The last few years in India have witnessed a major shift in the demographic that comprises of homebuyers. Most prominently, the average age of the homebuyer in India has dropped from the mid-50s to the mid-30s. There are many reasons for this change, the foremost one being that the younger working population today is highly aspirational and enjoys greater financial security (in terms of higher incomes, smarter investments and steady career growth).
Here are some of the top reasons influencing the buying decisions for millennial homebuyers in India today:
1.Higher salaries and disposable income: Millennial professionals today have a wide range of career choices, and the ones associated with the IT/software, manufacturing and services sectors enjoy high salaries and a significantly greater margin of disposable income. This is a major facilitator to the home buying process.
2.Home loan flexibility: With higher incomes and steadily improving career prospects, the young working population today is willing on take on a home loan in order to invest in their own place. Moreover, the flexibility and benefits offered against the loan further encourage homebuyers.
3.Tax benefits: Another big advantage of signing up for a home loan is the tax benefits that can be availed of, under the Income Tax Act, against both the principal amount and the interest paid.
4.Relocation to coveted employment destinations: Millennials are ever-willing to relocate in search of better career opportunities, which is why cities like Bangalore, Pune, Hyderabad, Chennai and Mumbai have witnessed a huge influx of young working professionals from all around the country. This has turned these cities and their outlying areas into highly sought-after residential hubs, giving young homebuyers much to choose from.
5.Lucrative investment option: Unlike the previous generations, millennials today want a sense of financial security early in life. More and more professionals aspire to invest in a home very early on in their career in order to derive a sense of financial stability.
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