If these times have proved anything it is the importance of owning a home. The stress involved in a rented place during these times is immense as a majority of the landlords expect the rent on time even when the whole economy is shut off and banks are keeping a hold on their EMIs. Let us look at the reasons why this is the best time to buy a Compact home (Smile Homes).
With the repo rates slashed by 0.75%, the home loan interests for Compact home (Smile Homes) are now at 7.4% which is the lowest rate of interest in two decades.
If you are looking at a 30 Lakhs Compact home (Smile Homes), your booking amount would be 20% of the total cost (i.e. Rs.6 Lakhs) and your loan amount will be the balance Rs. 24 Lakhs. If you are availing of a loan for 20 years, your EMI will be Rs.19187 /-. (You can also opt 10% scheme). A first time home buyer is eligible for Pradhan Mantri Awas Yojana (PMAY) credit link Subsidy upto Rs. 2.67 Lakhs, the same amount will be credited by the central government within one year in your loan account. So your actual loan amount will be around 21 Lakhs and monthly EMI Rs.17179/-
Apart from the PMAY subsidy, you are also eligible for the special income tax benefit up to Rs.1.5 Lakhs. In addition to that, you will also be eligible for normal income tax benefits up to 3.5 Lakhs. So your total income tax benefits will be up to 5 Lakhs.
The Smile Home locations are based in strategic locations that have ample rental scope that earn you a monthly rental income of between Rs. 13000/- – Rs. 16000/-
Please rest assured that your investment in Smile homes is going to be worth it and would bring a big broad smile across your face. This scheme is also beneficial for those staying in a rental accommodation now. They can own a new address in the city of their choice with just a nominal investment in addition to the current rent they are paying now. Eg: if they are paying are rent of Rs.15000/- now, they need to spend only the addition of Rs.2000/- or Rs.2500/- from their pockets towards the EMI which is negligible when compared to the happiness of owning a new Compact home (Smile Homes). All the above-mentioned benefits are applicable for first time home buyers and all others will have to pay the normal interest rate.
‘Smile homes’ are our range of homes that are affordable yet packed with all the modern amenities and comforts one wishes for. What sets ‘Smile homes’ apart from other budget apartments is their locations. Usually, builders try to compensate their cost by compromising on locations, materials but we make a point to construct our ‘Smile homes’ in prime real estate spots so that the homeowner can have ease of life and also have a sturdy investment for the future. Starting at just Rs 30.5 Lakhs, the range of options available locations like Trivandrum, Kochi, Trichur Calicut & Kottayam - will be a perfect choice for a first home as the investments wouldn’t be a burden and will be an appreciating asset when the time for a bigger home comes.
All projects under the ‘Smile Homes’ initiative comprises of cute 2 BHK units with attached bath. While ensuring the lowest price and maintenance charges, these homes also feature all necessary lifestyle amenities to provide a wholesome lifestyle for the residents. Confident Group has associated with leading banks to provide attractive interest rates for home loans. So, if you are planning to buy your first home or make a new investment, look no further, book a Smile Home today to enjoy great returns in the future!