How Technology is changing the way of Buying Houses in India

How Technology is changing the way of
buying Houses in India
“Technology” the priceless gift of the 20th century has become the lifeline of the present
generation. It has its impact on more or less on all of us, but for Mr Mishra, the technology
has given a new turn to his life.
Being a resident of Bangalore the Silicon Valley of India and working in IT sector at a
multinational company, technology was always a part of his life. But he had the least idea
that technology is going to be the basic element which will make him find his shelter too.
The aspiration to live in own house is kind of feeling which no can deny, even Mr Mishra
was not an exception. He is blessed with a son who is 4 years old and a beautiful wife Vinita.
They have been living in a rented house since they have been shifted to Bangalore from their
hometown which is in Uttar Pradesh. Living many years in this expensive city with a highcost
rent which ranges somewhere between 15K to 25K for a 2BHK home, slowly the idea
of building his own nest has started coming to him and his wife. A home gives security,
stability and of course a feeling of pride. Out of the same sort of feelings, the Mishra family
starts exploring the best possible properties within their budget.

And the search starts with a touch of technology
Mr Mishra is a regular user of the internet as his job demands so. He starts his search with the
real estate portals. Unlike the home buyers of 90s who used to depend on newspaper
advertisements, leaflets or the hoardings at the crossroad, he makes his laptop work for him.
The real estate portals like commonfloor.com, magicbricks.com, 99acres.com, housing.com
etc the search has become much easy. Both the couple worked hand in hand for finding the
best property. The property search has become so easy just because of technology. When Mr
Mishra was out for his job, Vinita used to do the search and kept the link to that property in
the bookmark which both of them used to discuss over their dinner. Finally to the surprise of
many, they found the property with the best amenities, at a nice location and of course within
their budget through social media. At present day social media is the strongest and most
widespread way of marketing. Either it may be apparel or a property, an ad of almost
everything can be found. It happened with Mishra family too. They got the ad through social
media and got the quote via e-mail which was appealing to them.
Technology used in Property Visit
Once the property has been selected, now it is time to check the same keenly. A home is a
purchase of a lifetime. Being selective is the right of every home buyer. The builder whose
property they have selected sent them an e-brochure when she was able to see the 3d view of
the flat. But just a view was never enough to select a home. Now the builder has come up
with a state-of-art technology which is known as VR (Virtual Reality) box. The VR box is a
gift of science which makes you feel your surroundings. Now the technology has cast its
magic once again one took the Mishra family to a visit to their future home with a 360-degree
view which was so real that Vinita was convinced to buy the same flat. But sadly it did not
happen with Mr Mishra. He still had a doubt in the surrounding area of that property. Along
with the increasing questions, technology has also taken one more advanced step. The
introduction of drone in home buying process made even checking the surrounding without
physically visiting the same. This tool works by synchronizing with Google Earth. One can
check the real-time images of any place by making the drone hovering over that specific area.
To their satisfaction, Mr Mishra checked nearby hospitals, school, commercial area etc and
now they are much satisfied with the property.
Financing..Can Technology Help Even Here?
And the answer is YES. Once the property has been selected, the whole attention goes to the
financing the house. One day while surfing the internet, out of curiosity Vinita googled ’
How to finance a home purchase?’ and to her surprise, with a few milliseconds he got
thousand of answers. Many people came up with many answers among which the House
Loan option was more appealing to her. Home loans are affordable as they don’t create
burden to the home buyer. There are number of banks and HFC (Housing Finance
Companies) which are available in India. One can compare home loans using the website of
the lender. The website of any lender contains all information regarding the house loan.

After having research on many lenders finally they have selected a reputed lender with the
minimum interest rate. Luckily, the new home loan interest rates are much cheaper than
what it was in last decade. The Mishra family has taken the opportunity and applied for an
online home loan. The financing has become easier than the imagination with the touch of
technology.
The loan was sanctioned within 15 days. The happy family has become even happier. They
have shifted to their new dream home and started repaying the home loan with easy EMIs.
The story of Mishra family is not an unique one, there are many more whose lives are
changed with the magic called “ Technology”.