rush of spectrum within people to invest appropriately in the field. Thus, taking into account the home loan options provided by various banks. Here is a list of the advantages and disadvantages of buying plots in EMI.
It is not possible for everyone to have the entire investment amount in hand. That’s when EMI options come in handy. EMI allows you to divide your one-time cash payment into small monthly installments that you can pay to the bank to purchase your plot. Obviously, this scheme will cost you extra interest from the bank.
The main advantage of buying plots in EMI is –
One of the major disadvantages of purchasing plots through EMI is that you end up paying more than the estimated cost of the plot due to the estimated installment amount with interest. The following are some other disadvantages of buying plots in EMI –
To summarize, the EMI option should not be your first consideration when investing in the real estate market. However, suppose your budget and future plans are positive enough to avoid any negligence, delay in payment, or the ability to close the loan before the estimated time. In that case, you should consider taking out a loan and paying EMI installments on time to avoid additional interest.
The banks have certain criteria before they approve your request for home loans. They have a series of steps to check your eligibility criteria for applying for a home for buying plots in EMI.
PS: Having a stable source of monthly income like most IT employees, CA’s, doctors, and public sector employees receive a home loan easily with lower interest rates due to the nature of their jobs.
These advantages and disadvantages of buying plots in EMI must have given you an effective idea of what to anticipate when you apply for a loan to buy plots. The EMI makes your desire and journey to your dream home feasible. You can extensively research which bank offers the best home loan deal based on your budget. You can also get in touch with well-known real estate developers like G Square Housing. We are south India’s largest and Tamil Nadu’s No. 1 real estate developers. Within gated communities, we have a wide range of options for you to choose from. We also offer complete end-to-end guidance and support to all our customers, from purchasing land to successfully handling the loan application.
For more information contact us through
Call +91 8939540008
Website G Square Housing