Why is this the Right Time for People to buy their Own Home?
The housing sector in India is transforming and the revolution looks good for the future. With the attention of low-cost housing sector by the government, end users and buyers are about to enjoy amazing deals. Demand for properties is on the rise and the realty sector is ready to handle the rush. Furthermore, the Indian government’s real estate friendly budget announcement is encouraging the sector and the buyers to partake in smooth and transparent transactions. Risks are considerably dimmer than the past and home buyers have a positive sentiment in general. People who didn’t have their own dream home are ready to buy their first dream home after the beginning of affordable housing segment. For people who have stayed in rental homes for all their lives, this is a great time to invest and buy a home for themselves. Banks are also in the play and they are in support of the home buyers to lessen the burden by giving feasible financial aid. Reduced rates of interests and flexible repayment schedules of loans are some of the benefits that financial institutions are ready to provide.
Yes This Is The Right Time for People to Buy their Own Home
Following are some of the points that address the amazing possibility at the hands of people to buy their own home:
Cuts in interest rates:
With growing demand for bank loans and numerous banks ready to lend the loans, rates of interests are becoming low by every passing year. There are numerous choices to opt from for prospective buyers and the rates are reasonable for the borrower to bear. This is the best time for people to invest in the market with such an advantage of feasibility for the buyers. Home loan rates are cut down by 90 basis points for helping buyers and also the sector in general.
Attractive subsidies by the government:
Under the PMAY (Pradhan Mantri Awas Yojana) scheme, the government has announced to provide partial refunds to loan borrowers. Prior to this iconic move, the whole housing sector was going through a rather dull phase. Now there are flats for sale in Pallavaram Thoraipakkam Road by Alliance Group for the EWS (Economically Weaker Sections) in Chennai that cater to the needs of people who are financially weak. Many builders around the country are also doing the same to help those people. The scheme is set to provide a 4% interest rate subsidy for loans up to INR 9 lakhs and a 3% interest rate subsidy for home loans that range up to INR 12 lakhs. The primary goal of this scheme and the government is to provide housing for all in the country at affordable rates. This is a boon for people still living in the shelter of someone else’s home and dreaming to get their own in the country.
Reduction in EMIs:
Interest rates levied by financial institutions on loans have steadily gone down over the years and it is predicted to follow the pattern. EMI rates are becoming lower and with the country in an economic boom, people are earning more and it is easier for them to pay the EMIs without defaults.
Chances of rental yields:
By choosing the right location that looks at good appreciation in value over the future, there are possibilities of high rental yields in the future. Those who do not have their own home should buy a property in one of these places so that they can enjoy high rental yields in the future if they buy a second home.
The positive effect of demonetization:
After the partial currency note ban, demand has been on the down low for a while. With a sudden dip in demand, inventories have stocked up and builders are ready to sell unsold units for cheap rates. With all these transformations, this is the best time for people with no home to purchase their own unit and enjoy a life without paying rents.