According to Mani Rangarajan, Group COO, Housing.com, Maakan.com & PropTiger.com, “Home Loan interest rates are at 15 years low and may well spur demand for real-estate similar to what happened in 2004.” He and the real estate experts at Narang Realty believe that: Real estate housing is about to witness a boom.
If you have been planning to buy a home, right now would be the best time to do so. Don’t let the pandemic hold you back; take advantage of the all-time low rate of interest on home loans. Utilize this opportunity, before it’s too late.
4 Reasons Why You Should Buy a Home Soon With the Help of a Home Loan
The Current Rate of Interests Are at a Historic Low– The current fixed rate of interest on home loans is around 7%, and the floating rate of interest on home loans varies from 6.70%-7.85%. SBI & HDFC is offering home loans at 6.95%, Bank of Baroda at 6.85%, and Citibank at 7.75%. Since the interest rates have hit an all-time low; you can save a considerable amount or look for a more spacious home without increasing your EMI outflow. If you are already a borrower; you can use the reduced rate to apply for a top-up loan. With this, you can refurbish your existing home, if required, before you move in. Of course, this is a chore and an expense that you can easily avoid by moving into a new, ready-to-move-in home in a luxury gated community like Courtyard at Pokhran Road 2, Thane West.
More People Can Get Sanctions On Home Loans: Thanks to the historically low-interest rate on home loans, a sizeable portion of the population which was earlier ineligible for a home loan can now re-apply and buy their dream home. 80-90% of the apartment cost can be sanctioned via a home loan. The process gets a tad bit easier when you invest in real estate projects by Narang Realty. Our project documents are already verified and approved by all the most reputed banks such as HDFC Bank, ICICI Bank, Axis Bank, several PSU Banks and NBFCs like Piramal Capital.
Make Use of The Moratorium on Home Loans: In a bid to provide relief to home-buyers amid the pandemic crisis, the RBI had directed all banks and financial institutions to allow a moratorium on EMI for 3 months. The announcement was officially made in March, and now, the moratorium period has been extended till August 31st. The move is intended to help borrowers manage short-term liquidity concerns. If you are planning to apply for a home loan, do it now. For a short period, you will be able to take advantage of moratorium offered by RBI on home loans.
Owning Your Own Home Can Provide You with Security– Today, we live in unprecedented times. Due to the COVID-19 pandemic, a huge portion of the population is moving back to the city of their origin and are less likely to be as career-specifically mobile as they use to be, before the pandemic. Owning your own home (and not having to pay rents) can be a source of tremendous emotional and financial security. Also, under the present circumstances, residential real-estate makes for the most tangible investment as compared to other asset classes such as the stock market and bank deposits.
The Conclusion
The COVID-19 pandemic may have disrupted your travel plans. But, it has given you a great opportunity to sit back and re-look at your life goals and financial planning. This is the best time to consider making a responsible financial investment — one that will provide you with stability and security in times like these? Why not invest in your own RTMI home?
At Narang Realty, we understand what it means for you to own your own home. We also understand how trying the current situation can be for you. Keeping you in mind, we have come up with our current offering, where-by you can move-in today, and pay in 2021. To know more about our current offer, visit our website at www.narangrealty.com. While you are at it, take a virtual tour of our projects, or fill in your details and request a callback. Our real estate experts will get in touch with you soon!