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Start Your New Year in Your New Home

Start the New Year in your New Home

✓Minimal Documentation ✓Flexible Repayment ✓No Foreclosure Charges | Apply for Home Loan Now!

29 Dec 2020
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The government has declared tax relief under Atmanirbhar Bharat 3.0 package that will help people buy a new residential property of up to Rs. 2 Crores. Without receiving any tax penalties, buyers were permitted to buy homes at 20 percent below the circular rate. The circle rate is the value specified by the government at which the property is registered, while the value of the agreement is the value agreed between the contractor and the buyer. Owing to the economic downturn, as prices of many unsold units have fallen below circle rates in many cities, market rates are much lower than the circle rates in these cities. Not only would the new change allow developers to lower the price of their units, it could also lead to a rise in demand and a faster absorption of the inventory that is not sold.

Declining real estate prices and the low interest rates prevailing will lead people to either purchase their first house though a home loan or attempt to move into a larger house. The decision to buy a house must however be carefully considered, especially in periods of falling income levels, where property prices are expected to remain at lower levels and rent rates are decreasing. People should also recognize the value of keeping on to liquidity and not taking on extra liability in the pandemic-related slowdown.

How is It Going to Help Homebuyers, and What Can They Do?

The greatest advantage related to taxation is that one can now buy residential property up to 20% cheaper than the circle rate without facing extra deductions. As developers will force sales to clear their inventory by cutting rates by up to 20% lower than the circle rate, the change is expected to see a decrease in real estate prices. Home buyers can negotiate a discount to a price up to 20 percent more than the circle average in their region in cases where developers do not drop their prices down. As they will be able to register their housing unit at a cheaper price, home buyers would also save on stamp duty and apply for cheaper home loans.

Should you buy a house now then?

It could be one of the best times to buy a home by applying for a home loan, at least for those who have their jobs and salary levels intact and have been trying to buy a house of their own for quite some time. The fact that consumers are holding the bargaining power just makes it more appealing to take the plunge in the current market situation. The real estate industry has transformed a buyer's market for the first time in about 15 years as terms have been dictated by builders and suppliers over the last 10-15 years. You should negotiate hard to get the house at a cheaper price than the quoted price.

Should you bear in mind the pandemic and the slowdown?

At a time when the economy is slowing down, there is a decrease in cash flows for both salaried and self-employed people, and uncertainty about the future, it must be recognized that an additional liability would only add to the levels of stress. With no medical breakthrough yet on pandemic and increasing regular cases, for every contingency, individuals must look to keep liquidity with them.

In current times, buying a house would mean using one's own liquidity for the down payment, in addition to adding a huge liability in the form of a home loan in an atmosphere where revenue levels are declining and potential cash flows remain unpredictable. Ideally, the big decision to purchase a house should be taken when the pandemic is behind us and there is fair optimism about the economy's recovery. So a house should be purchased only by people who are not affected much by the pandemic-induced slowdown and are comfortably positioned.

Since these advantages are available until June 2021, homebuyers can go for their purchase if they are looking for their first house and are not facing a significant financial restriction. Since interest rates are low like the interest rates of Bajaj Housing Finance Home Loan interest rates, lower performance on their EMIs can also be seen. For further details, you can check out home loan EMI calculator.

Availing a Bajaj Housing Finance Home Loan available on Finserv MARKETS comes with a lot of benefits. This includes a flexible tenure for repayment, amazing offers, balance transfer options. The whole process of application is totally carried out online.

Also read about DDA Housing Scheme

 

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.