Home Improvement

Why Is It The Best Time To Buy Your Dream House

Low prices, stamp duty, and registration charges make it a great time to buy your dream house. The all-time low housing loan interest rates make it even more appealing to youngsters to make the most significant investment of their lives.


The Covid 19 pandemic has affected the real estate sector too. It’s no wonder that prices in the housing sector are so reasonable nowadays. Banks have become a bit conservative in their lending, which has also served to bring down the home loan interest rates in India.


Housing loan interest rates are at their lowest point ever. This dip in rates is a huge plus point for anyone interested in purchasing a property. Acquiring real estate of any kind always involves the judicious use of credit. Hence, for anyone looking to buy a residential property, it would be astute of them to take advantage of India’s low home loan interest rates.


Below are some excellent points to purchase your dream home now:

Inventory Pileup

Over 6 lakh unsold flats are lying unoccupied in Indian metros like Mumbai, Delhi-NCR, etc. The real estate sector has transitioned from a seller’s market to a buyer’s market. This switch has resulted in a correction of 5-10% in the prices of properties. Builders are even trying to entice customers by offering free GST, Registration, and frills like modular kitchens and gold coins.


Low home loan interest rates

Housing loan interest rates are at a 15 year low at 6.75%. The fall in housing prices and interest rates have put the home loan EMIs almost at the same level as the monthly rent. This drop in rates has brought purchasing a residential property within the grasp of many aspiring homeowners.


Covid and its subsequent lockdowns have made us all realize the importance of owning our own homes. Besides, the low cost involved in purchasing a home now will result in exponential rewards once the property prices rise in the future.


These interest rates are unlikely to fall further as per the RBI’s current monetary policy. The revised growth forecast indicates that the interest rates will only harden.


Government subsidy

The low prices and interest rates will make people invest in affordable housing in large numbers. The housing loans given for people to purchase affordable housing are entitled to a credit-linked subsidy scheme. The Central subsidy of ₹2.67 lakh makes it easier for you to purchase your dream home finally.


Government Push

There has been an increase in the fund for Prime Minister Awaas Yojana-Urban (PMAY-U). This push will result in the commencement of construction of 12 lakh houses. It will also enable the completion of 18 lakh houses. Some state governments have backed this by reducing the stamp duty and registration charges too.

Documents required for Home Loan –

Salaried EmployeesSelf Employed/Professionals
Duly filled Application Form with PhotographDuly filled Application Form with Photograph
Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
Education Qualifications – Latest DegreeEducation Qualifications – Latest Degree (for professionals)
Latest Salary-slips for 3 monthsCertificate & Proof of business existence along with Business Profile
Form 16 for last 2 yearsLast 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant
Last 6 months Bank Statements(salary account)Last 12 months Bank Account Statements (self & business)
Processing Fee Cheque in favour of ‘PNB Housing Finance Ltd.’Processing Fee Cheque in favour of ‘PNB Housing Finance Ltd.’
Photocopy of Title Documents of the Property, Approved PlanPhotocopy of Title Documents of the Property, Approved Plan etc.

All of these above factors are steadily contributing to a rise in the number of home-buyers in the market, potentially boosting the real-estate sector. For potential home buyers, this is evidently a good time to invest in your dream home.

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