Is Diwali The Right Time To Take Home Loans?

A home loan is considered one of the largest purchases an individual makes in his/ her lifetime. It is a dream come true for many families across the nation. It is one of the most expensive purchase they make to ensure that their loved ones have a roof on their heads and a sense of security in their lives. This is the reason why the home purchase process is carefully considered. This helps the investor to invest smartly and pay off the loan wisely. One such smart way is to avail of home loans in Diwali season. Here are some reasons why -

UNSOLD PROPERTY

Due to many factors, a lot of real estate property is unsold and developers are looking for an opportunity to liquidate their assets. Diwali is one such festive season. During the festival, there are loads of incentives from the builders/real estate developers to try and encourage potential buyers to fulfill their long cherished dream of buying a home for themselves and their loved ones. The buyer now can think of buying his home which at other times would remain out of bounds because of many factors, such as high home loan rates, property price, etc.

LOW PROPERTY PRICE

Property price during Diwali is the lowest compared to any other time of the year. Also, with the recent laws surrounding home buying, Diwali is seen as a window to lax or re-wrap prices to encourage people to at least think of buying a home and price not be a deterrent. Low home cost and low home loan rates make Diwali a good time to invest in property.

FESTIVE OFFERS

Given that Diwali is a time of joy and prosperity, many consider it an auspicious time to own a house. Keeping this in mind, real estate developers often are seen competing with each other to attract buyers with festive offers. The offers may range from price reduction to exception from registration charges, GST charges, to promises of more amenities, etc. Diwali being India’s biggest festival, the offers likewise are vast and better than other festive seasons of India.

LOW INTEREST RATES

During the Diwali season, interest rates are comparatively low. Financial institutes see this period as an opportunity to boost their lending. They even offer incentives as processing fee waivers, less paperwork, exemption from pre-EMI, longer loan term duration, etc. The rates are increased or brought to their pre-Diwali mark as soon as the festivities are over. Considering the above, buying a home loan during Diwali makes for a good decision.

TO SIGN OFF

These reasons show that Diwali is indeed the right time to avail of a home loan. Let us know which institution you will be going with for your home loan needs. We would love to hear about your experience.

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Created on Aug 1st 2018 02:33. Viewed 359 times.

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