02
Jun

Are you still wondering if it’s the right time to buy your first home?

It was not until now that we realized our home is the only permanent thing in this ever-changing world.

Just like any other sector out there, COVID-19 has left its mark on the real estate sector as well where people with rental properties seem to be the most affected. The complete standstill and furthermore, the lack of liquidity are the major contributors for this sub-section to be adversely impacted.

But every crisis has a silver lining and so does this one. There seem to be positive ‘ripple effects’ of this lockdown for first time home buyers. If you are still wondering whether to invest in a home or are questioning yourself whether it is the right time to buy a house, this might help:

With some sectors being allowed to resume operations in May (although not to full capacity), the construction industry welcomed this relief as a lot of projects were working with a tight timeline and targets so customers could take advantage of the PMAY CLSS.

The Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojna (PMAY) was initially approved for implementation until 31st March, 2020. In an attempt to boost the industry and also to extend their support to first time home buyers, the government has now extended this date by a year, that is 31st March 2021.   

Not really sure if you qualify for this?

In a nutshell, people with an income between Rs 6 lacs to Rs. 18 lacs are eligible to benefit from the subsidized loans being provided. The government, thus, is leaving no stone unturned to meet its vision of ‘Housing for All’.

As per the FM, nearly 3.3 lakh families till now have benefited from the scheme. Going forward, nearly 2.5 lakh families are expected to enroll for the CLSS.

In fact, a report by Magicbricks PropIndex claimed that consumer searches to buy homes have observed a 5.3 percent growth in the first quarter of 2020. The segments that seem to be active are nuclear families, working individuals and corporates. If this pandemic has made you realize your want for a true sense of belonging or even perhaps second guess your plan to buy a home of your own, this silver lining will help you make the right choice.

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