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Best time to own a house: COVID-19

Opportunities don't come knocking on your door very often. However, when they do, you've got to be ready to optimize it to the fullest.


Best time to own a house: COVID-19

The aftermath of the Covid-19 pandemic situation has established the fact that owning an apartment is way better than dealing with the uncertainties of living in rented accommodation. People are also realizing the importance of having real estate, as an asset class in their investment basket, as a more reliable option offering steady returns compared to the highly volatile stock market that comes with heightened risks.

With Home Loan rates at the lowest in almost two decades, this is the best time to buy. Though the Indian real estate market is reeling under the COVID-19 impact, experts say that it can be a very positive time for home buyers as they are at an unprecedented advantage to negotiate good deals on ready-to-move-in options. Homebuyers are also likely to benefit from all-time-low interest rates of 6.6 to 8 per cent on home loans.

It's definitely good news for those chasing a life goal to own a house, more so for those waiting for the right time to take the plunge. That's because home loans at prevalent interest rates allow for considerable savings while creating an asset for end-use or investment purposes. Furthermore, the borrower gets to use the savings resulting from a reduced monthly instalment (EMI) to avail of a top-up loan, also available at lower interest rates.

The additional funds can be used for undertaking interiors related work for the apartment being purchased. Alternatively, a lower interest rate also gives borrowers an option to raise a higher amount of loan. This helps widen the choice in terms of a bigger home with better amenities and lifestyle facilities in a prominent neighborhood. Advantages of buying a house during the COVID-19 pandemic:

1. Lending rates are at the lowest

2. Lucrative schemes are available in the market (lucrative payment plans and discounts from banks)

3. Possibility of a price rise in future (if you invest now you might reap the benefits of appreciation in the near future)