Top 5 Reasons Why you Are Right About Purchasing a Home Right Now!
Homeownership has often been regarded in India as a matter of prestige, as well as showing a person’s solid financial bearings. Buy a house! The guidance of the older generation is always sent out, and now we have steadily come to understand that it is not totally baseless!
It is undeniable that COVID-19 has helped us understand the importance of making our own house. It offered a safe haven for our loved ones for months and became an office, hospital, theater, and much more! The uncertainty seen in the stock market, on the other hand, has brought home the argument that real estate investing creates stability and is a safer bet.
If you are hesitant to purchase a home, remember these 5 reasons why you have to act now.
Table of Contents
- If you are hesitant to purchase a home, remember these 5 reasons why you have to act now.
- 1. Your dream home in the future could cost more.
- 2. The inventory of decent houses ready to move will not last long.
- 3. Take advantage of the low rates for home loans
- 4. Having a higher value home loan is better now.
- 5. Making the best of the restricted tax gain period
1. Your dream home in the future could cost more.
Land, though the population will continue to grow, is a scarce resource. The current housing shortage is estimated at nearly 25 million by Niti Aayog estimates, indicating the huge underlying demand. The combined factors driving demand in the sector are rising urbanization, growing wages, and large middle-class households.
Thus, the situation of undersupply and over demand could lead in the future to higher property costs and limited choice. Given this, and also the fact that real estate is a better option than equity in the long run, if you are trying to add real estate to your investment portfolio, now is also a good time.
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2. The inventory of decent houses ready to move will not last long.
Currently, the real estate industry has a decent inventory of reputed developers ready to step into houses in projects. You will really get your dream home that meets all specifications, such as location, lifestyle, security, efficiency, and comfort.
Owing to the lockdown, the construction of several projects has been suspended, which could contribute to delayed completion of under-construction projects. Additionally, many developers will not have the financial resources to finish projects due to financial instability during the lockdown.
3. Take advantage of the low rates for home loans
Since the Reserve Bank of India reduced the repo rate to sub-7%, home loan prices in India are at a 15-year low. Following this, many financial lenders have reduced the home loan prices, with selling rates as low as 6.9 percent. For you, affordable mortgage loans translate into cash, which means you can afford a larger home.
4. Having a higher value home loan is better now.
In October 2020, the Reserve Bank of India rationalized risk weights added to certain types of borrowings above Rs 75 lakhs. This means that lower amounts of risk will be exposed to banks. They will also be more likely to disburse a larger sum of credit.
5. Making the best of the restricted tax gain period
In addition to producing direct and indirect jobs, real estate is among the largest employers in the world and also contributes significantly to our nation’s GDP. Recognizing this, the government proposed steps to allow people to purchase a home in order to improve the market.
The stamp duty in Maharashtra has been substantially lowered from 5% to 2% by December 2020 and to 3% by March 2021. In addition, until June 30, 2021, the gap between agreement value and circle cost rose from 10 percent to 20 percent (under section 43CA), which is particularly advantageous for higher-priced residences.
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