Why the Best Time to Buy a House is Now?

09-Dec-2020
 

With lowest home loan interest rates, affordable property prices and amazing festive discounts going on, it is as clear as day that now is the perfect time to invest in a new home.

Are you planning to purchase a new home with a home loan? If yes, then look no further as now is indeed the best time to do so. The prevailing economic crisis in India has brought about many changes in the real estate market. For example, this year, the home loan interest rates have touched a historic low for the first time in the last 15 years. Also, the property prices have become more affordable now, making home buying easier for common man. In addition to these favourable aspects, there are plenty of attractive festive offers and special discounts that buyers can take advantage of during this season.

Owning a home is a lifetime achievement and an important milestone in your life. So it is better to invest when the time is favourable than to keep your plans waiting for long.

We have listed below the top reasons why we say that now is the best time to buy a new home.

Lowest Home Loan Interest Rates

Almost all the leading banks in India have reduced their home loan interest rates during the COVID-19 season. The lower the interest rate the lower the interest to be paid and monthly EMI amount. For instance, Kotak Mahindra Bank has recently reduced the interest on home loan to 6.75 percent a year, probably the lowest rate currently available. State Bank of India is now offering home loans at interest rates as low as 6.9% starting for a loan amount of up to Rs 30 Lakhs. This is the historic low when compared to the rates in the last few years. HDFC Bank also has reduced interest rates to 6.95% for a loan amount of up to Rs 75 Lakhs. Apart from these banks various other nationalized banks are also attractive interest rates below 8%. So wait no further as this is the right time to avail a home loan for those who are dreaming about owning a home.

Availability of Affordable Housing

Experts say that property prices are now at the lowest and chances are less that it will get reduced any further than this. Buying a home has become more affordable than the previous years. The good news is that more and more realtors have recently come up with the concept of affordable housing to cater to the lower and middle income segments. With plenty of budget properties available for sale in Kerala, today home buying is not just reserved for the upper class people. Owning a home is a basic right for an individual and considering this need, developers like Victoria Realtors are offering affordable gated villa homes across many cities in Kerala & Tamil Nadu. You can even buy a 2 or 3 bedroom villa with modern amenities at prices as low as 30 lakhs. With home loan EMI facilities at affordable rates it makes sense to buy a new home than to stay in a rental home forever. Now most of the banks are offering 80-90% home loan financing meaning you will only have to pay 10-2-% down payment while buying a home.

Exciting Festive Offers & Subsidies

Another most attractive aspect for prospective home buyers is that they can swoop in on many exciting festive offers and discounts during this time. Many realtors are offering price offers, exciting gifts & much more. Ready-move-in homes can be booked with zero GST. All these will help you get a great deal of benefits while looking for houses for sale. Moreover, if you are a first-time home buyer from the Middle Income Segment I or II then you can avail interest subsidy of up to Rs 2.67 Lakhs under the PMAY scheme. It is a Credit Linked Subsidy Scheme (CLSS) by government under which middle income group - I (MIG -I) with income between Rs 6 lakh and Rs 12 lakh can avail interest subsidy of 4% and middle income group - II (MIG -II) with income between Rs 12 lakh and 18 lakh can get interest subsidy of 3%. The government has also reduced the stamp duty charges for the benefit of buyers.

The conclusion is that you do not have to wait anymore to start searching for your dream home. In these uncertain times, it is always safe to have a property of your own. You probably won’t get any better deal than this and we advise you to go ahead and find the perfect abode for you & your family. Whether you are planning an investment for the future or want to move to a bigger home you can make use of all the above-mentioned advantages now.

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