India’s real estate sector is likely to grow at 15% CAGR by 2030. At the same time, the residential property price is also forecasted to show a capital growth of nearly 5% in 2022.
If these are not enough reasons to invest in a property, the upcoming festive season makes an ideal time to make such an investment!
Here are the top 3 reasons to invest in property this festive season!
1. Attractive offers from developers
The festive season is not only considered auspicious to start or buy something new, but it is also the time when the developers come up with the best offers! It includes special discounts, lucrative payment options, reduced processing fees, etc.
The real estate market is highly competitive, and to lure more prospective buyers, the developers plan lucrative offers. Hence, if you want to invest in a property, this festive season will be the best time to do so.
During this time, you can enjoy a host of benefits such as brokerage discounts, easy down payment, free membership, complimentary home appliances and many more.
Besides developers, the government also offers special offers like reduced registration costs and stamp duty!
2. New project launches
Another reason you should invest in property this festive season is most renowned builders gears up to launch their new projects around this time!
Since most new projects are made available for buyers during this time, you can compare several options and choose the best for you. However, before investing, you need to check the credibility of the builder.
It also includes checking the property details, projected handover time and likes.
3. Offers on home loans
Investing in a property is a pricey affair, indeed! However, a home loan can ease your financial burden to a great extent. Besides developers and builders, most financial organisations, including banks, also offer special offers on home loans.
For instance, you can avail of cheaper interest rates, consolidated or no prepayment fees, etc., helping you to repay better.
The interest payable determines the affordability of a home loan. Since home loans come with a longer tenure of 20 years and more, you have to pay a hefty amount as interest. Thus, even the 50 basis points significantly affect the total amount payable.
However, opt for a higher down payment if you want to make your home loans more affordable, opt for a higher down payment. In this case, your festive bonus incentives can be a great resort!
Besides, to enjoy an affordable home loan, you can do the following :
● Maintain a high credit score.
● Meet most eligibility criteria for availing of a home loan.
● Choose a shorter tenure.
● Prepay as and when possible.
● Choose a floating interest rate over a fixed one.
Lastly, do not forget to compare the interest rates of different lenders. It will help you pick the most cost-effective deal on home loans.
Do you want to invest in property this festive season? Tell us why in the comment below!