5 Tips to Become Homeowner with Low Income

Buying a home with a low income is not a hassle in India. Several minority families have sustainable homeownership. The post corona world has eroded the net worth of properties. This has turned real estate into a buyer’s market. It makes it easier to score your dream home without going into debt. No wonder home sales volumes in 8 major Indian cities jumped by 2 times from October to December 2020. The Indian government has also launched a great affordable housing scheme. It mainly works to benefit the urban poor by giving them access to good quality houses with basic facilities across the country.

The key to a great property purchase is financial discipline. Being well-informed about the home-buying trends and taking strategic measures are necessary as well. Have a look at a few other steps to get an affordable home.


Pradhan Mantri Awas Yojana (PMAY) offers a subsidy scheme called CLSS. This is meant for the purchase, construction, extension and improvement of homes. The affordable housing online scheme caters to all EWS/LIG/MIG segments of society. You can get a rebate of up to ₹2.67 lakhs. This is useful for individuals with a blue-collar job or with an annual income of up to ₹18 lakh. The property can be located in gram panchayats or regularised colonies.

2. Home Loans

The top bank offers minimal interest on home loans. You can pick a longer repayment tenure to ease the EMI. Women further are eligible for better rates. Make sure to add your spouse as a co-applicant to reap the benefits. You can get a loan in between ₹3 lakhs to ₹5 crores for different types of units. For example, new, resale, under construction or builder properties are eligible for a loan. Walk into your nearest bank branch to get started.

3. Prepare for Extra Expenses

Start saving for the move-in costs way ahead of time. This can help avoid sudden out of the pockets costs that can disrupt your budget. Put aside money for shifting and cleaning services, few basic purchases, essential repairs, necessary upgrades and non-loan charges. Get an estimate beforehand to meet your savings goal before stepping into your home.

4. Work with Property Agents

The top housing company offers a team of local experts in different cities. They help you choose from over 300 beautiful properties. You can easily compare and shortlist 1BHK or 2BHK homes that meet your budget. This is a great way to explore ample options in the under construction, ready to move and pre-launch categories. The professionals can also negotiate the prices on your behalf to make the process even more affordable.

5. Avoid High-End Facilities

Filter out homes with big backyards, costly interior designs, gyms and pools. These usually look impressive and affordable on the brochure. However, there could be multiple hidden costs associated. They can easily overshoot your budget. Instead look for properties with balconies, terraces and small gardens. Check other basic facilities like a hardwood floor, freshly painted walls and a well-done exterior. These usually come at no extra costs but can ensure a quality living experience.

Try to tick off the eligibility criteria for the affordable housing online scheme. This makes the process simple and quick. Further, do keep the above tips in mind for best results.

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