The home loan rates have fallen considerably for the eligible buyers amidst the ongoing COVID-19 situation with an average of 8%. The government has extended the PMAY scheme enabling subsidy to the buyers of real estate.
There are different terms for Ready to move in apartments or booking a property and must be carefully evaluated.
The current situation has thus enabled the buyers to bargain hard for their preferred home at low home loan interest rates. The price difference varies from 20% to 30% from a Ready to move homes to new launches.
Home loan Interest Rates have recorded a historic low in a 15 years tenure, which is making it the best time to invest in an accommodation. As we enter Unlock 2.0, the demand for a good property is going to rise significantly. . For a loan of Rs 30 lakh with a remaining maturity of 15 yr, there would be an interest of 2.3 lakhs which is considerably distrubuted in affordable EMIs.
Properties in Gurugram and Noida have reportedly witnessed a huge decline in its property prices ever since 2015. The work from home phenomenon is also likely to reap the benefits for Tier II and Tier III cities. So, the low rates have ensured a hike in home loan demand.
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