While many people who were previously satisfied with renting now feel the need to purchase their own home as a result of Covid, many families are now searching for a larger home to accommodate the space needs of working from home and having children attend school from home. Many people in metropolitan areas have felt the desire for a larger home, and those who can afford it are opting for a home with a greater room.
There have been several reductions in interest rates announced by banks and housing finance companies in recent weeks. While the decrease reflects the low-interest rates, it also indicates a growing demand for new house loans. Given the discounts offered by builders and the low mortgage rates in the economy, industry analysts believe now is a good moment for prospective house buyers.
Following the first and second waves of Covid-19, housing demand increased between October 2020 and September 2021. It was strengthened by factors such as tax reductions by state governments, discounts from developers, and low-interest rates. Following the second wave of Covid, the pace slowed at the end of August 2021 but has picked up again in recent months, thanks to greater economic expansion and improved immunization coverage.
Due to Covid-19, work from home scenarios have made employees across IT and other service sectors, purchase a larger home, even if it is located further distant from their place of employment or the core district.
You should take advantage of this opportunity if you've been saving for a house. In addition, interest rates are attractive. Aside from a cheaper EMI, a lower interest rate boosts a customer's eligibility and it might not be a good idea to put off making a choice because house prices and mortgage rates may not fall much lower.