Alternative Ways to Buy a House Without Mortgage

A house is treated as a safe investment all over the world, especially in India. It is a solid asset which yields good returns even if the owner is not able to stay in it. Thus, the owner can make income from the house by renting it out or giving it on lease. 

Most house purchases are financed through mortgages, where the buyer keeps collateral with the financier to secure the loan. This mortgage could be a real estate property such as houses, buildings, land or anything else valuable. An agreement exists between the borrower and financier in which the latter takes possession of the collateral if the former defaults.

Hence, alternative means of financing may help you buy your dream home without too much pressure on your wallet. Maybe, you could adjust to a small house or pay full cash and buy one if you’ve saved enough.

Finance your home without a mortgage.

There are numerous alternative ways to buy a house without a mortgage. Let’s take a look at them –

Buy using cash: If you have saved enough money, this is an excellent option to buy a house. In this way, you’ll never have to worry every month about paying your EMI. Make sure you keep aside some savings before buying your house to meet daily expenses.

Sell your existing home: If you plan to buy a new or bigger house without the need to make income from your existing one, you could sell your current house and buy a new one. Make sure you search for your potential new home while putting up your home for sale. 

Get a loan from relatives/ friends: If you have friends or relatives who have enough cash to lend you your dream house, it would be a great idea. But mutual trust plays a huge role in such instances.

Take advantage of a Government Housing scheme: Government housing schemes offer loans at very low-interest rates. They come with eligibility criteria such as your income level and more.

Buy a duplex home: When you buy a duplex home, you can live in one part of the house. And the other part can be rented out. In this way, if you have taken any financing, the monthly rent will cover the EMIs.

Buy a small home: If you don’t give importance to too many luxury or huge spaces, a small home will save you a lot of money. Even if you’re thinking of a loan, maybe a friend would help you with money for the short term.

Live a mortgage-free Sukhii life.

You can always swap houses with another person who is looking forward to doing the same. If you like the other person’s house and vice-versa, it’s a good deal. Either of you pays for any difference in property value. 

We see that there are numerous alternative ways to buy a house without the need for a mortgage. You can always think about what’s best for you and make the decision.

Sukhii is among the best builders in Hyderabad, with a focus on quality and timely delivery. Our signature projects like Ubuntu will make a mark on Hyderabad’s skyline. Do feel free to contact us if you are looking for your dream home.