Post the second wave in India, the Covid 19 cases have started to see a decline, and the Covid 19 curve has flattened significantly. People in our country continue to stay strong in such hard times, both physically and mentally. The only option for all at the moment is to stay optimistic. The normal days are going to bounce back soon. However, some changes in our lifestyle that the pandemic has created, like managing office work from home, is likely to stay longer. Such changes directly affect the home buying pattern of buyers across the country. Instead of 2 BHK homes, homebuyers have already started to buy 3 BHK homes, and that one additional room is for setting up a home office.
Find out what real estate experts are saying about property buying at the moment:
1. Affordable properties
Considering property prices, now is the right time to buy your desired property. Ever since the pandemic has hit the world, factors associated with property buying such as low home loan rates, stamp duty cuts in a few states, discounts, and attractive property schemes to attract customers have made properties affordable like never before in both tier-1 and smaller cities.
2. A cut in interest rates
There has been a boost in the demand for housing loans ever since the banks have lowered home loan rates and further benefitted the customers. In 2020, almost all the banks slashed their home loan rates and reduced them more in the present year. Home loan rates have even recorded the lowest in the last 15 years. They are in the range of 6.65 - 6.90 percent per annum. Homebuyers must avail this benefit.
3. Tax benefits for first-time homebuyers
For first-time homebuyers, the existing government rules allow to avail income tax benefits on home loans under three sections - Section 80C, Section 24, and Section 80EEA of the I-T Act. These sections allow a first-time homebuyer to avail a maximum benefit of up to ₹5 lakh annually.
1. Sahu City
Sahu Land Developers presents Sahu City with affordable 1 & 2 BHK flats in Kabirpur, Sultanpur Road, Lucknow. The developer is known for its tradition of excellence. The residential complex introduces you to a life you have aspired for. It is built with world-class designs and offers all the necessary convenience of urban life. The RERA-registered Sahu City has distinctive features, green corners, and modern amenities. Surrounded by convenient roadways, the complex is in proximity to institutions and entertainment hubs. 'Sahu City is your royalty realised' at a starting price of ₹19.21 Lacs*.
Should you go for a property under construction?
- If you are in no hurry to shift to your new home, you can consider an under-construction property to buy.
- As a buyer, you will have more time in hand for payment, registration charges, stamp duty, and other aspects of a property.
- The cost of a property hugely depends on how well-located it is. Other than that, an under-construction comparatively has cheaper entry costs.
Should you go for a property ready to move in?
- Lockdown has affected the construction of projects to a certain extent due to the shortage of labourers and government restrictions. So, if you fear delay in the construction of projects, a ready-to-move-in project is the best option.
- Since there are no stages of construction in a ready-to-move-in property, you need not wait to own it.
- If you are living on rent, a ready-to-move-in home will immediately free you from the burden of paying rent.