Home Loan Interest Rate: Despite the economic challenges in the Corona era, there has been no decrease in the enthusiasm of consumers about buying a house. On the contrary, now he is giving more preference to buy a bigger house. Women are ahead in this matter. According to the FY 2021 Home Loan Refinancing Report, the share of women home loans has increased by 7.4 per cent.
According to the home loan refinancing report of loan aggregator Bank Bazaar, people are now preferring to buy a bigger house due to the increasing trend of work from home due to the Corona crisis. At the same time, due to the interest rates being at a low level of more than a decade, they are getting loans of more amount easily than before. According to the report, the average home loan has increased from Rs 26.50 lakh to Rs 27.30 lakh in FY 2021. But in case of women home loan applicants, the average amount has gone up to Rs 32 lakh. According to the report, the goal of buying a home is the first priority for young consumers.
Good chance to buy a house
Rakesh Yadav, CMD of real estate company Antriksh India, told Hindustan that after Corona, from food items to car, TV, fridge, but the price of houses has not increased. On the other hand, the prices of most items ranging from steel-cement to construction have gone up by 50 per cent to 70 per cent. The cost of many items has doubled. That is, it will be a compulsion for developers to increase the price of houses in the coming time. In such a situation, home buying is the most profitable deal in the present time as developers are offering various concessions to increase sales along with cheap home loans. Taking advantage of this opportunity, you can buy a good property at a low price.
Time to avail cheap home loan
Manoj Gaur, Vice President, CREDAI National (North) and CMD, Gaur Group, said that home loans are easily available these days at very low interest rates. For the first time in the last decade, the home loan interest rate has been seen to be so low. This is a golden opportunity for home buyers. Along with this, due to the Corona epidemic, developers are also giving various offers to the buyers, which will increase their interest in this. Along with home loans by banks at low interest, developers are also trying to sell their properties with exorbitant discounts and offers. After seeing the slowdown in the sale of houses during the Karona period, the developers have now geared up with the improvement in the market. Home buyers can take advantage of this. On the other hand, home buyers have a good option of ready-to-move property. Developers will offer instant offers for ready-to-move properties, which will give more benefits to home buyers.
Home buyers have the option of choosing a ready-made home
Motia Group Director, Mukul Bansal said that the interest rates are currently at their lowest level. This means for those who are planning to take a loan now, they will get the benefit of low EMI every month. With this, the corona pandemic has given home buyers ample opportunity to choose a ready-to-move-in home at an affordable price. In fact, the ample supply has enabled buyers to buy and sell their dream homes at affordable prices. Overall, it is a buyers’ market and one should fulfill their dream of buying a home without delay.