Festivals have always been a time of celebrations in India. Buying a home of your own, whether it’s an apartment or a house, has always been an achievement to be celebrated. The festive season can be the best time to buy your own home because of the several benefits that banks and NBFCs offer you in terms of home loans during this time. Here are some of the benefits that will help you save money in the long term while making a worthy investment in your future
Banks usually need your business just as much as you need their loan. In order to attract more customers, they usually come up with interesting offers during the festive season. they offer interests that are 0.5%-0.10% lower than their usual rates.However, these rates are only offered for only a few days during the festive season and will revert to the usual interest rates once the season ends.So, if you are looking to get a good offer on your home loan, opting for one when festivities arrive would work extremely well for you.
India’s real estate market is ripe with residential properties, and the demand for houses of late has nosedived. This is why builders are coming up with cut-price deals in a bid to attract prospective buyers and they do so inconspicuously during the festive season. So, to get a good house at a bit of a bargain price, keep an eye out for any such deals in a residential complex of your liking. Developers often offer freebies like free parking or gold coins to even free cars.
There are many charges associated with home loans such as stamp duty, GST, processing fees, etc. During the festive season, developers can offer to lessen or waiver the GST charges, stamp duty, or processing fees. These can help you save money in the long run.
To sum up, the festive season is one of the best times to apply for a home loan because of the significant savings you can get due to the reduction in interest rates as well as lowering or waiver of associated charges.
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