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Is It the Best Time to Buy A New House Now?

Home Buying in 2021: Is It the Best Time to Buy A New House Now

Know about all your options regarding buying a new house in 2021
23 Mar 2021
87 Views

2021 has brought with it new hopes, expectations, ambitions, roadmaps, and goals. It has given us an opportunity to start afresh with renewed spark, learn from past mistakes, prepare a new strategy and focus towards the best that has to be achieved. It's also a time to chalk out new priorities: highlighting the crucial ones and erasing those that have become redundant.

Usually, people reserve big decisions of their life for the first few months of a new year so that they can get enough space to manoeuvre. 2020 was an uncertain year when most big decisions like buying a house were put on the backburner. But with excitement already in the air, 2021 is the among the best years for those eyeing at home-buying. Here are a few reasons why 2021 would be the best time to buy new house:

Price Stability

Real estate sector was unsteady since the past few years, but due to a host of government policies, guidelines, incentives and newer projects, the sector is again expected to register huge growth, while due to the uptick in demand, prices in 2021 are expected to be largely unchanged. For those looking to buy a new home, this is among the best years.

Attractive Deals and Low Interest Rates

Unlike previous years when residential property was astronomically priced, now it's realistic like never before. The Reserve Bank of India (RBI) has slashed the interest rates on home loan to the lowest in about 20 years. So, for those planning to buy a home, 2021 will have lowest interest rates along with other lucrative benefits.

Many state governments are also considering reducing stamp duty to make home buying affordable. Developers are also coming with schemes like flexible payment schemes, GST waiver etc to attract buyers. With the lowest interest rates and developers vying with each other to offer the most attractive deal to potential buyers, it's a win-win scenario for those who are eager to buy a new house.

Gamut of Options

With a large number of big builders launching their projects, buyers have more options than ever to choose from, especially in cosmopolitan cities like Delhi, Mumbai, Bangalore and Chennai. Due to the cut-throat competition in the housing market and the rush to attract most buyers, developers are giving plenty of deals, promotional offers, discounts etc. As more builders jump into the fray to address the spurt in the demand for affordable housing, customers will have even more options to select from at lowest home loan rates. This again makes 2021 a bonanza time for home buyers.

Government Incentives

In the financial budget 2021, the outlay to PMAY (Pradhan Mantri Awas Yojana), a central government affordable housing scheme has been increased by additional Rs. 18,000 Crores. In a bid to boost the real estate sector as well as make affordable housing mainstream, a new credit-link subsidy scheme has been introduced that encourages banks to lend at competitive interest rates.

Prospective home buyers can now avail home loan easily at lowest interest rates. 2021 is finally the much-awaited year to buy a new house at the lowest interest rates and with a slew of options and benefits. For home buyers, 2021 offers the best of both the worlds: wide range to choose from and knockdown interest rates.

Buying a new house requires a lot of consideration and planning. It’s among a handful of big decisions in life. 2021 is the best time for prospective home buyers due to all time low home loan interest rate and range of deals offered by developers. Icing on the cake are the government housing schemes.

Competition benefits the customers in terms of both pricing and options. Same phenomenon is unfolding in the real estate sector. If you are planning to buy a new house in 2021, Finserv MARKETS has some of the most appealing house loan schemes with low interest rates and flexible repayment options.