Buying a new house is a challenging task in itself, and the COVID-19 pandemic compounded this. The pandemic created major obstacles for thriving world economies. Closer to home, the Indian GDP experienced an all-time low, and the real estate market came to a halt. But as the year draws to a close, the real estate scenario in 2021 is set to improve, offering much-needed respite to builders and prospective homeowners.
Moreover, the supply-side is also expected to pick up as developers are providing lucrative offers and waivers to customers. Financial analysts have forecasted that the real estate in 2021 will set the market back on its feet.
So, for the would-be homeowners who had put their plans to purchase a home on hold, 2021 looks promising. Keep reading to learn about the top things to expect from realty in the coming year.
Expect rock-bottom mortgages
When purchasing a home, high home loan rates are a cause of significant financial duress for buyers that can take away from the joy of moving into a new house. However, the home loan interest rates are expected to be at a historic low, which will spur market-goers into buying homes.
Additional Read: Impact of Smart Cities on Indian Real Estate Industry
Strong buyer demand
Housing market predictions for 2021 are looking favourable for the buyer-side of the market. The lower mortgages combined with the already stalled process of home buying will spur customers to seal the deal and make the most of the situation. In fact, demand for move-in ready houses is expected to go up.
In addition to this, taking home loans will also become easier for buyers as the rates are expected to decrease, making loans more accessible for all.
State and central government interventions
To decrease the cost of borrowing, the RBI has slashed Repo Rates down to 4%. Further, the Maharashtra state government took the step to reduce stamp duty to 0%, which was described as a win-win for the buyer and seller side. This caused real estate sales to increase by a whopping 300% between August and October 2020.
Additional Read: Five Real Estate Rules All Home Buyers Must Know
Purchasing a home during a pandemic can be a daunting task, primarily due to the uncertainty of circumstances. One way to make things easier is by availing the services of Tata Capital. Using our home loan EMI calculator, you can get a fair estimate of the EMIs payable beforehand.
Further, Tata Capital offers some of the most competitive interest rates, flexible repayment terms and EMI options to make the loan-taking process as customised as possible.
We provide tools like an online home loan eligibility calculator, using which you can get a clear picture of the amount you are eligible for, right from the comfort of your home. The stage for the 2021 real estate sector is set, and the rest is up to you!
So, visit Tata Capital’s website today and finance your home purchase with ease.