Buying a home is not just a big financial step—it’s a personal milestone. But unfortunately, many people hesitate because of half-truths and wrong beliefs. These myths stop you from making informed decisions and often lead to missed opportunities or unnecessary stress.
Browse available flats, plots, and independent houses in your preferred city—view full property listings now.
Myth 1: “Renting Is Always Cheaper Than Buying”
✅ The Truth:
Renting feels cheaper because there's no big upfront cost. But long-term, buying is smarter.
- Rent is money you never get back. A home loan EMI builds ownership.
- For example, a ₹20,000 monthly rent over 10 years totals ₹24 lakhs—with zero ownership.
- But paying ₹25,000 EMI for a loan gets you a home worth ₹30–₹40 lakhs.
- Home loan EMIs stay fixed (for fixed interest rates), but rent increases every 11 months.
- Property value also increases over time, adding to your wealth.
Tip: If you’re planning to stay in a city for more than 5 years, buying often saves more than renting.
Myth 2: “You Need 20% Down Payment to Buy a Home”
✅ The Truth:
You don’t need to save lakhs and lakhs for a down payment.
- In 2025, many banks offer 90% financing, meaning just 10% is needed.
- Some housing schemes, like PMAY, offer CLSS subsidies that reduce your EMI burden.
- Builders often give offers like “zero down payment” or “pay only after possession” in under-construction projects.
- NBFCs are also offering step-up plans for young professionals.
Tip: Start saving early, check your eligibility online, and compare banks to find what suits you best.
Myth 3: “Home Loans Are a Lifelong Burden”
✅ The Truth:
Home loans are manageable if planned properly.
- Interest rates in 2025 are still below 9%, making it a good time to borrow.
- You can choose a loan term (10–30 years) depending on your income.
- EMIs can be adjusted with salary hikes or part-payments.
- You get income tax benefits—up to ₹1.5 lakhs on principal (Section 80C) and ₹2 lakhs on interest (Section 24b).
Example: If you pay ₹25,000 EMI per month and fall in the 20% tax bracket, your tax savings can go up to ₹10,000/month.
Tip: Keep EMIs within 40% of your monthly income and use bonuses or savings to part-prepay the loan.
Myth 4: “Good Homes Are Always Expensive and Out of Reach”
✅ The Truth:
Affordable homes are available—you just need to look beyond big city centers.
- Suburban areas near metros offer great options under ₹40–50 lakhs.
- Government-backed affordable housing zones offer proper infrastructure.
- Upcoming projects in Tier-2 cities offer 2BHK flats under ₹30 lakhs with modern amenities.
- Also, homes in developing areas tend to appreciate faster than already-developed zones.
Tip: Expand your search beyond top localities. Look at metro-connected outskirts, smart city projects, or township layouts.
Want to explore affordable homes in emerging areas? Check the updated listings page now.
Myth 5: “You Need a Perfect Credit Score to Get a Loan”
✅ The Truth:
Even with a credit score of 650, you can still get a home loan.
- A good credit score (750+) helps with lower interest, but many banks approve loans for lower scores.
- NBFCs offer custom loans with flexible terms for self-employed people or first-time buyers.
- Co-applying with a spouse or parent with a better credit score increases approval chances.
- You can improve your credit score in 6 months by paying EMIs and credit card dues on time.
Tip: Always check your credit report before applying. It’s free once a year and helps you fix any errors.
Myth 6: “The Home-Buying Process Is Too Complicated”
✅ The Truth:
The process is much easier now than it used to be.
- Property portals help you filter listings by price, size, or location.
- Legal services for title check, encumbrance certificate, and sale deed verification are now easily available online.
- Banks offer doorstep document pickup and instant digital loan approvals.
- Apps now help you track EMI status, loan progress, and prepayment options.
Tip: Make a checklist—budget, pre-approved loan, shortlisted properties, legal check, and final negotiation.
Myth 7: “Wait for Prices to Drop Before Buying”
✅ The Truth:
Real estate prices rarely drop in fast-developing areas. Waiting too long may cost you more.
- In growing cities and suburbs, property prices rise 5–12% annually.
- Delaying means higher construction cost, GST impact, and loss of tax benefits.
- Home loan interest rates may also rise later due to economic changes.
- Buying early gives you time to build equity and capital appreciation.
Tip: If a home suits your need and budget today, don’t delay based on future assumptions.
Final Thoughts
Don’t let outdated beliefs or misleading advice stop you from achieving homeownership. With the right research, planning, and support, you can own a home that fits your needs and budget.
Whether you're a salaried employee, a self-employed professional, or a growing family—buying a home in 2025 is more possible than ever before.
To explore residential, commercial, and plotted layouts in your city—view all current property listings now.
Frequently Asked Questions (FAQs)
1. Is renting better than buying?
Answer: Not in the long run. Renting is good for short-term needs, but buying builds equity, ownership, and wealth.
2. Can I buy a home with a credit score under 700?
Answer: Yes. Banks and NBFCs accept applications from 650+, especially with stable income or co-applicants.
3. Do I always need 20% down payment?
Answer: No. You can buy with 10% or even 5% down with eligible schemes or builder offers.
4. Is the home-buying process slow and difficult?
Answer: Not anymore. With digital property sites and expert guidance, you can complete the process in 30–45 days.
5. Are resale homes a bad idea?
Answer: No. Resale properties can be well-located, priced lower, and ready for possession.
Call to Action
Don’t let myths stop your homeownership dreams. Learn the facts, take smart steps, and make confident decisions.
For more helpful tips and in-depth property guides, visit: blog.maadiveedu.com