Dev Singhraha
Relocation Expert
If you are looking to buy a property or house then this is a common notion that you must be hearing these days that is ‘this is the right time to buy a house.’ But have ever thought the reason behind it?

Let’s try to find out

1.Poor condition of the real estate sector:  the real estate industry has been struggling from the last decade and hence it had reached all time low. Most of it happened due to high property price, higher interest rates but low demand and lots of unsold inventories. This has forced developers to rethink again and thus they are offering lucrative offers, good pricing deals while ensuring timely delivery.

2.Interest rates are way more affordable than ever: if you compare the interest rates of the housing loan, then you will notice that the interest rates are all time low and hence more attractive. In fact, those from the low and medium income groups can enjoy home loans at subsidised rates under Pradhan Mantri Awas Yojana (PMAY).

3.Tax benefits: by investing in your own house you can also claim tax benefits for your home loan. As Section 80C of income tax offers deduction on principal repayment of up to Rs 1.5 lakhs and Section 24 allows homeowners to avail a deduction of up to Rs 2 lakh on interest payments but provided that they reside in the said house. Also, there is a tax break for the new homeowner and Section 80EE offers deduction up to Rs 1 lakh.

4.Flexible terms and conditions from banks: over the last few years banks have revised their policies. For instance in case of loan prepayment, earlier there was no such facility for the customers but the changing market trends have forced banks to become more consumer centric. Previously banks charges penalties for prepayment but now there are no penalties. Not borrowers can repay their loan any time without paying anything extra. Then recently banks have introduced a new service called Balance Transfer. Those who are fed up with their old loans, they can opt for other banks with low interest rate while transferring the balance to the old lender.

5.Rental pricing is increasing day by day: rents have been increasing day by day and its getting difficult for people to afford. Today in a good locality the rent for a 2 BHK unit is between Rs 15,000 to Rs 30,000 along with maintenance charges.  So, why not investing this money by paying EMI for one’s own home, in this you will have an asset without wasting money in some other place.

6.Avail festive offers: earlier festive offers and discounts were only limited to consumer goods like clothing and electronics. But now real estate too is not far behind. Developers and builders have now started taking advantage of festivities and offering attractive festive discounts and property at marginally lower price to get rid of the unsold inventories.

Hence, investing at this time means you will get a house at a much lower price than the current market value.
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