The pandemic has taught us the true value of house ownership, aside from the obvious lesson of always washing our hands. The only thing that provided relief during the past year of being confined indoors was if your home’s four walls belonged to you! And many of those who had been renting during the pandemic realized how crucial it was to own a home because of the security it offered. This is true since having actual possessions gives one the greatest sense of security, particularly in times of emergency. As a result, it is already evident that as individuals come to realize the value of purchasing tangible assets, the trend of investing in them will increase in the future.
a home and making real estate investments. People who had previously selected rental accommodations would now investigate house purchase choices, benefiting from a favorable market and more affordable home loans available in these uncertain times when a home was the only safe place. We have compiled a list of SEVEN reasons why now is the ideal moment to purchase the house of your dreams, in case you are still on the fence about making the move.
All-Time Low Home Loan Rates
The Reserve Bank of India decided to lower the repo rate during the past several months, which caused home loan interest rates to fall to less than 7%. This will be a major benefit for property buyers. One of the strongest reasons to purchase a property is the low mortgage rates, which are also anticipated to last for the time being.
Enablers on Demand
The property market was overheated during prior crises due to inflated valuation, a declining loan to value ratio (LVR), and unfavorable interest rates. Because of the current low valuation, high LVRs, and inexpensive loan availability, the situation is favorable for purchasers. All of this indicates that now is a favorable time to invest in real estate since the market is favoring buyers.
Property Is A Reliable Asset
It was noted that millennials, who make up a sizable portion of the existing population, were reluctant to purchase real estate prior to the epidemic. However, after the pandemic hit, this behavior has changed. Given the stock market crash and the instability in other investment possibilities, real estate has emerged as a reliable asset class during this period, which makes it a stable bet and increases the reason to buy a property today.
Unbeatable Homebuying Deals
Currently, there are numerous offers and deals available for homebuyers. While the widespread economic distress makes the decision to buy a house significant, this is an opportune time to make such an investment. With offers ranging from stamp duty waivers to flat discounts, the residential real estate market is brimming with attractive deals, making it an ideal time to purchase a home This initiative, applicable to 16 projects across the country, aims to reduce the financial burden on homebuyers, allowing you to take advantage of these offers while selecting your dream home.
Make Most Of The Limited Period Of Tax Benefits
The pandemic has also caused the state to dole out various benefits to home buyers. One such benefit is in the form of cut in stamp duty offered by certain states, which means that those seriously planning to buy a house can benefit from this scheme. This, along with low home loan rates can mean good profit for the buyer.
Price Correction
Even before the pandemic occurred, housing prices had declined by one percent in the first quarter of 2020, according to estimates by the Reserve Bank of India. There have been further corrections in price across all property segments, along with decrease in stamp duty in certain states like Maharashtra, all of which makes it a good time to buy a house. Moreover, as a result of the slump in sales, many developers are giving good price deals, which coupled with low interest rates and state benefits makes it a good time to invest in property.
Buyers’ Market
With so many deals and offers along with price corrections and ready inventory, now is the perfect time to buy a house of your own. However, given that for most of us, home buying is a life-long commitment, do your research on the locality, developer, the property on offer along with all other calculations well in advance and with due diligence before investing your money.
We are confident that these seven reasons will give you all the motivation you need to begin looking for the ideal house that truly captures your essence. From the variety of homes that Tata Housing has built in different parts of the nation, you can select the one that best suits your needs and preferences in terms of amenities and style. So stop waiting now!
