The festive season is upon us and with Diwali, the festival of prosperity and good fortune round the corner, it’s time to celebrate. The special occasions of Dussehra, Dhanteras and Diwali are also considered auspicious for any kind of purchases, especially valuables like gold or real estate. Typically, real estate developers come out with a host of tempting deals and offers around this season, making purchase decisions harder to resist.
Revival of real estate post Covid-19
This time, it is sure to be a happy Diwali for buyers as well as real estate developers, who bet big on this vibrant season with new launches and festive offers, as demand surges. The easing of the pandemic situation has also seen a revival of fortunes, with the experience of being homebound increasing the appeal of owning a comfortable home.
According to a 2021 survey conducted by marketing research company YouGov, 35% of urban Indians plan to invest in real estate this festive season, while 72% are interested in buying a residential property. Meanwhile, a recent research report by ANAROCK found that the country’s top seven cities have already witnessed a 113% YoY increase in housing sales (62,800 units) in Q3 2021, while a 98% rise was witnessed in new launches (64,560 units). Going by this trend, at least 10% to 15% growth is likely in housing demand in the ongoing festive period (October-December 2021) across the top 7 cities compared to the last quarter.
The interest rate effect
Festive season offers and the uptrend in Indian economy are not just the only reasons for considering a home purchase. Interest rates, a crucial factor in any financed purchase are at their lowest in over fifteen years.
Whether it is apartments, independent floors, villas or plots, the festival season is the ideal time to invest in property. Low home loan interest rates and lucrative festive offers from developers and financial institutions, along with stable property prices have aligned as once-in-a-lifetime opportunity for homebuyers.
For homebuyers, this is the best time to close the deal on their dream homes, as developers compete for their attention through exciting discounts, accompanied by competitive low home loan interest rates from banks as well as NBFCs. These attractive offers include no EMI till possession, cash discounts, free registration and stamp duty, GST waivers, free modular kitchens, free car-parking, club membership, among others.
Choosing the right lender
As a home loan is a long-term commitment, it is crucial to consider all the aspects associated with the loan, its interest rate, the process for applying, sanction and repayment, EMI schedule, repayment conditions, among others.
A good option for you to consider can be Tata Capital’s unique home loan offering, which ticks all the right boxes, with an all-time low interest rate, relaxed documentation and facility to avail the maximum home loan amount.
Whether you are purchasing a ready-to-move-in home or constructing one, Tata Capital’s home loan can be customized for your needs. Tata Capital offers housing loans for all budgets, ranging from Rs 5 lakh to Rs 5 crore, starting with an affordable home loan interest rate of just 6.70%.
You can choose the home loan amount, tenure, and the EMI period as per your convenience with the help of a home loan EMI calculator. You can apply for the home loan online, through a seamless process that is simplified for your convenience, with minimum documentation.
So, what are you waiting for? Check your home loan eligibility now in seconds and apply for a home loan online and get ready to move into your new abode, this Diwali!