India’s diversity is not only limited to its heritage and culture, but also extends to architecture and home design. If you were to take a tour of the country, you would come across a plethora of houses with their own unique styles and designs.
If you’re considering a house purchase, a home loan is the right way to buy the house of your dreams. Before you do that, understand the different types of homes you will find for sale in India.
With the population of the country continuing to rise, many builders are focusing on multi-storied apartment complexes. Apartments are, essentially, a set of separate houses contained in a multi-story building. Each apartment is a separate individual unit that occupies a part of the building, complete with its own set of rooms and baths. Apartment complexes are a type of a combined living space that allow multiple different families to live together in their own individual homes.
A bungalow is an independent house on a piece of land. It stands detached from other houses and generally has enough space for a garden or a lawn. Bungalows are usually one storied or two storied cottages with a more rustic feel. Typically, you will find them in areas outside the urban hustle and bustle. More so, because constructing a bungalow can be an especially expensive endeavor in a city. Since bungalows are as a solitary unit featuring large spaces and rooms, they’re more suited to a large family rather than a nuclear one.
Flats at the top floors of high-rise apartment buildings are commonly referred to as penthouses. These are slightly different from regular apartments; they’re built more luxuriously with roomy spaces and large windows. Seeing as they’re high up in the air, penthouses often overlook the city or a landscape and give you expansive and breathtaking views. Considering the fact that they’re more luxurious and spacious, they tend to command quite a premium over the price of a regular apartment.
Also known as condos, condominiums are similar to apartments albeit slightly more luxurious. Unlike an apartment where an owner typically also owns a part of the land, the owners of condominiums don’t get a share of the land that the building stands on. Condos are contained within an integrated housing complex and provide several common facilities that residents can use – rooftops, clubhouses, swimming pools, playrooms, and gymnasiums, among others. An association, made up of all the owners, is created and is tasked with the maintenance and upkeep of all of the common facilities.
Apart from these house types, you can also buy studio flats-small and cozy apartments with the living room and the bedroom integrated into one – if you’re living alone.
With so many options to choose from and home loan interest rates being affordable, there’s very little reason to wait anymore. Check your home loan eligibility right now, apply for a housing loan, and make your dream of having your own place come true.
Before you do that, make good use a home loan EMI calculator to ascertain your repayment obligations.