How Much Would It Cost to Build A Home on Mars

By Bank Bazaar | March 19, 2017

How Much Would It Cost to Build A Home on Mars

At the rate space technology is progressing, you could probably shift base to Mars very soon. Initially, you might just have to stay in an inflatable tent that is far less fancy than Matt Damon’s “hab” from The Martian was. But, researchers are already on-track to developing more resilient ways of human habitation on Mars.

National Aeronautics and Space Administration (NASA) has been soliciting accommodation development plans from various public and private organizations that have been cooking up ways to build human-friendly habitations on Mars. The organization also launched a video that showed what living on Mars could look like. There could be a lot of challenges when colonizing semi-hostile (at least in terms of environment) territories, but probably no more so than using your Credit Card during a flash sale at a mall.

So, what would we really need to build a home on Mars?

Just like building a house on planet Earth, the first thing to consider while putting up a base on Mars would be the foundation – the soil.

Sulfur Concrete

Researchers from the Northwestern University suggest making use of the abundantly-available sulfur in the Martian soil. Concrete on Earth is incumbent of gravel and cement mixed with water. For the Martian environment, astronauts could use sulfur instead of water to boost sturdiness. According to tests, it is twice as strong as Earth’s cement.

Just compressing Martian soil and heating it in a mold would make it construction-compatible. Think that would cost you much? The Dhanalakshmi Bank Home Loan could just be perfect for a Martian project.

This loan would probably fit the bill if you wanted to take a loan out to build a home on Mars. It comes equipped with a fixed interest rate of 10.10% to 10.35% depending on the amount you borrow.

How much can you borrow? That’s the interesting part! You can take a loan of up to 85% of the construction value from the bank and pay it off in 20 years!

Additional Reading: Home Loan Interest Rate Guide

3D Printing Parts

While you could get your walls built with sulfur concrete, you would still need to build other parts that comprise a home. This includes doors and windows within the house. For all that you would need aluminum, plastic, ceramics, glass etc. In fact, you should totally consider getting the Dena Bank Home Loan.

If you’re looking to take a loan for a small home, or you got a good deal for a cheaper price, this is your go-to loan! Floating interest rates start at 8.6% and the maximum borrowable amount is Rs. 10 crores. You could also avail a furniture and fixture loan of up to 10 percent of your Home Loan amount!

Additional Reading: Why You Should Get A Home Loan Now

Simulating An Earth-like Environment

The Martian air is thin. Its magnetic field is one-third of the Earth’s and its temperatures are dangerously low – about 80 degrees Fahrenheit! To top it off, radiation, solar flares and heavy dust storms are a common occurrence on Martian territory.

To simulate an Earth-like environment, you would need a great deal of technology to handle waste-management, heating, gravity and growing our own food in our home.

If we tried putting a price tag on the costs, it would probably exceed a few million. Don’t forget to account for your trip from Earth to Mars. Get a Travel Credit Card maybe?

Luckily, building a home on our very own planet isn’t as difficult as it is on Mars. You can buy a home in a jiffy without having to worry about the cost. How, you ask? Get a Home Loan today!

Why Should I Take a Home Loan?

To establish a base on Earth before you could get to Mars? Well, while that could be one valid reason, there’s more.

  • Tax Savings

Getting a Home Loan can ensure you save a good amount of money in tax savings under section 80C of the Income Tax Act. You receive exemptions on both the interest and principal amount. In fact, first time home-buyers are eligible for an additional deduction on paying interest of Rs.50,000 on a loan of up to 35 lakhs.

Additional Reading: Don’t Forget About These New Home Loan Tax Benefits

  • Boost Credit History

Give your Credit History a boost with your Home Loan. Your CIBIL Score could shoot up considerably if you maintained a good credit history on you Home Loan EMIs.

Additional Reading: Home Loan EMI Essentials And Types

  • Future Deal?

When you finally decide on moving to Mars, you might want to sell your house. Guess what could get you a good re-sale deal? A good record on the Home Loan! Your property’s value would only double in the coming years, and given that the first colony won’t set sail until 2030 in all probability, you might as well live comfortably in your own house than shell out thousands in rent every month.

Additional Reading: Choices Available For Home Buyers

But…But Which One Should I Get?

You should get a Home Loan that doesn’t just suit your housing requirements, but one that also suits your wallet. Here are some of the most popular Home Loans in the market that offer competitive interest rates and a smooth approval process:

The ICICI Bank Home Loan offers attractive floating interest rates ranging 8.65% to 8.80%. You could borrow up to Rs. 10 crores on a tenure of up to 30 years. You won’t have to pay a part-payment fee as well. Approval? Online and on the same day! What’s more? All documents delivered and signed at your doorstep! Cool huh?

This is a special offering from the State Bank of India. Interest rates start as low as 8.60% and you could borrow up to Rs. 10 Crores on a 30-year tenure (maximum). Get this one approved in 5 days and you can also get all the paperwork taken care of in the comfort of your home.

This is one of the loans that waive off pre-closure fees and part-payment fees on a floating interest rate of 9.10% to 9.25%. You can also borrow a maximum Rs.5 crores for a maximum tenure of 30 years. You will however need to have a guarantor. The approval is done online and there is a doorstep service available that would enable you to finish all the paperwork at home!

With floating interest rates ranging from 8.65% to 10%, this loan allows you to borrow up to Rs.3 crores for a 30-year tenure. Doorstep facility and e-approval are also other special features of this loan.

The HDFC home loan is known for its competitive floating interest rates (about 8.50%). You can borrow up to Rs.10 crores for a tenure of up to 30 years and chop your EMIs into favorable amounts. With no guarantor required, and door step service available, you can sign all the papers sitting on your couch with a hot cup of coffee!

Already have a Home Loan? Maybe you should consider getting Home Insurance!

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