Mohali's 2025 Edge for First-Time Buyers
Mohali shines as Punjab's top real estate spot, offering first-time buyers a mix of affordability and growth. With property prices from ₹9,000 to ₹15,000 per square foot, the city offers great deals that smart buyers can boost with government incentives.
Available Government Schemes
PMAY (Pradhan Mantri Awas Yojana) Perks
First-time buyers in Mohali can lower their down payment with PMAY. Eligible buyer often need to pay down just 10% instead of the usual 20%. This means big savings on a ₹65-75 lakh home in areas like Airport Road and Aerocity.
Interest Rate Cuts
Home loan rates in Mohali range from 8.4% to 9.5%. Yet, government-backed schemes often offer extra rate cuts for first-time buyers, making owning a home easier.
Tax Benefits and Deductions
First-time buyers can use several tax perks:
- Section 80C: Up to ₹1.5 lakh on principal repayment
- Section 24B: Interest deduction up to ₹2 lakh annually
- Section 80EEA: An extra ₹1.5 lakh deduction for first-time buyers
RERA Protection Perks
Mohali's RERA rules give strong buyer protection. Builders face 10% penalties plus refunds for project delays, keeping your investment safe. This rulebook helps first-time buyers who might not have much negotiating experience.
Steps to Get the Most Benefits
- Check Eligibility: Confirm first-time buyer status and income limits
- Compare Programs: Look at PMAY and other state-specific programs
- Pick RERA Projects: Make sure that builders follow all policies and are compliant with the relevant authorities
- Optimize Loan: Balance principal and interest for max tax benefits
- Timing: Align your buy with scheme renewals
Smart Investment Timing
Mohali's fast infrastructure growth, including the new Chandigarh-Mohali metro and IT sector expansion, makes 2025 a perfect time to buy. Government projects are improving connectivity and boosting property values.
Your journey to owning a home in Mohali becomes much more affordable when you use these incentives wisely with the city's growth.