The wedding season in India is all about extravagant arrangements and inviting a large number of guests. All that changed in 2020 with the pandemic. As opposed to a big fat Indian wedding, events have turned into an intimate gathering of family and close relatives. The mindset of couples has also changed. Instead of lavishly spending on wedding festivities, couples are investing in wealth generation instruments and securing their futures. One sector that is witnessing this change is the real estate sector. Due to a surge in the real estate sector, home loan demand is also growing. Take a look in detail at why you should consider investing in this sector this year.
What are some reasons to buy a home this wedding season?
1. Low-interest rates
- Even though the pandemic hampered the real estate sector, it is now slowly recovering. To stimulate the sector and economy, the government has been implementing various incentives, like a reduction in stamp duty charges. As a result, banks and housing institutions are also currently offering the lowest home loan interest rates they have offered in a long time. Thus, it is prudent to take advantage of the offer while still available and purchase your dream home.
2. More space for work
- The pandemic completely altered the working culture, among other things. Instead of working at an office, many people are now working from home. Thus, if couples have to work from home, they need an appropriate workspace as well. Moreover, if both spouses work, the working space needs to be bigger. Also, as the family grows, so do space requirements. Young working couples, therefore, with the current lucrative home loan interest rate, must invest in their dream home to manage their family and work-life smoothly.
3. Ready to move in properties
- Even with small gatherings, the wedding season is a hectic affair that requires a lot of planning. People prefer not to be stressed out about when they will be able to move into their new home. Fortunately, this season, not only are reputed developers offering attractive discounts on properties, but these properties are also ready for occupancy. Also, with renowned names, investors do not have to worry about quality being compromised.
4. Buying is smarter than renting
- Since the pandemic, more people have realized the value of having their own home. Many people lost their jobs during the pandemic or experienced salary cuts or unforeseen expenses. When combined with the rental expense, it creates a major financial strain. Thus, owning a home, no matter how small, is a better option than paying fixed rental expenses every month. In addition, with simple and convenient home loan applications available on the market, investors can also get a financial boost.
5. Wealth creation
- It is more economical to own a home than rent one. In addition, you also create an asset for the future even if you don’t live in it at present. Residential investments always gain value over time, making them one of the most profitable long-term investments you can make. Even when not used for personal purposes, it can generate rental income. It is, therefore, a good idea for couples to invest in this as soon as possible. For better rates, they can even take out a joint home loan.
With the economy reviving and growing steadily, it is better to invest in your dream home now. According to experts, property rates at present won’t shoot up, and developers will focus on pushing sales. You can always calculate your eligible home loan interest rate with an online home loan EMI calculator. Companies also offer experts to answer questions and clarify doubts.