Best Time To Buy A Home

Having a home is what each one of us dreams of. But buying a house is a big decision where you have to consider multiple factors like pricing, area, your financial situation, and whatnot! Are you thinking of buying a house in the upcoming period?
Well, let me tell you that this is the best time to look for residential properties in Pune. Covid 19 has hardly hit almost all sectors including real estate affecting the Indian economy. However, the sector is slowly reviving and developers are launching new projects.
Various government initiatives, low-interest rates, and cuts in stamp duty have raised the demand in the Indian housing market. Moreover, various attractive offers and loan benefits offered by housing financiers including banks and non-banking lending firms have led to a favorable shift in consumer demand for property.
Let us understand the factors that make the present moment the best for buying a home.

Increasing Property Sales
According to an RBI report, housing finance firms disbursed Rs 2.11 lakh crore worth of loans during April – October 2021. The amount is approximately 14% higher than the previous year. There has been a growth in home loan lenders since the pre-Covid period.
A few major cities in India are witnessing a high rise in housing sales. This has led to a fall in home inventories to a 32-month low in the top 7 seven Indian cities. Interestingly, demand outstrips the supply of houses until August 2022.
Would you believe that this demand in residential property is mainly made by the end-use buyer? And yes, the real estate sector is witnessing a shift in consumer behavior. A rise in semi-urban and metro outskirts has been witnessed as compared to a metro region.
People are not emphasizing home near the office location as earlier owing to the work-from-home culture, an increasing number of start-ups, MNCs, and hybrid working models.

Higher Property Prices
Let me tell you that the prices of houses are witnessing a rise in India. The All-India Housing Price Index in combination with RBI has raised to 2% in the first quarter of FY 2022 to 2.7% growth in the previous quarter.
Factors like higher input costs of cement and steel, rising construction costs, and reducing inventory projection over 2021 are leading to an increment in housing rates. The probability of prices going up is more in the future.
Irrespective of average rates, you can look around for the best rates available to find the optimum residential properties in Pune considering the present as the right time to buy one.

Government Encouragement
The increasing prices along with the likelihood of a hike in interest rates by the RBI make it an ideal time to buy a new property. The recent spike in inflation by the RBI is also closely related to housing prices.
The inflation point based on the Consumer Price Index witnessed a 5-month high of 5.6% in December. The rate is higher by 7% and is marked as the highest 12-month rise since June 1982. This rise can force the RBI to increase the policy rates in the future.
The majority of lenders have started considering this possibility while lending loans. So, without wasting time, find the upcoming properties in Pune at Prime City’s Properties.

Appealing Home Loan Rates
It is a great opportunity for home loan borrowers to take benefit of the present interest rates that the banks and home loan firms have. They can switch their loans to lenders who are providing the best rates in the market.
However, you should be cautious while comparing the rates that different lenders offer. One must also check whether the lower rates will go together with either a shorter loan tenure or lesser monthly payments.
Home buyer aspirants need to be careful while moving to another lender. Do not forget to look for hidden costs like pre-closure fees and their effect on monthly loan installments. One can look for residential properties in Pune and the best deal.

Additional Benefits
Apart from easier loan options for the buyers, homebuyers can also take advantage of various additional benefits that banks offer while lending to the developers. Banks specify ways to distinguish between strong and poor developers while they lend.
It ensures that developers will attempt to improve the leverage ratios, strengthen balance sheets, and be capitalized. The net profit for a customer is attained by investing in a property with quite lesser risk.
Several financial and non-financial services are now introduced by various banks for homebuyers. The benefits make the process of buying residential property seamless including home loan insurance, minimal or zero processing fees, and doorstep service.

Summed Up
By looking at the above factors, it can be summed up that salaried and self-employed customers, and professionals will likely benefit from buying a property in the current year. The low rates by lenders shall result in higher home sales. The higher sales can sustain in the next financial year too. It is advisable to buy a house if you have been having a steady income.
You can always refer to Prime City’s Properties to get information on the latest residential properties in Pune. It will give you the best industry knowledge and insights on the projects to buy your home.