2017 was the best year to buy homes and avail Home Loans. 2018 is set to be same as it will ease out financial burden of paying more for a home. Read on to know more!
Published: Mar 15, 2018 06:17:46 AM IST
Updated: Mar 12, 2019 12:29:25 PM IST
Do you wanted to buy a home for a best Home Loan but could never finalize the deal due to higher interest rates? You need not sacrifice your aspiration to get your dream home on a Home Loan because this is the best time to do it. Not convinced? Let’s provide you some facts as you read this write-up!
Having an own home these days is the dream of everyone. While some keep dreaming about it and are never to do because of financial constraints or Home Loan eligibility , some are unable to do so even though they have the required affordability.
Since even a best Home Loan is a liability that runs for many years as one needs to keep paying the EMIs for a longer period and it affects the monthly budget, many people ignore it.
However, times have changed, and real estate prices have reduced across India in 2017, and the trend is set to continue in 2018 as well. This has happened due to demonetization, Good and Services Tax (GST) and after the implementation of the Real Estate Regulation Act.
Prices have fallen by an average of 3% across cities with Pune leading the pack with the big decline of 7% followed by Mumbai at 5%. The National Capital Region (NCR) region which saw a decline in the last two years saw a further decline of 2% in 2017 and till now in 2018.
The major reason attributed to the decline is poor demand. Now since the prices of properties have gone down, if you are planning to buy a home on a Home Loan, this is the best time. It’s because even banks and leading non-banking finance companies (NBFCs) have reduced their Home Loan interest rates which is just 8.40%.
Thus, if you are planning to make the most of the situation these days, you can apply for a Home Loan and avail many benefits.
Home Loan benefits at a glance!
• Flexi Loan Facility Non-banking finance companies come with a unique facility such as Flexi loan facility. In this, you can pay interest only on the loan figure that you have utilized and save on EMIs. You are also allowed to pre-pay the borrowed money without any charges. • Balance Transfer Loan Facility Even if you have a Home Loan running with another lender and find that some other lender is offering a competitive interest rate, you can refinance the loan to an NBFC. The balance transfer loan facility comes with a top up to support your other needs, minimal documentation, and faster processing. • Flexible Tenors to Suit your Affordability With tenors ranging as wide as 25 years, you can easily set it as per your requirements and affordability and pay EMIs without stress. • 24/7 Online Home Loan Account Management Leading online non-banking finance companies (NBFCs) let Home Loan customers access their Home Loan details via their digital customer portals. The facility could be accessed from anywhere, and 24/7 also helps to manage and track its progress. • Personalized Insurance Schemes Along with the best Home Loans rates, lenders also provide tailor-made insurance schemes to protect your relatives from the burden of repaying the Home Loan in the event of unforeseen events.
The Bottom Line Now that you know that the value of real estate is on a declining spree which means you can avail a Home Loan and enjoy discussed benefits. Applying for a Home Loan online is easy these days, you can also compare best Home Loans’ offers on a third-party and then decide as per your affordability and needs. All the best!