Consumers have a golden opportunity to invest in residential real estate given the falling home loan rates and stagnant real estate prices.
Top bank’s home loans have hit rock-bottom. The lowest interest rate offered by Kotak Mahindra Bank is at 6.65 percent. Followed by the State Bank of India and ICICI Bank offering home loans starting from 6.70 percent. HDFC going the lowest at 6.75 percent.
As per a research report from Jefferies India Pvt. Ltd, a brokering firm, property prices have displayed a compounded yearly growth of 1-2 %, notably below inflation.
This means buyers would be able to purchase a bigger property with their current income. Compared to last year alone, home loan rates sunk by 1.2 to 1.3 percent in 2021.
Real estate affordability made available by developers like Modi Builders, Lodha Group, etc, has surged in the top seven metros in India, according to JLL India. Kolkata, Hyderabad, Delhi, Bengaluru, Mumbai, Pune, and Chennai are the cities that have benefited most from the upsurge. Among all of them Kolkata accounts for the most affordability, then comes Hyderabad with Mumbai at the bottom among these seven cities.
What needs to be considered is the fact that home loan rates are just an aspect of affordability criteria. The most important factor promoting housing demand is the appealing offers and deals given out by developers as per the latest consumer sentiment surveys.
When compared to last year, the first quarter of 2021 witnessed a revival with the recorded positive growth. Hyderabad saw a growth percentage of 123 in the housing market sector.
A prominent name among the developers providing housing properties at affordable prices in the city of Hyderabad would be Modi Builders among many others. Offering luxurious houses at an affordable price has been luring buyers in the best localities like Gachibowli, Manikonda, and Kukatpally in Hyderabad.
The economy is bouncing back after Covid-19 and various sectors are undergoing a fiscal revamp. This would be considered the RIGHT time for those of us planning to buy a house to make the most of affordability at its best.