Home loan interest rates are currently at their lowest, making it a good time for potential home seekers.

If you have been buying a potential home and have been waiting to buy your dream home for quite some time now, you need to hurry. Therefore, this may be the most appropriate time to own a piece of property for self-use or for investment purposes.

Various studies conducted recently show that the sense of home buying has actually risen significantly as most people are looking for a roof over their heads or a bigger home in times of pandemic. For example, Housing.com’s ‘IRIS Index’ revealed that online searches for residential property reached an all-time high in September 2021, with Delhi-NCR topping the list. “This was against the backdrop of a positive consumer outlook amid fading concerns on the Covid-19 front, historically low interest rates on home loans and flexible payment plans offered by landlords to attract homebuyers,” the study read.

In fact, stable real estate prices and cheaper housing loans, along with many other reasons, provide enough incentive to go to his house. Here we look at some of the top reasons to buy your dream home this holiday season or in the near future.

1. Real estate prices are stable

Hard hit by the pandemic and affected by a few other factors, real estate prices in India have been falling for a few years now, making it a good time to buy or invest in a housing unit.

According to a recent report by Knight Frank India, for example, home sales rose 67% year-over-year in the first half of 2021, however, housing prices remained mostly contained over the same period with a -1% drop to -2 % on an annual basis (year).

Some other reports have also highlighted this fact. However, real estate prices may not stay at the current level forever and are bound to rise in the future. This means that one may have to pay more for the same property in the coming months.

2. Real estate prices may rise in the near term

Real estate prices in major cities of the country are stable for a long time. However, the situation may change in the coming months as the demand for housing rises rapidly and the cost of raw materials is rising dramatically, which may force the majority of developers to raise the prices of housing units.

Expectations that the pandemic could cause property prices to crash have been dashed by the fact that the demand for housing is so strong. This demand, along with increased construction input costs for developers, will cause prices to rise sooner rather than later. Real estate prices are currently at their lowest. While the costs to developers have gone up, they have been able to keep prices low in order to take advantage of demand from the festive season – and even add lucrative discounts and offers,” says Santhush Kumar, Vice President of ANAROCK Group.

3. Ample housing options

There are more than enough options on the market to choose from this festive season. Most importantly, buyers can choose move-in ready homes from the most reputable developers in the country. The festive season is the time to explore the market and make the most of the offers on some of the best projects as there is such a tempting range of options at low prices during the most auspicious time of the year for investing in homes.

4. Cheapest Home Loans

Home loan interest rates are currently at their lowest, making it a good time for potential home seekers.

Many banks and housing finance companies offer favorable interest rates starting at 6.4 percent to encourage end users. These lower interest rates provide a profitable advantage for those who are seriously planning to purchase a home, thus driving the overall demand for housing across the major markets in the country,” says Shveta Jain, MD, Residential Services, Savills India.

Kumar adds, “We do not expect the Reserve Bank of India to maintain the repo rate for much longer. But currently, the interest rates on housing loans are the lowest we have seen in 15 years or more. Many banks have lowered their rates to coincide with the festive season. The most advantageous interest rate during this period makes perfect sense.”

5. Rewarding offers from developers

After COVID-19, most developers have rationalized their prices, thus improving the affordability of homebuyers. Besides, many of them have also come up with attractive deals and discounts to attract potential buyers.

“With the festive season now underway, developers are offering more deals, discounts, and offers that include cash discounts, free offers, flexible payment options, and incentives like short rental yield, offers when the floor is raised, etc. to motivate the buying process. Along with lucrative offers from developers comes a period of time. Attractive investment in real estate,” says Jane.

Get live stock quotes from BSE, NSE, US market and latest NAV, mutual fund portfolio, see the latest underwriting news, best IPOs, calculate your tax with income tax calculator, see top market gainers, biggest losers and best stock funds. like us Facebook social networking site and follow us Twitter.

Financial Express is now available on Telegram. Click here to join our channel And stay up-to-date with the latest Biz news and updates.

Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *