How owning a home can transform your life?

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Do you plan to purchase a house? Delve into here to know how buying a house can transform your life significantly.

After a hectic day at work as one step towards the front door of the house, the feeling of returning home is matchless. This is because home is not only a place where one eats and sleep. It is a place where one can relax, be comfortable and feel secure. For vulnerable people who have never had a place to call home, experiencing this feeling for the first time can be life-changing.

In the midst of the global housing crisis, however, the prospect of homeownership has gradually slipped further and further away for many low-income families in India, and elsewhere. As our cities fill up with unoccupied luxury houses, our slums are expanding as people are priced out of the housing market. If nothing is done to avert this crisis, it is estimated that 889 million of us worldwide will live in slums by 2020 (United Nations, 2003).

The impact of insecure accommodation is wide-ranging. Starting with our most basic needs, the poor housing can lead to poor health and exacerbate existing health conditions. Outcomes of poor housing conditions such as overcrowding, damp, indoor pollutants and cold have all been shown to be associated with physical illnesses including eczema, hypothermia and heart disease. Mental wellbeing has also been shown to suffer from insecurity and the stress of rising rents take their toll. Poor health, in turn, leads to missed days at work and at school, trapping low-income families in cycles of insecurity.

The effects of poor living conditions on children are particularly concerning. Childhood is the most precious time of life, as our experiences shape the adults we become. Children who live in poor quality homes are more likely to have respiratory problems and be at greater risk of infection. Furthermore, growing up in poor housing continues to impact children throughout their life, due to its harmful effects on learning and education. A decent home, in comparison, not only reduces school drop-out rates caused by illness, but provides vital educational stability as families are not focused to constantly relocate due to rent increases. With safe and stable housing, children are able to fulfil their potential.

However, many developers are now committed to expanding the access to homeownership. One way to do this is through the No Income Proof Home Loan Scheme, wherein the applicant can apply for home finance without income proof documents, giving the opportunity to the informal sector employees of the society. Which has previously presented a major stumbling-block to them while applying for home finances. The company is also committed to maintaining quality alongside affordability. Green spaces, community facilities and high-quality security systems are all integral aspects of development.

Making ends meet when you have an inadequate income is extremely hard work. Living on a low-income in contemporary India means dealing with times pressures, stress and isolation on a daily basis. Taking away a major cause of concern, a housing can alleviate a significant portion of this burden and can provide families with a secure foundation from which they can build their lives. The importance of having a permanent place to call home at the end of each day cannot be underestimated.

Disclaimer: The views expressed in the article are solely of the author and may not represent 99acres.com's opinions on the subject. 99acres.com does not take responsibility for any actions taken based on the information shared by the author.

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