Real estate is an excellent long-term investment avenue that allows you to generate passive income and build your wealth over time. That is why taking a housing loan to invest in real estate makes a ton of sense!
However, more often than not, homebuyers pick tier 1 cities to invest in real estate and don’t give much thought to the tier 2 cities. But you’ll be surprised to know that this trend is slowly changing.
So, if you are still on the fence about buying property in tier 2 cities, Keep reading.
1. Affordable property rates
As compared to metropolitan cities, you will find that the property rates are way more affordable in tier-2 cities. And with lower property rates, it is much more convenient to purchase a home in these cities. Moreover, you can borrow a home loan from a trusted lender to make the process easier and purchase your dream abode.
2. Low cost of living
As you know, the cost of the property is not the only cost you need to worry about when moving to a new city. Whether you are looking for a place to settle down or spend your retirement, the cost of living is one of the most significant aspects you must consider. With that said, living in smaller cities is less expensive when compared to the metros. They are also a lot cleaner and greener.
Additional Read: Top 5 Tier 2 Cities for Buying Property in India
3. Infrastructural development
Over the past few years, there has been a massive improvement in the infrastructure of smaller cities. From metro rails, better roads to healthcare facilities, highways and airports, tier 2 cities are advancing rapidly, so most properties come with higher appreciation potential.
Besides, if you’re considering a loan to finance a property, you can easily find a lender that offers competitive home loan interest rates.
4. Growing job opportunities
Thanks to the low property rates, infrastructural development, and reduced operational costs, tier 2 cities like Coimbatore and Jamshedpur are quickly transforming into commercial hubs. From well-established enterprises to start-ups, many organisations are setting up branches here, leading to more employment opportunities. This is why you don’t need to worry about a lack of career opportunities if relocating to these cities.
5. Flourishing retail space
Did you know that many premium and luxury brands have set up shops in tier 2 cities? Many retailers are investing in cities like Pune, Jaipur, Chandigarh, and Lucknow to expand their customer base and explore this untapped market. You’ll find that brands like H&M, Zara, Reliance Digital and more have started expanding to smaller cities. This simply means you get to enjoy quality living in tier 2 cities as well.
Additional Read: Top Reasons Why Tier-2 Cities Are Worth the Investment
Over to you
So, are you ready to move to a tier 2 city? If yes, Tata Capital’s housing finance can help you buy your desired house. Just check your home loan eligibility on our website, go through our offerings and apply for a loan online. It’s that simple!
You can also use our home loan EMI calculator to get a precise idea of your monthly EMIs and plan a suitable budget. So, connect with us today to unlock the door to your new abode!