Want to Buy Home? Now is the Right Time

Bangalore: Right time is what most of the home buyers wait for. Owning a home is one valuable dream which maximum home buyers want to live.

There are many factors that indicate this is the right time to buy a home. One of which is the  decision taken by the Reserve Bank of India (RBI) to cut the repo rate by 50 basis points, which will further benefit both the builders and the buyers, reports V Nagarajan of TNN.

Another key factor is that, in the first quarter of 2012, the residential property market of Bangalore has seen a healthy absorption of 4182 units compared to the last quarter of 2011, which were 3370 units which highlights the healthy market condition.

According to a quarterly survey done by Jones Lang LaSalle, in the first quarter of 2012, probably 25 residential projects were introduced, out of which, eight projects of 1009 units are withdrawn from the active stock market as they were sold out completely.

Meanwhile, one bank has already lowered the interest rate for home loan. And for those whose existing home loans are with earlier high interest rates they can also choose the current floating rate over existing rate by paying ‘switchover fee’, which is one percent of the overdue loan amount. Moreover, some banks have reduced the lending rates and the new borrowers can only avail the rate cuts.

With the increase of input costs, home prices are going upwards in all micro markets. Considering this, the new projects are entering in the market offering good connectivity levels and infrastructure, which will lead to higher land prices. Moreover, the state government also revised guideline values for registration. And if the buyers delay more to enter the market the prices will be out of reach later.

Furthermore, the time is also favourable for those who want to invest in affordable housing section as the Union budget 2012-2013 provides good option for buyers. In low-housing category, buyers can avail External Commercial Borrowings (ECBs).