Are you scouting for a property you can own without exhausting your savings? Well, you’re in luck! Today, various affordable housing options are available across Tier-1 and Tier-2 cities, from budget-friendly family homes to premium bachelor pads. The trick is to get the location right.
To help you streamline the search, we have compiled a list of affordable places to buy a house in India. Read on.
#1 Indore, Madhya Pradesh
Indore, often hailed as the “Mini Mumbai”, offers a broad range of housing options, from apartments to townships. In addition to having a pleasant climate, the city is also well-developed and houses premium higher education institutions, hospitals, and corporate offices.
Not to mention, the cost-of-living index for Indore stands at 5.67 points lower than that of Mumbai! So, if you want to buy a house using a home loan, Indore is the ideal location for you.
#2 Hyderabad, Telangana
Hyderabad is teeming with working professionals, thanks to its ever-growing IT hubs. Despite the growing population, the city is among the most affordable places to buy a home. Localities like Manikonda, Kukatpally, Miyapur, and Sainikpuri have no dearth of residential projects at affordable prices. So, you can begin your house hunt with them.
Additional Read: Tier 1 vs Tier 2 – Which is better for buying a home?
#3 Pune, Maharashtra
Pune is all set to become the next residential hub in Maharashtra, after the capital city of Mumbai. The city offers an incomparable lifestyle while providing an ample number of avenues for affordable housing.
It also has an influx of working population because of its IT and manufacturing sector. So if you want to invest in a house for rental purposes, Pune is the ideal location for you. You can research housing options, decide your loan amount and estimate your EMI in advance with a home loan EMI calculator.
#4 Kochi, Kerala
Did you know 60% of the total housing projects in Kochi are classified as ‘affordable housing.’? Yes, the city also provides excellent road, rail, and air connectivity in addition to quality civic amenities. With such a stellar quality of living, it is one of the best smart cities in the country.
#5 Jaipur, Rajasthan
Jaipur is an affluent city that is driven by tourism all year round. Being the capital of Rajasthan, it has a high-quality standard of living and offers world-class facilities. Additionally, the loan affordability index of Jaipur is higher than both Delhi and Mumbai. So if you want to invest in the pink city, now is a good time to check your home loan eligibility.
Additional Read: Is it a good time to buy a house?
Investing in property can be extremely rewarding when done right. The post-COVID era and the remote-work culture has levelled the playing field, so now you can now invest in affordable properties in tier-2 cities as well! If you want to start investing and need a trusted lender for a housing loan, Tata Capital is here to offer you competitive home loan interest rates. So, visit our website to learn more, and apply today.