The ongoing COVID-19 pandemic compelled us to put life goals on hold, including purchasing a new house. However, there’s been a change in the wind, and specialists observe an uptick in the demand for residential properties, following the sluggish sales recorded over the past few years. Does this mean that now is the right time to accelerate home-buying plans?
Most industry specialists say yes. A report that was published by a renowned Indian publication mentions that despite a slight increase in property rates, buyer sentiments continue being bolstered – indicating high sales in top-notch metropolitan cities.
Home loans permit borrowers sizeable funding that goes up to crores. Coupled with flexible repayment opportunities, promotional offers, extended home loan tenor and low interest rates, it can make the home-buying venture rewarding. In this guide, we explore whether the current economic environment is conducive to borrowing a housing loan that benefits you as well as your dream of owning a house.
Top Advantages of Borrowing a Home Loan in India Now
Prospective homebuyers stand to make exceptional gains by availing of a home loan in India now. As a borrower, you do not simply gain access to a sizeable funding but also get to save more than you’d have saved a few years back – permitting you to expand property options and buy one that encompasses your family life. Here are some reasons why you must avail of a home loan to buy a home right now.
Customizable Home Loans in India
About a decade ago, borrowers could not have imagined availing of a housing loan in India, personalized to their individual financing needs. Home loans were seen as an expensive financial commitment that could drain one’s savings. However, that’s not the case anymore.
Lenders lean toward offering highly customized home loan plans to all eligible borrowers, considering ongoing financial obligations, income sources, and other factors. Borrowers can get sizeable sanctions based on their repayment capacity. This helps buy a home without stretching other finances. Many lending institutions also have provisions that make borrowing feasible at affordable interest rates, particularly in rural and tier-II and III regions, simple and easy.
Attractive Interest Rates
By applying for a home loan in India now, borrowers can benefit from attractive home loan interest rates that lenders currently offer. Interest rates on home loans today are relatively lower, as lenders compete to offer the best possible deal to aspiring home loan borrowers. Home loan lenders offer loans that start from an interest rate as low as 6.70% in some cases, based on the eligibility of a borrower — a far cry from traditional rates that sometimes rose to 12%.
Easy Eligibility Criteria
While home loan lenders set their individual home loan eligibility requirements, satisfying these is easy for borrowers, permitting them to secure competitive deals that are based on eligibility. Most lenders want to make sure that borrowers are repaying the loan on time, without making defaults. On assurance, home loan borrowers can enjoy unique features like sizeable home loan sums, attractive home loan interest rates, flexible payment benefits, and the facility to even transfer the loan balance to a new borrower. Some of the top eligibility parameters include:
Credit profile verification
Income stability
Repayment capacity
Adequate work experience
Seasonal Offers
With the festive season coming soon, many home loan lenders are expected to give promotional offers to cater to the increase in demand for new properties and home loans. Some of the benefits include lower housing loan interest rates, concessions on home loan processing and other fees, interest subsidies, or moratorium periods. Borrowers who have been planning on buying a new home can consider timing property purchases to gain from these select offers.
Concluding Thoughts
As the old saying goes, there’s no time as good as right now – and this stands true for home loans in India. Aspiring housing loan borrowers no longer have to delay their home-buying plans as these loans are as competitive as they get and help secure substantial savings for home loan borrowers. Apply after researching and calculating your housing loan eligibility with a home loan calculator to secure attractive deals for your dream home.
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