According to a recent survey by Anarock Group, the demand for affordable homes has decreased to 25% in the current period due to inflation and economic slowdown. The upcoming days of October and November are packed with a host of festivals like Navratri, Dussehra and Diwali, and festivals mean festive offer on home loan from banks and other financial institutions. So, this can be a perfect opportunity for prospective homebuyers to take advantage of the interest rate offers and get their dream home.
To purchase the home of their dreams, customers need to make the most of the special home loan interest rate available.
Benefits of Buying A Home in this Festive Season
For people who are eager to purchase a home soon but are not sure whether the festive season is the right time, here are some benefits of buying a home during Diwali:
Housing loan offers
Majority of the people depend on home loans to purchase the home of their dreams. As festive seasons are considered to be auspicious for investing in real estate in India, a large number of financial institutions offer attractive housing loan offers. Customers who apply for home financing during this time get discounts on home loan interest rates.
There are many financial institutions that offer pre-approved loans for their long-standing customers. By opting for this offer, customers can get added advantages like quick loan disbursal. Applicants can check the official website of their preferred lender once before applying for a home loan to check whether they are eligible for any such offer.
Attractive property prices
Not just lenders but builders and real estate developers also come up with attractive projects and heavy discounts during festivities. A few of them also offer freebies to attract more people to book a new home. Customers can take advantage of such offers and make their purchases at lucrative prices during this season.
Wide range of housing options
As the real estate market is thriving, the range of housing options that developers have to offer is also widening noticeably. For first-time buyers, there is the option of ready-to-move-in homes. Apart from the affordable home, there are numerous luxury home options available.
These luxury homes serve as second homes or holiday homes for people who already own a home. A number of financial institutions offer home loans for ready-to-move-in homes as well as under-construction homes. Therefore, customers can choose whatever they wish and avail a home loan for the same.
Easier loan application
Customers can apply for home finance very easily during the festive season. The home loan eligibility criteria are extremely basic; therefore, people belonging to any budget group can get approval for their loans. The entire process is online; therefore, there is no need to visit the branches repeatedly. Applicants can opt for doorstep document pickup and eliminate the need to visit the branch.
Longer repayment tenor
Some financial institutions offer a home loan repayment tenor of as long as 40 years. This is quite beneficial for borrowers who can pay at their own pace and at their convenience. It ensures that buying one’s dream home does not burn a hole in the pocket.
Quick loan disbursal
As soon as the loan application is approved and document verification is complete, applicants can expect a loan disbursal within 48 hours.
Online tools for finance management
Nowadays, the majority of financial institutions offer a number of online tools for easier finance management. Finance management is extremely important if a person wants to opt for a loan. In order to check whether a customer is eligible for a particular loan amount, he/she can use the home loan eligibility calculator. They can also use the home loan EMI calculator to check the monthly EMI payment so as to plan all the other expenses accordingly.
Dual benefit of stability and legacy
A home offers a sense of stability, especially after all the debts are paid off and no liabilities are attached to it. This stability works wonders in case a person faces a financial blow later in life, such as losing their job. At that time, having a home offers a great sense of financial stability.