Everyone wants to own a ‘dream home’ for several reasons. But it comes at a cost which can be huge for some people. Some people use their life savings for this purpose. Also, some look for loan options so they can pay a certain part of it at the initial stage and make the remaining payment in the form of easy monthly instalments. Either way, one needs to be in a sound position financially to buy one’s dream home.
Things have changed a lot following the outbreak of the COVID-19 pandemic. As a result, the focus of investors has shifted from other options to stable assets. The majority of them believe buying a home in a project from reputed developers, such as Runwal Group in Dombivli, is the best investment option in the current scenario.
Wondering why you should also invest in the real estate sector at present? Here are some top reasons that support this view.
- Record low-interest rates on home loans
The Reserve Bank of India (RBI) is the centralized bank in the country. It keeps revising repo rates from time to time. To facilitate the purchase of homes in the current phase, it has revised the rate of home loans to below 7%. As such, it is a golden period for homebuyers to buy their dream home.
However, an important thing to bear in mind is that one gets a home loan of 50 Lakhs or above with a low interest rate based on their credit score. The credit profile of an applicant plays a crucial role in it. Those who have a good credit score ranging between 750 and 800 or above will be in the driving seat. They will have a better chance of the approval and quick processing of their home loan application from providers.
As such, you can think about booking a home in reputed projects such as Runwal Gardens in Dombivli wherein you would get a home within your budget.
2. Quicker recovery due to better facilities and assistance at the government level
At present, people in India are in an extraordinary situation following the frequent lockdowns. To ensure and expedite the financial recovery of families, the current government has been announcing stimulus plus fiscal packages.
As a result, the benchmark rates have lowered in comparison to that of 2008. Both the interest and repo rates are benevolent, which hints that the current phase is ideal for potential homeowners to be actual homeowners.
3. Positive effect on the market due to supply-side factors
Who can forget the financial crisis that emerged in 2008-2009? It was a period in which people in most sectors were unsure about the stability of the economy. However, things are more realistic in the current phase.
Banks are in a better position to offer home loans at a lower rate of interest. Besides, the market has shifted from the attention on sellers in the past to buyers at present. Coupled with these features, a benevolent tax regime is also available these days. It puts both developers and buyers of homes in a win-win situation. Adding up all these factors, it becomes crystal clear that the situation is conducive for homebuyers to buy their dream home in Runwal Gardens Dombivli or any other major project in India.
4. Lower loan to value ratio and the availability of cheap credit
In the real estate sector, the availability of cheap credit plays an important role in determining the outcome of the sale of real estate properties. At present, potential buyers are in a better position to obtain cheap credit at a lower interest rate. As such, they can consider looking for a home within a budget that they can afford.
5. Reasonable prices of properties
Did you know property prices have dropped significantly to be reasonable for the common man? As a result, despite a stagnated income and dried-up savings, they have a good opportunity to buy a home now than ever before.
Moreover, most builders and developers in Dombivli and other parts of India are willing to negotiate. Plus, potential buyers also have more options than ever in the past. They can make an informed decision based on the budget bandwidth that suits them in the best possible manner.
6. Stability of real estate assets as a long-term investment
Due to the volatile nature of the stock market, it is surrounded by numerous uncertainties. The lack of confidence in the stock market has prevented investors from putting their money on it in the last few months. As a result, the real estate sector has been able to gain the attention of most investors who wish to invest in a stable asset.
A lot depends on the income stability of individuals as well as the rationalization of prices in the long run. But for investors, at present, investing in a home seems to be much safer than putting money on the stock market.
7. Availability of homes with the best amenities at an affordable price
This one is the topmost reason for which you should consider buying a new home. Adding up all the above aspects, it stands out the current phase is perhaps the best time to get your dream home in Runwal Gardens Dombvli with the following features:
- Spacious landscape with both green and open spaces spread across 115 acres of land
- Sriram School, Omkar Cambridge International School, and other reputed educational institutions in proximity
- Excellent connectivity options through roadways and rail routes
- Hospitals and medical centres to for receiving medical treatment in a hassle-free way whenever necessary
- Availability of shopping malls for an invaluable and a convenient shopping experience
- Petrol and CNG pumps for fuelling vehicles
- A quite atmosphere in a township for a rich, happy, and peaceful living experience
Alternatively, you can also look for other reputed housing projects with the above features and amenities. Generally, a home with these features would cost a fortune. But you have a chance of getting it within your budget if you book for it now.
Summing up
To sum up, despite the effects of the coronavirus pandemic, many reasons define why the current phase is the best time for homebuyers to buy their dream home. If you have been planning to buy a property in Dombivli or any other place in India, go ahead with it with confidence for the above reasons.