Home Loan Interest Rate: Despite the financial challenges in the Corona era, there is no dent in the enthusiasm of home buying consumers. On the contrary, they now have a higher priority to buy a bigger home. Women are ahead in this regard. According to the FY 2021 Home Loan Refinancing Report, the share of women’s home loans increased by 7.4 percent.
According to a report on home loan refinancing by debt financier Bank Bazaar, people are now preferring to buy a bigger home due to the increasing trend of working from home due to the corona crisis. At the same time, interest rates have been at their lowest level for more than a decade, making them easier to borrow than ever before. According to the report, the average household debt rose from Rs 26.50 lakh to Rs 27.30 lakh in the financial year 2021. But in the case of female home loan applicants, the average has risen to Rs 32 lakh. According to the report, the goal of buying a home for young consumers is the first priority.
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Great opportunity to buy a home
Rakesh Yadav, CMD of real estate company Antrix Finance India, told Hindustan that vehicles, TVs and fridges are expensive after Corona, but house prices have not risen. On the other hand, prices of most materials, from steel to cement, have gone up by 50 to 70 per cent. The price of many things has doubled. That is, it is imperative for developers to increase house prices in the coming time. In such a situation, home buying is a very lucrative business at the present time as developers are offering various discounts to increase sales along with cheap home loans. Taking advantage of this opportunity, you can buy a good property at a lower price.
Time to get a cheap home loan
Home loans are readily available at very low interest rates these days, said Manoj Gaur, CMD vice president of Creditai National (Northern) and Gaur Group. For the first time in a decade, home loan interest rates have been very low. This is a golden opportunity for home buyers. In addition, due to the corona epidemic, developers are also offering a variety of offers to buyers, which will increase interest in them. In addition to home loans offered by banks at low interest rates, developers are trying to sell their assets with over-the-counter discounts and offers. After seeing a slowdown in home sales during the Corona period, developers are now gearing up for improvement in the market. Home buyers can take advantage of this. Home buyers, on the other hand, have a good choice of ready-to-move property. Developers make quick offers for ready-to-move properties, which provide greater benefits for home buyers.
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Home buyers have the option of choosing a ready-made home
Mukul Bansal, director of Motia Group, said interest rates were currently the lowest. This means that for those who are planning to take out a loan now, they will get a lower EMI benefit each month. With this, the corona epidemic has given home buyers ample opportunity to choose a ready-made home at an affordable price. In fact, ample supply has enabled buyers to buy and sell their dream home at affordable prices. Overall, this is a buyer’s market and should fulfill the dream of buying a home without delay.