Buying a home during COVID-19? Go Ahead!

  • 26Jun 2021

    Homeownership has always been sighted as a matter of prominence in India, as well as it indicates the financial bearings of a person. Buying a house is often advised by the older generation for future goodwill and now in the covid times, we have realized that it’s not completely unfounded.

    COVID-19 has undeniably made us understand the value of having our own home. It has provided a haven for our loved ones, turned into an office, school, theatre, and much more!

    Contrary, the volatility witnessed in the equity market has driven homebuyers to the fact that investment in real estate offers stability and is a safer bet.

    Still, if you are unsure about buying a home during COVID-19, do consider these 5 reasons why you must act now.

    1. Your dream home could cost more in future

    Increasing urbanization, growing incomes, and large middle-class households and the paucity of land with conveniences nearby are the factors that intensify the demand in the residential sector in key growth areas. Thus, the under supply and over-demand situation could steer to higher property costs and limited choices in the future.

    2. Inventory of good ready to move in houses won’t last long

    Currently, flats in Navi Mumbai have a good inventory of ready-to-move-in houses in projects by reputed developers. You can truly get your dream home that meets all criteria – location, lifestyle, security, quality, and convenience. But due to lockdown and financial uncertainty, the construction of many projects has been halted for further developments. Resulting in, the prices of ready-to-move properties being almost at par with under-construction homes in many areas. This has never happened before - and since developers have diluted the new supply, it is unlikely to happen again. This had resulted into tempting choices for homebuyers at such low costs.

    3. Take advantage from the curtailed home loan rates

    The home loan rates in India are at a 15-year low after the Reserve Bank of India lowered the repo rate at a sub-7% level. Following this, several leading financial lenders have eased the home loan rates, offering rates as low as 6.9%. A prudent home loan saves you much, which means you can buy a bigger home.

    4. It's easier now to get a higher value home loan

    In October 2020, the Reserve Bank of India rationalized risk weights bound to some categories of borrowings above Rs 75 lakhs. This indicates that banks would be excavated to lower levels of risk. Hence, they would be more willing to shell out a higher amount of loan.

    5. Make most of the exclusive tax benefits

    Real estate is among the largest moneymakers in the country, apart from generating direct and indirect employment, it also relatively contributes to the GDP of our nation. Comprehending this, the government assists the sector to encourage people to buy houses.

    The differential between agreement value and circle rate was increased from 10% to 20% (under section 43CA) till June 30, 2021, which is especially helpful for higher valued homes. The Maharashtra government has also lowered the premiums to be paid by developers by 50% until December 2021.

    If you are looking for flats in Navi Mumbai, plots in Lonavala, or plots in Khandala, today, it is favorable to invest to get higher returns. Thus, justifying covid times is a good time to buy homes.

    Hiranandani Communities offers a range of residential apartments and premium villa plots with townships at Hiranandani Fortune City, Panvel, Hiranandani Parks, Oragadam, and Projects at Mount Alterra, Khandala to lead a lifestyle that complements a perfect home.

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