Millennials are undoubted the dominated workforce of current times. According to an estimate, millennials control a massive amount of money, which will become $24 trillion by 2020. They are significant parts of all the sectors, including real estate. Between the years 2016 to 2017, one out of five millennials have purchased a new house and changed trends in the housing industry.
Currently, more than 20 per cent of millennials is searching for a new property. This is a highly logical generation that has the internet to their aid. Their buying habits are different from previous generations. Thus they are profoundly influencing the housing trends these days. It can be said that in the coming future, millennials will acquire a significant place as consumers in the housing market.
Home loans for salaried employees
With millennials participating proactively in house purchases, more and more financials organisations bringing features to encourage them. The major part millennial population are salaried employees. So, many banks and non-banking financial companies (NBFCs) are crafting new schemes as well as user-friendly facilities to make the entire home loan process straightforward. Any salaried employee crossed 21 years of his/her age is under the criterion of home loan. The employees with stable jobs and considerable saving history opt for quick home loans approval.
Home loans for self-employed business people
Entrepreneurs are blooming all around the world. There are many examples of start-up owners got exceptional success in their fields. There is a significant young crowd that is working for their self as entrepreneurs. These population has changed the dynamics of the employment sector in the last few years. Just like salaried employees, financial institutions have customised their home loans schemed for self-employed business people too. Banks and NBFCs are providing facilities like flexible loan repayment tenure to business people.
Modern problems, modern solutions
Millennials are researchers. They, make their decisions entirely based on their research or from their friends or family. They take the help of internet to search about the things they want. Using smartphones or laptops with high-speed internet has empowered this generation of the enormous amount of knowledge about everything.
Financial institutions are also adapting to them. All banks, as well as NBFCs, are making their websites, where information regarding home-loan is readily available. There are many user-friendly facilities just meant for millennials like online credit score calculators, loan eligibility calculators and many more. Furthermore, some websites let users compare their home loans offered by different organisations.
Affordability of the home loans
Millennials are the generation of highly educated people. Higher education comes with a cost, and roughly 46 per cent of them are under the educational loan. Thus, the price of house mattered to them more than the size. To encourage them to buy their dream homes, financial institutions are offering attractive home loan rates. These affordable home loan rates are tailored by considering the economic resources of the potential home loan buyers.