Is Buying Home Without Taking A Loan Possible? Expert Sheds Light On Possible Options

Owning a home is a lifelong aspiration for many but the burden of mortgage loans can be overwhelming. The question lingers: is it possible to achieve homeownership without taking on debt? Let's explore the possibilities and expert insights on buying a home without a loan, and uncover the alternatives that could make this dream a reality with Jason Samuel, Director of House of Swamiraj.

Is Buying A Home Without Taking A Loan Possible?

Samuel said, "Yes, buying a home without taking a loan is possible, even though most people still prefer home loans. That said, things are changing." More buyers today are looking to avoid long-term EMIs and debt. People who have strong financial support, like NRIs, business owners, experienced investors, or retirees, are choosing to pay the full amount upfront. They prefer having complete control over their money, saving on interest, and knowing the property is fully theirs from day one.

"In cities like Pune, where real estate is in demand, we are seeing more of these self-funded purchases, especially in high-end or second-home projects," he added.

What Are The Options For Buying A Home Without A Loan?

So, what are the options for buying a home without a loan? According to Samuel, several practical approaches can be considered:

• Long-term savings: Many people use their long-term savings, fixed deposits, mutual funds, or money from matured insurance policies.
• Asset liquidation: Some choose to sell existing assets like an old property, shares, or gold to arrange the required amount.
• Family support: For first-time buyers, support from parents or inherited money often helps them avoid taking a loan.
• Joint family resources: In joint families, it’s also common to combine resources and buy property together. While this approach needs a large amount of money upfront, it removes the burden of paying interest and gives full ownership from day one, which can be a big advantage for those who are financially prepared.

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