In India, owning a home is believed to be a mark of being settled. It is also viewed as one of the best investment options as it gives you a sense of security and secure the future of your family members. Over the past few years, many youngsters have realised the importance of buying a home and are investing in it for long-term gains.
With the COVID-19 pandemic and the subsequent lockdown measures announced by the government that lead to closure of businesses, the real estate market went through one of the toughest phases. The industry saw a sharp dip in the number of units sold and the building subsequently had to revise the prices to attract the customers. Many investors, especially young investors cashed on this excellent investment opportunity.
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While some people took the opportunity to buy their first home and accomplish their long-cherished dream of being a homeowner, others invested in a new home to generate an alternative income through rent. The pandemic has played a critical role in paving the way for shaping new home loan trends. Let us look at some of the new trends in the home loan industry in India.
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- The youngsters are emerging as one of the most prominent sections of the population who are willing to apply for a home loan and buy their first home.Read More About: mediaposts.net
- The Reserve Bank of India announced a cut in the repo rate, which has brought down the home loan interest rates. Many experts suggest that home loans have never been so affordable before. It is excellent news for you if you have been looking to purchase your dream space. You can easily make your dream come alive and get the home loan. With low interest rates, you may be able to manage your repayments more efficiently without compromising on your other financial goals.
- In the wake of lower repo rate announced by the RBI, many lenders announced that the low interest benefits are available only to borrowers who have a high credit score of more than 750. This is to reduce the risk of default in repayments by the borrowers. So, if you are looking to apply for a home loan soon, make sure that you check your credit score and ensure that it meets the lender’s minimum score requirement before submitting your application form.
- To encourage the aspiring home buyers, apply for a home loan, many lenders are offering housing loans at a competitive interest rate. Some lenders are even offering special interest rates to women and are offering customised home loan solutions to different customers based on their specific needs.
- Owing to the significant increase in the number of youngsters applying for a home loan, many financial organisations in India took the opportunity to launch various online services to cater to their needs and ensure faster disbursements. The modern-day youngsters have an affinity towards faster and prompt services.Read More About: imoch.org
Final Word
One of the obvious inferences you can draw from the above trends is that with the interest rates being low, now is the best time to apply for a home loan and purchase your dream home.
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