India/ Home loans,Flat prices unaffordable - own house still remains a dream
The cities like Mumbai,Bangalore,chennai are still considered for MNC investments and favoured for its geographical locations,land availability,reasonable employee costs etc. But, the problem is getting their employees near its office.The workers finding it hard to find a house in the city and hence he has spend a lot for travelling purpose alone.The time management is another tough task.Many workers have to travel atleast one and half hours to reach the office.and ,the rents are sky rocketing one can not imagine.
That is when he considers buying a house of his own.Five six years back the property prices were reasonable.But now even a software professional,who is considered making lot of income ,say a minimum of rs.25000 ,has to think a lot if he can repay the loan.The low budget house near the city itself costs Rs.30 lacs.Imagine he puts 5 - 7 lacs from his pocket rest he takes loan.His repayment EMI comes about 18-20 thousands plus. How can he live with the remaining salary.So only people whose salary is more than 45-50 thouands could afford home loans at this time that is where atlast two are working in the family.
No solution is seen right before us.Can the goverment intervene is a question mark?.
The government can stop selling the property through the power of attorny by which one can control third party intervention who increases the prices in the middle.
Next, it can tax heavily for high cost buildings transactions there by forcing to reduce the prices.
Also,the banks should hike home loan interest rates only for amounts taken more than 20 lacs.
The property prices should fall more than 30% and interest rates should also come down for any one to consider taking loans from the banks.
Till then ,own house will still remain a dream for all.
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