The current real estate market is becoming more favourable for buyers, and buying a house is a secure, long-term investment option in the post-pandemic scenario. If you’re financially sound, here are five reasons why buying a home is a sensible move during this period.
Low Property Price
According to RBI data, the pandemic has had a significant impact on property buying prices. Since May 2020, when the RBI lowered the repo rate by 4%, prices have remained stable. Furthermore, flats and properties are now accessible at competitive rates with a variety of payment alternatives.Due to the small number of buyers in the market, sellers are able to finalise deals more quickly than usual. The market is less competitive, which will aid you in making the right choice.
Fast and Convenient Process
Before the pandemic, there was a hectic requirement for documentation and paperwork, but now it’s as easy as online shopping. Both home loan providers and the government have come up with e-ways to ease the purchase procedures for buyers’ convenience.
Stable Investment
Buying a house is like ensuring a safe future for you. It is very stable compared to the stock market and mutual fund investments, because the latter are very volatile and unpredictable. The value of your property increases with all the changes you make to it, and you can even lease it for a regular multiple source of income. All these factors indicate a favourable movement in the value of homes and better returns.
Excellent Interest Rates
As the pandemic hit the country, everything was influenced by it. Even home loans became all-time lows. Lower interest rates translate to lower EMIs for you and a longer term to repay the loans. Most banks and other loan providers offer home loans at very lower interest rates, starting at 6.70% with a period of up to 30 years. Home loan services are now provided by most banks at doorstep services with zero processing fees.
Savings Overtime
Having a house can help you save money in multiple ways. Primarily, repaying an EMI or a home loan is always more rewarding than paying your rent. Renting does not provide you with any physical asset. with the current interest rates for home loans, you will likely save much more over the loan term than ever before. This means that by the end of your loan tenure, you will save around Rs 12 lakhs, on an amount of Rs 50 lakhs taken for 15 years.Owing a house of your own increases your credit score, and selecting a home loan offers you other tax benefits. So invest now to reap more later.
Best Contingency Plan
In this changing time, having a house of your own is one of the best contingency plans you can have. Many people suffered during the pandemic due to the lockdown and the quarantine. Many landlords refused to let people from abroad and other states take quarantine in rented houses. If every company started working from home, salary deductions, and some even lost their jobs, most of them maintaining rents is a difficult challenge. But if you invest in a house, you need not worry about any of these. You can also easily get credit from banks by pledging your home to start a new business and can overcome the difficulties of a pandemic.
Get Fully Furnished Apartments in Thrissur by the Top Builder in Thrissur
Investing in a ready-to-move-in flat or apartment is the simplest and most convenient option to do so right now. The affordable builder in Thrissur, Elixir Homes, provides you with superior amenities and low-cost premium flats in Thrissur.
