How Festive Season 2020 is Right Time to Buy Property
The festive season always brings joy and happiness in our lives. You can double the happiness by fulfilling your dream. That dream could be buying a car, buying a house or a luxury product. It will not only bring joy but it is also considered auspicious if a purchase is made during the most awaited season- festival season. People can also get the best deal during this as there are so many schemes rolled out in the market, and due to the huge competition, buyers get multiple options to select from. Not only real estate market comes with offers but lenders also provide some amazing deals on home loans. Here is a list of reasons which says that festive season is the right time to buy a property:-
Number of offers
Due to high competition among the real estate agents, the developers offer more and more discounts and also give tax exemptions. As it is said that India is a land of festivals, so the festival season starts from late September and goes on till mid-November during this time the developers give a discount on brokerage, stamp duty, registration, some cash discount and they also offer vouchers or coupons for travel, movie, restaurant and electronic items.
New project launches
As it considered auspicious to make purchases during this time, so launching new projects is also considered auspicious. Many developers wait for this time to launch their project which results in more and more properties to choose from. New projects increase the competition as well and you can get a new property at a lower price as well if your luck works in your favour.
Offers on a home loan
Prices of property are dropped with that financial institution also offers discounts on home loan interest rate. If you go to the market to get a home loan then you can avail loan at the lowest home loan rates when compared to other months. The lenders also provide many freebie offers like cash back and reward programme.
Here are some of the home loan offers by lenders:-
● SBI will provide a concession of 20 basis points on home loans above Rs 30 lakh and up to Rs 2 crore
- Axis Bank is offering home loans on a special interest rate of 6.9 per cent
- Yes Bank offers concession on processing fee of loans, low-cost equated monthly instalments (EMIs), gift vouchers, cash backs under Khushiyon Ki Karein Zimmedari Se Tayyari campaign
● Tata Housing offers a new scheme for homebuyers at 3.99 per cent
- Under the festive offer, Kotak Mahindra offer home loan at 7 per cent
There are has been various reasons due to which the property market has not been doing good for around 1-1.5 years. One the supply has decreased and other COVID-19. Due to this reason, the prices of the property are quite low when compared to previous years. If you want to buy a property then this could be the right time as you can buy a property on a lower price, combined with festival offers like a discount on brokerage, stamp duty, registration, some cash discount and vouchers or coupons for travel, movie, restaurant and electronic items
Good Investment Option
The debt and equity market has been slowest of all the times. According to the SEBI, there were gravy sell-offs in the equity market and they are recovering from that. So, in this situation buying a property will yield more returns when compared to other investment options, especially the share, as it very choppy currently.
If you are an NRI or an Indian resident this is the best time to retail the property. The value of rupee is depreciating and US dollar is appreciating due to which the price of oil will increase and there will be inflationary pressure as well, which will later increase the rate of property as well. For NRIs, it is the best time as rupee is not escalating and the US dollar is at its peak, this investment will turn fruitful to cash in your money.
To enjoy this festive season more keep in mind these above-given points and buy a property. During the festive season, a customer can reap maximum benefits like lower interest rate, new projects and lower price. Before any inflationary pressures hit the sector it is best to make an investment in a property.