How this Pandemic can be a Doorway to your New Home.

Date: 11-January,2021Last Updated: 26-September,2022
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We learn something important during every adversity, and now we have learnt how deep our relationship with our home is.

With the new normal pushing us to work, learn, and exercise we are spending most of our time inside the home, alongside with the things we usually do at home leading to an unhealthy and unclear lifestyle. Thus arises a necessity for bigger if not better spaces and a calmer locality that can promise not only standards but also safety.

It doesn’t sound surprising to hear that the Pandemic has hit many sectors appallingly, including the real estate sector. This hard blow to the industry has twisted the ways things have been working into new peculiar ways. As hard as it is to believe this has something advantageous in store for you. It is said that every cloud has a silver lining, well, this one has too.

The silver lining can be you finding the key to the doorway to your new home, here are five reasons why buying a new home in this Pandemic is a good idea:

1. The fall of property prices:

Since the lockdown in March the price of the properties have fallen significantly, mostly in the metropolitan cities, certain researches point the figure at anywhere between 2% to 9%. This could be a perfect time to get your home if you are purchasing it for you to move in to and not just for investment. With the demand going down, projects, mostly the ready to move ones that are available are offered by the builders at lower prices.

With experiments and trials on vaccination for COVID 19 underway, the situation will return back to normal of course depending upon the speed of trials and the time taken for approval from the regulatory bodies. Moreover, with that, the price will surge upwards rapidly, and you would have to pay more than you have to pay now. Also, many builders are providing a discount on their properties, it is going up to 10%, and these offers are focused primarily on affordable housing projects.

2. The ample space for negotiations:

With a vast amount of inventory, the fall in demand and with some experts pointing it will take almost three years to clear the inventory in markets like Delhi NCR, builders are desperate to clear the inventory. So this provides you with ample space to make negotiations of price or request a refundable booking amount.

The availability of many choices and builders racing to sell the projects, it is possible that buyers have a sort of upper hand during the negotiations.

3. Home loans rate is the lowest they’ve ever been:

The Reserve Bank of India has come forward with a cut in the repo rates, which gets passed on by financial institutions and banks to customers; this can mean low-cost loans and reduced EMI for the customers. The current repo rate is at 4%.

Top banks like Union Bank of India, Bank of India, Central Bank of India, Canara Bank, and ICICI Bank are providing low-interest rate for home loans. Some interest rates are ranging from 6.70 to 7.15 percentages for salaried individuals and 6.85 to 7.15 for self-employed individuals.

4. Considerable support from the Government under new schemes:

The Government of India, in an effort to promote affordable housing, has introduced plenty of incentives for the first time home buyers. These incentives include tax deduction and credit linked subsidy scheme. The schemes are different for various income groups; also, the schemes cover major urban areas too.

5. The reliability of investing in Real estate:

Investing in real estate during these difficult times might not yield immediate results, but this is the best option currently. Other options in the market are highly unstable. In contrast, real estate does pose excellent stability when compared to other industries. If you are an end-user, the investment is definitely the smartest choice.

Also like mentioned above, when the world returns to normal along with it the industries, including the real estate sector, the prices of the investment property will shoot up. Real estate proves a reliable investment both in terms of capital value appreciation and as a regular income investment like renting out.

6. Safety and security

This is a bonus point to answer the question that has been bugging you in the back of your mind while scrolling all the way till here. If you are concerned with the safety of you and your family during the process of dealing, choosing, purchasing, and during the paper works, you are, of course, right. But with the online home buying proptech platforms like making massive progress in the digital world, it’s easy and safe also more convenient to get the entire process getting done online hassle-free.

You can use online digital forums and inquire feedback, reviews and the information you are interested in. Also, you can ask for augmented reality or virtual reality walk-ins if available and make sure to go to the RERA portal in your state to check for clearances of the projects you are interested in. These little steps will ensure you get what you are promised.

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