Buying your dream house does not have to be a far-fetched goal or one that keeps you waiting for years. Even though purchasing a new home does take quite a bit of thought and planning, it is crucial to watch out for the perfect window of opportunity, take the leap and make the purchase when the time is right! Since the financial instability due to the pandemic has already indicated an uncertain future, here are some reasons why this is the perfect time to buy a new house.
Why You Should Buy Your New House Now!
If you are wondering whether it is safe and prudent to buy a house now, particularly considering the fact that the Covid-19 pandemic has not yet waned, the following reasons may help shape your decision:
Low home loan interest rates
The home loan interest rates in India reached their lowest value in four decades in the month of May 2021 and remain low even now. You can get a home loan for as low as 6.4 per cent per annum which is a lucrative opportunity for prospective homebuyers. With the availability of home loans at such reasonable rates, buying a new house is no longer a distant dream but one that is both tangible and attainable. In order to benefit from the low interest rates of home loans in the country, it is best not to delay your plans to buy a house.
End of stamp duty concession
By the beginning of April 2022, the government’s two-year stamp duty hike concession will no longer be effective and the stamp duty will rise from the current rate of 5 per cent to 6 per cent of the agreement value. Since this waiver is set to end on March 31, 2022, now would be a good time to purchase a new home.
Higher loan amounts
The quantum of the home loan that can be sanctioned to any individual is determined on the basis of several significant factors, including their age, income, the desired tenure of the home loan, the prevailing interest rate on home loans, etc. With the reduction of the interest rates for home loans, the amount of home loan you are eligible for automatically increases. This can increase your overall budget to buy your new house and enable you to widen your search for a housing property.
Work from home is here to stay
The Covid-19 pandemic has ushered in a new approach to work for most of us. Whilst a small percentage of the working population used to work from home even prior to the pandemic, this number has dramatically increased over the past two years. In the current work from home scenario, many people have realised the need for more convertible space in their homes to accommodate their workstations or home offices. Since work from home is most likely to be a permanent factor in our lives for the foreseeable future, it is wise to look for houses that have room for spaces that can function as an office corner. This is another important reason why buying a new house now could be a good idea.
Why You Should Buy Your New House With Piramal Realty
If you are looking to buy a house in Mumbai, then Piramal Realty is an excellent option for you. With our intricately planned and well-designed projects across the Mumbai Metropolitan Region, you can have a dream abode that offers you a strategic location, connectivity, and state-of-the-art amenities.
Piramal Realty believes in complete transparency and consumer centricity. The use of the highest quality construction materials and the rising costs of logistics and manpower are the factors behind the rise of the property prices. However, keeping you at the fore of our priorities, we are offering you the benefit of locking in the current prices if you book an apartment before March 31, 2022.
You can visit our website to check out our projects and book a visit at your convenience. You can also take an etour of our projects online.
So, what are you waiting for?! Your dream home awaits you at Piramal Realty.
This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.