Is it the right time to borrow a home loan? Experts say yes
The COVID-19 pandemic has forced us to put many life plans and goals on hold, including buying a new home. However, the tide is turning and experts are reporting an uptick in demand for residential properties, following lackluster sales in recent years. Could this mean now is a good time to fast-track your home buying plans?
Several industry experts say yes. A report by a leading Indian publication indicates that despite the slight increase in property prices, buyer sentiments continue to remain strengthened, resulting in strong sales in notable metropolitan cities.
A healthy appetite for buying a home only means a steady increase in demand for home loans. Most Indians resort to additional financial support to help them through their home buying process, and the time to take out a home loan couldn’t be more opportune.
Home loans today allow borrowers to access substantial finance, ranging up to several crores. Combined with flexible repayment plans, low interest rates and promotional offers, it can make your home buying project extremely easy and rewarding.
In this article, we examine whether the current economic climate is right for taking out a home loan that benefits both you and your dream of owning a home.
Benefits of borrowing a home loan now
Prospective home buyers can make stellar gains by applying for home loan today. Not only do you have access to significant financing, but you also save more than a few years ago, allowing you to expand your property options and buy one that truly encompasses your family life.
1. Customizable home loans
Ten years ago, borrowers could not have imagined benefiting from a mortgage, adapted to their financing needs. Home loans were seen as an expensive financial commitment that could potentially deplete your savings. However, this is no longer the case.
Lenders tend to offer highly personalized home loan plans to eligible borrowers, keeping in mind their sources of income, ongoing financial obligations, and other factors. Borrowers can get loans sized to match their repayment capacity and meet their home buying needs without depleting their other finances.
Many lenders also have special provisions that allow borrowing at affordable rates, especially for rural and Tier 2 and 3 areas.
2. Attractive interest rates for home loans
By applying now for a home loan, borrowers can also benefit from attractive conditions home loan interest rate that lenders currently offer. Home loan interest rates today are comparatively lower as lenders compete to provide the most lucrative deal to borrowers.
Mortgage lenders offer loans from as low an interest rate as 7.20% in some cases, depending on the borrower’s eligibility – a far cry from earlier rates that sometimes went as high as 12%.
3. Easy Eligibility Criteria
Although all home lenders have a home loan eligibility requirement, it is extremely easy for borrowers to meet it, allowing them to access competitive offers that depend on their eligibility. Most lenders only want to make sure that you repay the loan amount on time, without default. On insurance, borrowers can enjoy benefits such as large loan sums, attractive interest rates, flexible payment options, and even the ability to transfer their loan balance to a new borrower. Some of the eligibility parameters often include:
Credit profile check
· Adequate work experience
4. Abundant seasonal offers
As the holiday season approaches, many lenders are offering attractive promotional offers to meet the increased demand for home and mortgage loans. This includes lower interest rates on home loans, concessions on processing fees and other ancillary fees, moratorium periods or interest subsidies.
Borrowers who are planning to buy a home can consider planning the purchase of their property on an auspicious occasion to take advantage of these offers from selected lenders.
Apply for a home loan today
As the old saying goes, there’s no better time than now – and that goes for home loans. Borrowers no longer have to put off their home buying plans because home loans are as competitive as possible and guarantee substantial savings to borrowers. Apply today after researching and calculate your mortgage eligibility to get great offers for your dream home.