Dussehra: Best Time to Buy Your Own Home

Posted on: Oct 6, 2021 | | Written by:

Dussehra: Best Time to Buy Your Own Home

Published on October 05, 2021. EST READ TIME: 3 minutes

India is fondly referred to as the land of festivals and celebrations. A large number of festivals are celebrated all across its many regions with great excitement and enthusiasm. The tenth day of the Navratri period is called Vijayadashami, also known as Dussehra, and is a very important and auspicious occasion. It marks the victory of good over evil and also serves as the lead to the festive period which culminates in Diwali, the festival of lights and joy. It is the time for defeating all internal and external demons and coming out victorious and triumphant in the battle of life. Historically, several reports show a significant increase in property related investments during this festive period.

1. Auspicious day

In India, the right and auspicious moments are given a lot of importance, especially before engaging in an important decision or action. Buying a home is one of the most important decisions one makes in their life. It is the fruition of years of hard work and labour which also includes several sacrifices made along the way. Dussehra, Diwali and this entire festive season is one of the most auspicious times of the year to embark upon this journey of buying a home for yourself and your family. This is supposed to provide success and prosperity in the venture. With Dussehra just around the corner (on the 15th October 2021), it is time to end the contemplation and act on your thoughts of purchasing a house. Apart from religious reasons, we will explore some practical ones as well which will validate this choice.

2. New project launches

Just like the buyers consider this an opportune time to invest in new ventures, the builders and developers consider it auspicious to launch new projects around this time as well. This gives you the early mover advantage. But do not get all caught up with the glitz and glamour alone. As a smart investor and buyer, you need to carefully read the documents and prospectus or brochure. You must ensure there are no improprieties in the documentation, registration and property information. It is rather easy these days to validate all the received information and ensure compliance with the mandated guidelines. Real Estate Regulatory Agency (RERA) act and guidelines are here to protect the investors in case of any defaulting or cheating on the part of the developers and you must use the online resources to safeguard your investment.

3. Price benefit/discounts

Once you are secure in the knowledge of the reliability and capability of the builder/developer, it is time to avail the benefits that may be at offer during this festive season. There are several early bird discounts that are usually on offer. A percentage of discount on the overall cost, freebies as part of the booking amount, waive off of parking charges or clubhouse charges are just some of the attractive offers which you can hope to find as an effort on the part of builders and promoters to get more investors for their projects.

4. Sale schemes

The real estate had been in a gloomy state for a fairly long period right before and during the global pandemic. With severe lockdowns, the construction activities were forcibly put on halt causing a delay in several upcoming projects. The investors too, preferred to stay away from blocking large amounts in property related investments. This led to low housing sales and unsold inventories. To deal with this crisis, many developers have been coming out with innovative schemes to pick up the slack. This may include waivers of charges on stamp duty and registration fees or relaxed payment schemes, and even no EMI till possession to safeguard the investors amount and build trust and faith.

5. Better home loan deals

Another important support provided by the banking industry is the reduction in home loan rates. Even the banks have felt this recession by fewer people seeking home loans. The interest on home loans makes up an important part of the bank’s revenue stream which has been weak in the recent period. By offering lower loan rates and other deals like waiving off the loan processing charges, or offering flexible loan preclosure and repayment tenors, the banks also hope to attract a higher clientele.

Conclusion

Clearly, it is hard to find a more auspicious or opportune time to buy your home. Whether to stay, or for investment purposes, the lucrative offers, deals and schemes, combined with lower interest rates can make your investment truly prosperous. A smart investor always ensures to safeguard their investment. In case of a home, buy home insurance from a reputed and reliable provider like HDFC ERGO and live in peace and without worry.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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