A "low interest" loan shouldn't mean you have very little interest in paying it back!
In this year, India has topped all countries with highest jump of global competency in the World and in September 2016, it has been noted all over the news. This means that the stock markets and other Indian indices will rise, increasing prices everywhere else in a while. However, housing has seen a little dash of hope in Diwali, the other way round. People have by far recovered from the 8 year old recession by now and are willing to make larger investments in life, such as a new home. Diwali is however the perfect time for buying a new home, whether an apartment from the DDA scheme or a DLF condo because of various reasons that we are about to explore here.
To start with, our Government itself is rolling out cheaper housing properties with easy financing options for people especially in the Lower Income Groups and Economically Weaker Sections with schemes such as PMAY and DDA schemes. One notable effort from DDA this Diwali is the releasing of 12,000 housing units in the scheme, of which 10,000 are unsold property units from the last scheme which was released in 2014. These are being sold at much cheaper rates but are not the only advantages available to people looking forward to invest in a home this Diwali. This year a lot of city and construction builders are pushing their unsold properties for Diwali, at lower prices, since they have not been bought yet decreasing the value of the property unless there is some drastic improvement. A lot of experts also believe that this is a good time to invest in real estate due to the fact that the prices are always the lowest just before the industry is to take off.
Home loans are available in both floating and fixed rates. While floating rate poses the risk of prices and hence the interest rates rising, fixed rate is going to be a stable amount that is decided. Since the prices of real estate is so low the fixed rate itself is very low at the current scenario. If the real estate market gains pace post Diwali and you are using floating rate, chances are you will be paying higher interest rates than the fixed interest rate, for the future. Hence, Diwali would be a good time for your interest rates as well.
The stability of property prices have neither risen nor dropped in some regions of the country. The most common price stability has been seen in the the towns and cities excluding the 6 metropolitan cities. Also, a lot of industry and business is slowly shifting to smaller cities which makes it even easier for people to enjoy the best of these stagnant numbers. Cities such as Nasik and Indore, which are considered among developing smart cities which have prospects for real estate investments.
Most well-established Indian companies provide their staff with a salary bonus which can be somewhere around the same amount as their monthly salary or more. This amount can help people to make the down payment or booking for the apartment. While for some it may not be much, it can definitely help you start saving early or have a fixed deposit or mutual fund to yield you some money to be able to help you buy a home, the following year. It is essential to note that most home loans will help finance 90% of the cost of the apartment or home. This can turn out to be a huge amount or a small amount depending on what is to be bought in property.
One of the major reasons why promotional offers play a key role in the sustenance of real estate industry is the fact that people are always willing to invest for lesser and get more. Hence, if they have access to a discounted offer in home loans the feeling of getting more for less. The other benefactor of promotions are, especially for apartments, some freebies can be really useful. Some of them include the electronics and home appliances, while some come with cars at times. But the key here for buyers is to make sure that they are able to save as much as possible. So the lowering of per square feet prices during Diwali helps to do that. However, if the homebuyer is starting a new family, getting freebies such as furniture and electronics can actually help.
Diwali home loans are also available in plenty. Take a look at the offers at Bankbazaar.com for instance with enough financing options to make your dream home a reality in this festival of lights.
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