The COVID pandemic has upturned existing conventions and hampered businesses worldwide. Every business house is offering discounts to ramp up their sales, and real estate is no exception. As a consumer, this can be the best time for you to purchase a home.
The following are the reasons why you should buy a home in COVID times:
- Lowest Home Loan Rates - Home loan rates (click here to know) are hovering around their lowest (7.35%) point ever. It is hard to imagine a time when the interest rates dropped to this level.
- Home Loan Tax Benefits - A home loan can enable you to save taxes of up to INR 3.5 lacs, including INR 1.5 lacs for principal repayment and INR 2 lacs for interest repayment.
- Special Offers - Besides the lowest home loan rates, lenders are offering additional discounts, cashback, flexible payment plans, no prepayment penalty, and many other features to lure homebuyers.
- Cushioning Yourself From the Impact of Price Rise in Future - Due to the COVID-led disruption, real estate developers have accumulated a stockpile of properties. Hence, in addition to the lowest home loan rates, you can also get excellent discounts from developers. As the economy gathers steam, you can make a quick profit by buying a property now and selling it later.
Conclusion
Buying a home in COVID times is a wise way to save money and invest in the booming real estate sector. Eventually, the world will return to normalcy, and you will have a home you can call your own.
