Here is Why this Is the Best Time for Potential Buyers to Get A Home Loan
Dec 18, 2017 Home Loan
For most buyers, the decision to buy a home depends on how soon they can get the home loan. Most of the loan lending companies and banks let the borrower pay 20 percent of the margin money for the property and pay up to 80 percent of the amount as the loan for the property. Not only the cost of the property but also the cost of registration, legal fees, etc affects the cost of buying a home.
Nonetheless, the process of buying a home has become easier for the buyer. Even the government of India has started a project ‘Pradhan Mantri Nivas Yojana (PMAY)’ which aims at providing a home to all by the year 2022.
Benefits of home loans:
Since demonetisation and the implementation of GST, the real estate market has witnessed a slow down. And since the home loans are the major enablers in the real estate market, the banks and loan lending companies have come up with attractive offers to lure in more potential buyers.
For example, ICICI bank is offering its customers 1 percent cash back on each EMI for the entire loan tenure. Though, the minimum tenure to avail this offer is 15 years.
Similarly, Axis bank is offering 12 EMI waiver if the person pays his EMI regularly on time. The EMI will be credited in three instalments of four EMIs each after four years, eight years, and 12 years. The scheme is called Shubh Aarambh scheme.
Charges and factors to consider:
Before buying a home loan under the special scheme, make sure you do a proper research on its pros and cons. The special schemes seem advantageous in short term; make sure you know about its benefit in the long term. Make sure to know if the stamp duty, processing fees etc are included in the home loan cost or not.
Few banks have waived the home loan processing charges and the interest rates are between 8.15 percent and 8.5 percent. According to the experts, the interest rates are not likely to hike up anytime soon. The developers are keen to offload their unsold inventory and adhere to the new RERA rules. This is a good time for the buyers to buy the house of their dreams with banks and the new guideline supporting their dream.
Hence, if you are also planning to buy a home, then this is the right time to loan that are available with various offers. So keep your eyes and ears open, research about various home loan offers and choose the best for you.
Nonetheless, the process of buying a home has become easier for the buyer. Even the government of India has started a project ‘Pradhan Mantri Nivas Yojana (PMAY)’ which aims at providing a home to all by the year 2022.
Benefits of home loans:
Since demonetisation and the implementation of GST, the real estate market has witnessed a slow down. And since the home loans are the major enablers in the real estate market, the banks and loan lending companies have come up with attractive offers to lure in more potential buyers.
For example, ICICI bank is offering its customers 1 percent cash back on each EMI for the entire loan tenure. Though, the minimum tenure to avail this offer is 15 years.
Similarly, Axis bank is offering 12 EMI waiver if the person pays his EMI regularly on time. The EMI will be credited in three instalments of four EMIs each after four years, eight years, and 12 years. The scheme is called Shubh Aarambh scheme.
Charges and factors to consider:
Before buying a home loan under the special scheme, make sure you do a proper research on its pros and cons. The special schemes seem advantageous in short term; make sure you know about its benefit in the long term. Make sure to know if the stamp duty, processing fees etc are included in the home loan cost or not.
Few banks have waived the home loan processing charges and the interest rates are between 8.15 percent and 8.5 percent. According to the experts, the interest rates are not likely to hike up anytime soon. The developers are keen to offload their unsold inventory and adhere to the new RERA rules. This is a good time for the buyers to buy the house of their dreams with banks and the new guideline supporting their dream.
Hence, if you are also planning to buy a home, then this is the right time to loan that are available with various offers. So keep your eyes and ears open, research about various home loan offers and choose the best for you.
Looking for property portal?
Related Articles
-
-
Things to do Once You Have Repaid Your Loan Amount
May 23, 2017 -
All you Need to Know About Home Loan Co-Applicants
Nov 09, 2019 -
Tips to Deal with the Burden of EMIs
Jul 04, 2018
See comments (0)
Write a comment
