Now Is The Best Time To Buy A Dream Home
The Indian realty market is witnessing an unprecedented rise. The land prices in metros and upcoming metros has increased 10 times in the last ten years . In the present condition the safe and profitable investment option most people would rely on is buying a home. Home is considered as the safest investment because it is one of the few assets whose value compounds with time.
Buying a home is not only a dream for life time, rather it can also be a tax saving option as tax deductions are available on the purchase of a house if the buyer apply for home loans in India. Following the boom in the realty market, a healthy competition is now marked in the housing finance sector. More and more banks and financial institutions are entering the house loan segment. The market is flooded by various attractive schemes offered by these banks and financial institutions and the ultimate beneficiaries are the consumers as they have now plenty of options to choose from according to their requirements.
The immediate impact of rising competition in the home loan sector can be seen in the rates of interest charged by different banks. Most of the banks and financial institutions are offering housing loans at competitive interest rates and the standard interest rate in the market today is 8 to 8.5% per annum for a five-year tenure. However, the terms and conditions for housing loans differ from bank to bank.
Home loans in India are available for a number of reasons such as purchase, construction, expansion and renovation of the existing house. Since the last five years, the realty segment of Indian economy is getting organized. And it is being supported by booming housing finance sector. The Reserve Bank of India has recently released a new credit policy, according to which, banks will now cut deposit rates across the board on the home loan segment.
The first followers are ICICI and Dena Bank which announced a cut in their interest rate by 20-25 basis points. With the increase in transparency levels, people are getting confident with the financing tools offered in this sector. As most housing finance companies have reduced their interest rates, this is probably the best time to avail a home loan and own a dream home.
About The Author: The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Paisawaisa as a finance specialist.
For more information related to finance community please visit: http://www.paisawaisa.com
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