Lower Interest Rate – An Attractive Catalyst for Home Purchase Now

Kishan Thakkar K

Introduction

Having a home of one’s own has long been one of the Indian family’s dreams. Buying a property usually necessitates a significant financial investment. It has become a priority in modern times to own a home rather than pay rent to a landlord.

If you’ve lived in a rental property, you must have thought about paying interest rates to financial institutions or lenders, and having your own home is a good idea than paying rent to landlords.

We have written a blog on this subject, which you may read here, Renting vs Buying: Your answer to the ultimate battle. The goal of that blog is to illustrate why purchasing rather than renting is a superior long-term investment.

In good locations across the cities, the stocks of unsold inventory are decreasing. If you are wanting to move into your own homes, the current circumstance may be your final chance. The smart buyers are already benefiting from the situation. If you’d like to be one of them, please contact us at info@roodland.com to learn more about the possibilities.

What lenders are offering?

Several major banks and housing finance companies have reduced their interest rates to revive housing demand after the pandemic. In some cases, the interest rates are as low as 6.5%. Now we will discuss what other most lenders are offering as interest rates and how you can save lakhs of rupees!

First and foremost, when approaching banks or lenders, ensure that you are aware of the processing costs and other legal procedures in addition to the interest rates. The interest rate is determined by the borrower’s profile, which includes credit score, income, and other factors. Lenders also offer a 0.5% discount to female borrowers to empower them.

Click here Home Loan Interest Rates, to compare the home loan interest rates, Get the list of current housing loan rate of interest in India from all leading banks and financial institutions. (Source: bankbazaar.com)

How do low-interest rates translate into huge savings?

The low-interest-rate works in the favour of borrowers in the long run. A large amount of the EMI consists of the interests in the initial years of the home loan.

Even a 1% difference in mortgage rate results in saving lakhs of rupees.

Suppose if you take a loan of Rs. 40 Lakh for 15 years, or 180 months, at the rate of interest of 6.7%, the total interest payable will be Rs. 23,51,344 and EMI amount will be Rs. 35,286.

If we keep all the parameters as it is, & increase the rate of interest by 1%, that is 7.7%., then the total interest payable will be Rs. 27,56,510 and the EMI amount will be Rs. 37,537.

You can save a monthly EMI of Rs. 2251 and Rs. 4,05,166 of total interest payable in 15 years.

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Conclusion

When viewed in the context of low rates, the scenario is favorable to homebuyers. Low-interest rates may persuade you to purchase a property, but be sure your decision is well-considered and well-researched. Please feel free to contact us at info@roodland.com for a comfortable home-buying experience. We will also assist you in obtaining favorable home interest rates.

Staying informed and discussing with experienced & experts while making a decision is an ideal way of making a great deal. All you have to do is contact RoodLand, which provides the best real estate services. For any queries and suggestions, contact us at info@roodland.com and discuss all of your options with us!

RoodLand is a business solution and advisory organization for the Real Estate sector. It is founded by young professionals with experience in management, marketing, finance, and digital technologies. With their innovative marketing concepts and out-of-the-box methods, RoodLand has successfully delivered amazing results across the region.

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Thank you for reading! 🙂

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