Top Reasons to Buy Home Through Home Loan This Festive Season

If you are looking to meet your crucial financial goal, you can consider purchasing your dream house in the upcoming few months or weeks. While it includes a financial outlay, buying a home comes with various benefits. Suppose you require to check your outstanding loan balance, then you may straightaway dial the bank balance check number or home loan customer care number to get the required details. Note that, with a home loan, you can make your purchase simpler and even can save massive taxes in the process.

In case you are eager to buy a home soon but not sure whether this might be the correct time, here are the top 5 reasons you must consider purchasing your dream house during year-end festivities.

∙       A flourishing real estate market

In India, the real estate market has started to witness an upward graph, in current times. A higher number of individuals are immensely showing massive interest in buying residential real estate. Moreover, the number of first-home loan buyers is even on the rise. The real estate market has anticipated a boom of around 8 per cent – 9 per cent in FY 23. Moreover, at the start of this year, NITI Aayog approximately computed the market of real estate in India might hit $1 trillion by the year 2030.

A thriving market is a key reason to factor in purchasing a home this festive season. This type of growth makes residential estate a highly attractive long-term option for you if you are looking to diversify your portfolio. You can simply determine your loan EMI with an online home loan EMI calculator that assists you in planning out your repayment simply.

∙       Attractive property prices

After hitting an all-time high in around March 2011 and an all-time low in the year 2020, prices for housing are climbing up slowly. Around June 2022, the year-on-year cost of the property grew by nearly 3.8 per cent. So, if the growth trajectory continues, then real estate prices may get more costly in the upcoming years. This is the reason now is the correct time to lock in the attractive costs and buy a home for yourself and your family during the festive times in the year 2022.

Moreover, during such year-end celebrations, many of the developers might even provide attractive discounts and several offers on the booking of new homes. You can get the benefits of such offers and make your buy at affordable prices during this season.

∙       Wide range of home options

With the real estate market rising considerably, the housing options range that most property developers provide has even widened aggressively. In case you are a first-time buyer of a home, you might not have sufficient experience in the real estate market. This is why a ready-to-move house can be a highly suitable option. True to name, such residential properties are completely equipped with furnishings and amenities.

Additionally, the range of home options that are popular in market involve market involves affordable housing and luxury homes that serve as the second home or holiday home for you as a homeowner. Duplex and villa housing units are even becoming a highly preferred choice. So, no matter what type of home options you want, you may surely find out what you are looking for.

∙       Dual advantages of stability and legacy

The next important reason for you to purchase a home at such a time is to make the most of the dual benefits of stability and legacy. A home endows you with a sense of stability, especially if you have repaid all the debts on the property and have zero liabilities. Even in the scenario of a contingency or emergency, like an unexpected financial blow or job loss, you can become rest assured that you will have a place to call home. This type of stability can be very comforting as it endows you with a sense of financial stability or security.

Additionally, a home is even a considerable legacy, and you tend to leave behind your beneficiaries. As real estate costs will likely just enhance over the long run, the asset is appreciating whose value rises with time. This inheritance serves as a safety net for your near and dear ones and makes your legacy even more valuable.

∙       Simple access to home loan

Above all, the next crucial reason to purchase a home during this season is through a home loan. With a home loan, you can simply realise your long-term dream of purchasing a home property this year. All you require doing is paying the down payment proceeds, which are nearly 20 per cent of the property price. You then can fund the remaining purchase with borrowing. The home loan interest rate is even lucrative in the current market.

Many financial institutions are even providing discounts on home loans owing to the festive season. Getting a home loan is simple. The documentation required is minimal and you can even get your loan online nowadays. Basically, the required home loan documents include the following –

       Application form

       Proof of residence, identity, and age.

       Duly signed photo

       Past months’ bank statements or/and salary slips

       Past years’ income tax returns alongside the statement for income computation

Once you hold such required documents for a home loan, you can simply fund your home purchase. This way, you can move ahead towards your dream house this year.

Ending note

Given there are various reasons to consider purchasing a house during this season, you might be tempted to make a considerable buy sooner than later. But keep in mind that before you purchase a home or take up a home loan, you require to plan out your finances and making a budget for accommodating your home loan EMIs. Also, you can use an online home loan EMI calculator for planning out your loan EMIs, so there is zero strain on you financially. Delayed loan payments can result in additional interest, and if you are not able to pay the loan at a point, your home might be repossessed by the financial institution.

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