Who does not dream of having a place of their own? Affording a property is very expensive if there is no financial support as real estate prices are high. This is the reason why so many people start by staying on rent while building their savings before they can buy a house. For those waiting for favourable conditions before buying a house, now might be the ideal time to do so. Most homebuyers rely on the support of home loan plans in order to complete their property purchase. Right now, there are several lenders who have cut down home loan interest rates, which brings down the overall cost of the loan and makes repayment easier.
If you are interested in buying a house, take a look at 4 reasons why this is the right time to do so:
- Interest rates are at an all-time low!
One of the main concerns of home loan borrowers is the home loan interest rate. This is because the housing loan interest rate can have a significant impact on the monthly instalments. In this regard, this is a great time to be applying for home loans as the current market rate for home loans are at their lowest. Many lenders have been bringing down the rates, so you can get a great loan plan.
- Several Indian states have cut down the stamp duty
There are many Indian states that have brought down the stamp duty. This rate can be anywhere between 5-6%. Now, do keep in mind that stamp duty can differ from state to state. Also, some states offer concession in stamp duty to women who are owners or co-owners of the property.
- Taking a loan at a young age can be beneficial in the long run
A home loan is usually a long-term loan, which is why it is advisable to take one while you are young or as soon as possible. For instance, if you have taken a loan in your 20s, the home loan can be repaid by the time you are in your 40s. However, if you apply for the loan in your late 30s or early 40s, the loan could finally end when you are in your late 50s or 60s, which is most likely a time closer to retirement.
- Developers are offering good deals to boost their sales
Due to the impact of COVID-19, the real estate business was not doing so great. However, with things starting to pick up pace, developers are now looking to boost their sales and make up for their losses. This is the reason why they are offering discounts to buyers, which means this is a great time to take advantage of good deals out there.
Now, before you apply for a loan, make sure to inquire about the lender’s home loan eligibility criteria. This is because each financial institution might have different requirements when it comes to the eligibility criteria and documents required for home loan.