Why is owning a home imperative during uncertainties?

Efficient management of finances becomes of paramount importance when the future is unclear. Uncertainties can occur anytime without any prior notice, but one can indulge in effective planning to stay prepared at all times. 

It is the house that brings warmth to individuals in such unprecedented times; it is the apartment amenities that keeps one comfortable; it is the surrounding green area that comes with peace of mind. 

Off lately, buying a house is seen as something 'out of fashion', especially for the younger population in the country. However, the outbreak of COVID19 made one realize many things, and one thing is the advantage of having their own house as compared to a rented apartment. As the job market got a hit owing to the pandemic, several individuals lost their job and the ability to pay rent during the lockdown period seemed challenging. 

Several banks and NBFCs offered EMI moratorium of three months to the homeowners to pay their loans. This implies that having an EMI proved to be more beneficial as compared to paying soaring monthly rent that otherwise could be used to own one's apartment. 

Industry experts in the real estate sector are of the view that house sales will see a considerable rise. And the need to own a house and availability of homes at low-interest rates will majorly contribute to it. It means one can keep a chunk of the big-investment while still own a house without affecting the budget to an extreme point. 

Even Reserve Bank of India (RBI) in its policy decision slashed repo rate by 0.75 basis points towards the end of March this year. The step brought merry-making for many potential buyers who have been waiting for their budget and financial situation to align parallel with the house rates.  Most banks have already passed on the benefits by slashing the rate of interest for home loan borrowers seen effective from April 01, 2020. The move by the RBI has brought home loan interest rates to its lowest in the span of the last ten years. Further, this will encourage prospective home buyers. 

For the ones who have been waiting all long, the time can be beneficial to buy property in Gurgaon. The millennium city is much in demand for having all top-notch amenities, facilities nearby and most importantly having ample green quotient. When it comes to Gurgaon, several areas are worth investing in without a single doubt, and one such location is Dwarka Expressway. Apartments in the area surrounding the expressway come with excellent connectivity between Gurgaon and Delhi.