How to buy a house with no money in India?

I think most of us have asked this question when we were young, ‘how to buy house with no money?’. Although it may seem like a vague dream, it is possible to buy a house with no money or downpayment. I will tell you how.

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ow Can I Buy a House With No Money?

The market now offers a wide variety of home loan schemes, making it comparatively simpler to raise the money needed to purchase a property. The majority of lenders, however, only offer 90% of the property's worth, thus a 10% down payment is required to cover the remaining amount.

Is it possible to avoid making a down payment then? No. So,

how to purchase a house with no money?

The simple answer to this is that if you don't have enough money, you may always lessen the amount that you need to pay while buying a house.

• Take an unsecured loan:

   

In the event that you lack the necessary finances to make the final payment, you can always apply for an unsecured loan from a bank or lender. For example, if your property is worth Rs. 30 lakh and you have previously secured a Rs. 27 lakh house loan, you can obtain a further loan to cover the remaining Rs. 3 lakh.

• Sign up for the Pradhan Mantri Awas Yojana scheme:

   

The goal of this government-backed project is to give urban disadvantaged people access to cheap homes. If you qualify for the programme, you can receive an interest rate subsidy on your home loan of up to 6.5%.

• Pull up funds from your investments:

   

If you have a good investment portfolio, you know

how do I buy a house with no money.

You can benefit from a strong investing portfolio in a number of ways. For example, you can always use mutual funds or fixed deposits as collateral to get a low-interest loan. In this manner, you'll be able to set up the money needed for the down payment.

• Seek financial assistance from friends or family:

   

Though it might be your last choice, it's actually not that horrible of an alternative when you give it some thought. The best part is that there is no interest required on the amount borrowed.

These are a few options you can try if you want to know

how to buy a house with no cash.

We all share one dream when it comes to big life achievements – Owning a home of our own. For this, people usually take a housing loan. To further reduce the burden, we can purchase a home under the PMAY scheme to get a subsidy of up to Rs. 2,67,000. My best friend recently bought a house without any funds, so I know how to buy house in India with no money.

If possible, get a pre-approved or pre-sanctioned housing loan before you finalize the property you are looking to buy. This can help you analyze how much amount you’ll be offered by the financial institution you’ve applied with. Once you know the exact amount the bank will be providing, you can take an unsecured loan like a business loan or a personal loan to make a down payment for your housing Loan.

Let’s say the property you are looking to buy is costing you Rs. 30L and the financial institution is providing you 90% (Rs. 27L) funding on the property’s market value. Now, if the property’s market value allows, you can get more money from financial institutions as the furniture and fixture cost. So, in this case, you can take a housing loan of Rs. 3L as the furniture and fixture cost and use it to make a down payment.

• You can take a loan from your employer.

• You can take a loan against financial assets like insurance policies, securities, shares, etc.

• In case you have/had an EPF account for over 5 years, then you can take a loan from that account.

• You can also take a Home Loan Down Payment Loan against the gold.

• You can borrow some money from friends or relatives.

I hope now you know how can I buy a home with low income. I hope you buy house in India easily now.

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