Register for features like favorites, compare, comprehensive advice, consultation and more.Register
Lower interest rates, subsidies announced on the home loan interest rates under the PMAY scheme, and the successful implementation of RERA could give a very good start to the festive season this year. The festive days are normally considered to be very auspicious for buying a property as the purchase made brings with it health, wealth, and prosperity.
Owing to the stagnant property rates and cautious buyer sentiment, it is very obvious that the buyers will ponder whether it’s the right time to make a real estate investment. But as per the realty experts anytime is a good time to purchase a home for yourself, keeping in mind the affordability and availability of your choice of product.
In the current scenario, with the introduction of various drastic reforms like GST and RERA, the property is available at lower prices and there are abundant of festive offers announced by the developers. This could be the golden opportunity to crack the best possible apartment deal.
Some fascinating reasons to buy a property this festive season are:
• Interest Rate Subsidy: As per the Pradhan Mantri Awas Yojana (PMAY), several discounts on the interest rates have been announced by the government specifically for the first-time buyers which would result in cheaper loans. After a net discount of Rs 2, 50,000 to be adjusted in the principal amount to be paid up front, the EMI of a 1,184-sq. ft. house would be reduced by something around Rs 2,200.
• Low Interest Rates: Home buying has become relatively economical in the last few months. The lower interest rates on home loan (a 10-year low) are leading to a boom in the housing real estate. Though the policy rates are kept the same but it is expected that the slow credit growth and surplus liquidity in the market would lead to a cut in the interest rate. Even if you avail a loan at a variable rate, you can ask for a future cut on the same. So, adopting the ‘wait and watch’ approach for a rate cut will not be a wise decision.
• Regulator in place: With RERA in place, there will not be any more project delivery delays. The builders won’t be available to misguide the buyers. All you need to do is to ensure that you are buying a RERA-compliant project and from a well-reputed and well-trusted developer.
• Discounts and Freebies: The developers are quite hopeful in this festive season and in order to regain from the prolonged slump, they are betting big. Many leading developers in order to woo the prospective home-buyers and even the fence-sitters have offered various attractive schemes. Home-buying has become very attractive and profitable with the various freebies announced as incentives to homebuyers. However, it is important to ensure that are no hidden surprises later on and for this, it is advisable to opt for builders with a proven track record.
• Low Property Prices: The last two years have witnessed a dip in the sales volume due to which the developers have reduced the prices of their projects. Many investors have even started selling their units at nominal rates in the secondary markets. Prices are at the lowest and unless and until there is an increase in the rates, there won’t be any new launches. So, it is a good time for buyers to bargain hard and get the best possible deals for such ready-to-move-in homes and brighten up their Diwali.
Hence, don’t miss these opportune moments to buy home!
Stay updated with everything real estate!
Subscribe to our news letter