Why this is the Best Time to Buy a Home?
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.
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.
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%.