It is a common aspiration to own a home in India. However, a large number of shortsighted or adventurous people have opted for rental property instead. But, living in unprecedented times of COVID-19, people have realized the fact well that owning an apartment is way better than renting one. The pandemic has made one understand the importance of security that own property offers, but, the high EMI might have proved to be the deterrent for many from taking the plunge.
While a pall of gloom still hangs over the business sectors at large, the RBI has brought cheers for both developers and home buyers alike by slashing the repo rate recently by 40 basis points (bps), bringing the repo rate to an all-time low of 4%. Repo rate is the rate at which the RBI lends funds to commercial banks. As a result, the home loan interest rate is now at 15 years low.
With home loan interest rate dropping from 8% in February, 2020 to 6.95% in August, your dream of buying a luxury apartment in Zirakpur, Tricity’s commercial hotspot may soon be a reality. Home loan is arguably the biggest one, both in terms of loan amount and tenure. Lower interest rate means reduced EMIs and making home ownership increasingly affordable.
Should we wait or buy now?
The current situation has allowed some doubts to creep in, but if you were already contemplating buying the best builder flat in Zirakpur then you should not wait any more. With a heightened aspiration to have their own apartment, coupled with lower interest rates, people now do not want to miss out on the opportunity knocked at their door.
A consumer survey by ANAROCK, India’s leading specialized real estate Services Company conducted during lockdown pointed towards interesting facts on end-users’ preference for buying a property. According to the survey, 72% of the respondents still prefer to buy a property and interestingly 12% respondents who were not planning to buy earlier, are now interested.
Home buyers can use the savings from reduced EMI to avail the top-up loan, which is also available at a lower interest rate. This allows them the luxury to furnish their dream abode without making any compromise. Additionally, if you take into account the Pradhan Mantri Awas Yojna that offers an interest rate subsidy, EMI could go even lower depending on your income level. These government initiatives have eased the burden of homebuyers paving the way for buying best flats in Zirakpur stress-free.
With extremely low interest rates, now you can purchase your dream home without having to stress over the high EMI. The latest development by RBI will greatly benefit the real estate sector. The residential property segment buoyed by high demand, will bounce back strongly. Now is the opportune time for homebuyers to invest in quality homes from renowned developers. The lower interests, coupled with quality construction and strategic location of a housing project like Affinity Greens can make your Dream Home a Dream Investment too!