A house always comes on top of any bucket list of aspirations. Without a shelter of your own, it is hard to imagine a secured future. However, buying a house is not as easy as purchasing a motor vehicle or electronic gadgets. And often, all that keeps one away from their dream house is money.
Thankfully, a housing loan, with ultra-low interest rates, can help fulfil your cherished dream of owning a house. To make the deal even sweeter, lenders offer various deals, discounts, and special offers during the festive season.
So, is this the best time to buy a house? Check out.
The Top-5 Reasons You Should Buy Your Dream House Now
Be it the low rates of interest, easy availability, minimal documentation, ready-to-move buildings, or festive discounts; there are many reasons for you to purchase a house now.
- Ultra-Low Interest Rates
No industry pundit can remember a time when housing loan interest rates were lower than they are now. Housing loan interest rates depend on many factors like credit score, monthly income, income stability, and loan value.
Presently, housing loan interest rates start from 7.50% for a salaried or self-employed professional with a credit score of 800 and beyond, for a loan amount below INR 35 lakhs. If you are a salaried or self-employed non-professional, the interest rates may start from 7.60%. Moreover, the upper limit of the interest rate is capped at 9.70%.
You can always use a home loan EMI calculator to get an exact estimate of the money you will have to pay every month.
- Easy Availability
Earlier, applying for a housing loan was a time-consuming and paper-intensive affair. You had to visit the lender many times and submit several documents.
Today, almost all top lenders in India offer the facility of an online loan application. You can visit their website, use the home loan EMI calculator to get an estimate and apply for the loan. After the verification process gets over, you will receive the loan amount in your bank account.
- Minimal Documentation
Applying for a housing loan has never been this easy. You can submit as few as ten documents to apply for the loan. The documents that you may need to submit include the application form, photograph, identity proof, address proof, certificate of educational qualification, salary slips or Profit & Loss statement, bank account statement, property documents, and processing fee.
Hence, a housing loan is one of the easiest loans to avail when you want to buy a house.
- Ready-to-Move Properties at Low Prices
Due to factors like a slump in demand and the pandemic, realtors have accumulated a stockpile of unsold apartments/houses. To shore up revenue, they are offering ready properties at unbeatable prices.
Thus, if you want to buy a property at low prices, this can be the best time for you.
- Festive Offers
If you are a first-time property buyer, you may get an interest subsidy of around INR 2.6 lakh by opting for the Credit Linked Subsidy Scheme (CLSS). Moreover, several states have reduced property stamp duty rates. Additionally, lenders roll out heavy discounts and offer if you buy a property during the festive season.
Hence, we all know that it takes several years to purchase a property or own house. But, in the current market, buying a property can not only be a safe investment option but also protect you from rising real estate prices, high interest rates, and a stringent approval process. Hence, people opt for buying property most of the time, now is the best time to buy a property with a housing loan.