Tips for buying property during lockdown.
Want to buy a home during COVID-19? Here are some tips to buy the property during the lockdown.
It is everyone’s dream to own a house. With the real estate prices in a dip, it is now the right time to buy your own home. Tips to buy a house in 2020 are many, but here are a few that are the A-Zs of buying a property during the lockdown.
Let we first see the most important tips for a hassle-free home buying process.
· It is prudent for a buyer to stay with prominent developers in good books of both customers and financial institutions. This will ensure the safety of the capital invested by them.
· It would be important that they access all information from the Real Estate regulatory agency (RERA) sources to gauge any buying-decision.
· Buyers should closely work with their financial partner (banks or NBFCs) to urge all information regarding the project they're evaluating.
· Also, buyers should keep an eye out for interest rates and cash in low-interest regimes at an appropriate time. With interests at rock bottom, this is often a good time to shop for a house. We’re currently experiencing a low inflation period, and there are few triggers for a rate of interest spike. Therefore, with rates falling regularly, a repo-linked loan will work to the borrower’s advantage.
COVID-19 has hit us all in a way that is difficult to cope with. But this cannot hinder your plans of buying a new home. Some safety measures that are necessary for your health and well-being are listed here. These are not just reiterations but the most essential tips to buy a new home.
· It's important that a possible buyer of residential land have their PPEs on in the least times when going for on-site inspection.
· It's best to wear gloves and avoid touching surfaces to minimize transmission risks.
· It might be advisable to carry out all documentation online.
· Read and understand all the property-related documents before you finalize your purchase. Take legal help if required. This will save you heartache in the future.
· It might be anywhere between a few weeks to a few months before you'll actually move ahead with the acquisition, so take this time to know how home loans work, especially external benchmark-linked ones.
· Different banks have different loan qualification criteria like the borrower’s age, job profile, employment stability, credit history et al. Use calculators and eligibility charts to know your eligibility with a specific lender to avail the simplest possible offers.
· A technology platform integrates the whole sales process — discovery, engagement, and transaction — and helps sell faster, with literally zero physical contact.
· While real-time updates of inventory, specific apartment selection, 3D displays, virtual tours, e-brochures, product videos, and a video-conferencing feature with sales teams, can be done online, it also facilitates the realtors to give offers for online-buyers like discounted booking prices and flexible inventory.
The government’s move to increase the Credit Linked Interest Subsidy Scheme deadline to March 31, 2021, under the Pradhan Mantri Awas Yojana, could encourage middle-class families in realizing their home-buying dreams despite the prevailing economic challenges. Under this scheme, eligible families with annual household income between Rs. 6 lakh to Rs. 18 lakh once a year will now get another year to profit from an upfront interest subsidy of up to Rs. 2.35 lakh on their approved home loan.
If you’ve recently purchased a property or are getting to do so right after the lockdown, you’ll be well-advised to not delay the acquisition of an insurance policy or a home equity credit policy of adequate cover size for complete safety.
A lot of individuals can also be looking to take a position in property now. After the stock exchange crash, they don’t want to risk their money in volatile instruments.
Essential questions you should ask yourself before buying a property during the lockdown.
Prospective homebuyers should introspect and ask themselves why they have the interest to buy a property now. They could start with simple questions like if they're getting to stock order to upgrade their present accommodation or trying to find financial security because the stock markets are not giving high returns as before and that they have an assurance that land may be a future asset.
The second question to ask is whether or not or not you're in a position to service the financial obligations that accompany buying property – the deposit, the EMIs, operating costs like maintenance and insurance and property taxes - without dipping into your savings. And, most importantly, are you sure of your job after COVID-19? Things could even be relatively better if you are a double income household.
Buying a home during lockdown is a very profitable thought because of the slump in the stock markets, reduction in interest rates and also because the demand for resident properties have increased and the realtors are competing in real-time to provide the best of amenities and facilities in their construction.
Buy property in 2020!!