Buying the first home is a dream and for cracking the right deal, from deciding the location to doing the paperwork, numerous aspects have to be considered to ensure a hassle-free home purchase. In India, many first-time homebuyers rely on home loans to buy their dream home. As home loans span over 20-30 years, they are counted as a long-term liability that involves investing a significant share of an individual’s income.
Law minister Ravi Shankar Prasad has written to all CMs to set up dedicated special courts under the Specific Relief Act. The responses were under compilation, law secretary Barun Mitra said in his letter to the cabinet secretary.
The Reserve Bank of India’s House Price Index, which tracks home prices in 10 Indian cities, shows that return from owning housing real estate has plunged dramatically. The average return from owning real estate over the last decade has been 11.6% per year. Mint explores.