In 2020, our lives took a dramatic turn. If you were planning to make a house purchase, the pandemic especially put a dampener on your plans. However, in 2021, there is much reason for hope.
As a prospective home buyer, you must still be wondering as to when to buy a house. Though there isn’t an easy answer, a ray of hope is expected to shine on the real estate market this year.
Let’s take a look at some expert housing market predictions for 2021 and if this is the right year to buy the house you’ve been wanting to.
Lower Interest Rates
Yes! You read it right. There have been umpteen predictions on mortgage rates falling historically low, and it’s time you take the advantage the housing market in 2021. A reduction in the interest rates will naturally lower your monthly payments. This in turn is a great way to save a handsome amount over the life of your loan. Especially if you have a good credit score, 2021 is the perfect year to buy a house.
Home Prices to Stay Stable
The upheaval in the economy due to the pandemic has brought forward a slew of measures by the government to revive the real estate market. Understandably, property prices are expected to remain rather stable or even reduce in 2021. This has already encouraged prospective buyers with many more now inclining towards home buying in 2021.
Are you a picky buyer? Well, that’s nothing to worry about this time. Reports claim that the real estate inventory is showing a promising climb. This undoubtedly ensures that you have many more options to choose your dream home from. Especially in major cities like Mumbai, Delhi, Bangalore, Chennai, and so on where unsold properties are piling up. This is further expected to reduce prices; combined with developers offering promotional offers, 2021 seems like an attractive time for making a house purchase.
Additional Read: When is the right time to buy a new house in Mumbai?
In a move to push the real estate sector amid the pandemic, the government has introduced a credit-linked subsidy scheme linked to affordable home loan. This has further encouraged banks to offer more loans at competitive home loan interest rates to people in need. So, if you sow now, you can reap the benefits in the time to come.
Did your home buying worry for 2021 just fly off that window? Then it’s time to get to the next step of securing yourself a home loan.
Visit the Tata Capital website today and use our home loan EMI calculator to plan your future. Choose us for competitive interest rates, diverse loan products, and quick loan disbursal. Start your home buying journey with Tata Capital’s easy loans and flexible policies.