8 First Time Home Buyer Loans & Programs for Beginners
in modern times owning a house is a dream achievement, a mark of financial stability, and a moment of pride. hence, people prefer living in their own house while paying the monthly emi instead of living as a tenant and paying the rent. but to buy a perfect house within the budget is indeed a difficult task, especially for first time buyers. first time buyers are tired of estimating the cost on a home loan calculator; they need a way to save their finance too. and if one digs deeper, then they will find some programs and tax benefits that can benefit a buyer to buy a house by getting returns on the cost, as discussed further in this article.
the government’s mission of “housing for all” is in progress and is supposed to provide benefits under its tenure from 2015-2022. its mission is to provide every first time buyer with a house. the main objective is to make the process of buying a house affordable for people of lower and middle-class income. the subsidy varies at different rates based on income. people with an annual income of up to rs. 18 lacs can avail of this subsidy.
eligibility for maximum loan amount
economically weaker section (ews)
up to ₹ 3 lacs
₹ 6 lacs
light income group (lig)
from ₹ 3 lacs to ₹ 6 lacs
₹ 6 lacs
medium income group (mig1)
from ₹ 6 lacs to ₹ 12 lacs
₹ 9 lacs
medium income group (mig2)
from ₹ 12 lacs to ₹ 18 lacs
₹ 12 lacs
the constitution of india also provides some tax deduction benefits. below-mentioned are sections that provide tax deductions and benefits to home buyers.
easing the burden from one’s shoulder of buying a house is what the above-mentioned program and tax benefits do. now that you are aware of the benefits on finances, you should probably ask the experts to know the procedure. using a home loan calculator and a home loan emi calculator will help you estimate the monthly emi payout and the total cost. and once you know the total estimate cost, don’t wait around and go live your dream. home loan eligibility calculator and home loan emi calculator are the best finance estimating tools for first time buyers.