If you plan to buy your dream house, this is the Best Time To Buy Your Dream House with low prices, low stamp duty and registration charges, all-time low interest rates and many more benefits. Countless youngsters are now seeing merit in the proposition that it’s better to start early when it comes to possibly the biggest investment of their lifetimes. The Covid-19 pandemic has affected the Indian economy, and the housing sector is not an exception.
In real estate, Prices are also reasonable at this point in time. And clearly, the interest rate is a factor of liquidity and alternate avenues available for lending. So in this environment, banks have been a little conservative in lending, so interest rates came down and are at their lowest point ever.
So to answer your question, we think it is the Best Time To Buy Your Dream House and go ahead. We should also evaluate the local real estate market, the economic outlook, and the implications of how long you want to stay put.
Following are the reasons to buy your dream house at this time-
Buyers Market-
As per estimates, there are over 6 lakh unsold flats in the key cities like Mumbai, Delhi-NCR, Bangalore, Hyderabad, Chennai, Pune, and Kolkata, transforming the property market from sellers to a buyers’ market. This inventory’s piling up has led to price correction between 5 -10% in the key markets, and builders are offering promotional offers like free stamp duty, free GST, and free registration, modular kitchen and gold coins to attract the home buyers.
“Other than, price correction, we are offering free modular kitchen, gift voucher, free registry and Flat discount to buyers. This is the best time to buy a house as the interest rates are all-time low”. Harshvardhan Singh, Director of Ashapurna Buildcon Ltd.
Low-Interest Rates-
The interest rates for housing loan has fallen a 15-year low to 6.75%, and with the lowest property prices and interest rates, the salaried people paying high rents for houses are keen on investing in their own homes as the monthly rent, and the EMI of housing loans in many cases are almost the same.
Covid has made our home the centre of life and we all realized the importance of our house. Lower prices, lower stamp duty, low interest rates could support home values going forward, like old times. Someone who is looking to buy Property in Jodhpur can consider buying properties and Ready to Move flats in Jodhpur at a lower cost.
Given that RBI, in its last monetary policy, decided to keep the rates unchanged, it is unlikely that the rates will fall further. With the revised growth forecast for the Indian economy, the interest rates will only harden. The Best thing about buying your own house is
Government Subsidy-
Once the dust raised by COVID-19 settles down and the under-development vaccine for the virus becomes available, it is expected that people would come forward to buy and invest in affordable housing units in significant numbers. The loans for affordable houses being entitled to a credit-linked subsidy scheme with a Central subsidy of Rs2.67 lakh has made owing to a home of one’s own an attractive proposition.
Government Push-
Indian Government also giving a push to the real estate sector just before the new year, Finance Minister Nirmala Sitharaman has increased the fund for Prime Minister AwaasYojana-Urban (PMAY-U).
According to the Finance Minister, the higher allocation towards the PMAY-U scheme will help start construction work of 12 lakh houses and also complete 18 lakh houses. Some state governments have reduced stamp duty and registration charges to increase housing sales.