There is no denying the fact that the world is facing an unprecedented economic crisis owing to COVID-19.
Even during this bad time, experts believe that home loan markets in India would experience a CGAR of around 22%.
But, what are the factors responsible for driving the home loan market even during this dull period?
One of the factors being held responsible is the improving living conditions of people in India.
On that note, let’s check out the vital factors boosting home loan markets in India!
Affordable current home loan interest rates
Nowadays, you can see all top banks and non-banking finance companies (NBFCs) offering their current home loan interest rates really low. It has worked as a great opportunity for homebuyers to avail of the same and to manage lower EMIs.
Residential rents are now equivalent to home loan EMIs
Despite paying a higher rent amount per month, the home you live in does not become yours. On the other hand, rents in key metro cities are now equivalent to the home loan EMI amount. Thus, it propels an applicant to avail of a home loan, pay EMIs per month and make it their own after the tenor. It is far better than spending the same money on rent and not making it your house.
Attractive schemes
Other than lower home loan rates, lenders have also come up with attractive schemes like paying off EMIs late. It is also possible to pay only interest on the utilized amount as the EMI and remaining at the end of the tenor. Also, it is possible to save big on repayments under home loan tax benefits. Thus, a home loan has different benefits than just giving you the key to your dream home.
If you want to apply for housing finance, you can use the home loan eligibility calculator and know an amount you can apply for.
0 comments:
Post a Comment