New Delhi: The festive season is here, and many are planning to buy their dream home as they consider it an auspicious time to do so. Whether you’re a first-time homebuyer or a seasoned real estate enthusiast, purchasing a home during this time needs massive planning. And if you’re planning to buy a house during this festive session, here are some key factors you need to consider.
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Discounts and Offers:
Festive season often brings a lot of opportunities for investors and home buyers and during this season, builders and real estate developers often entice homebuyers with compelling discounts and offers.
“These can translate into significant cost savings, making homeownership more affordable. These deals may include reduced property prices, waived fees, or extended payment plans, all contributing to upfront and long-term financial benefits,” Rishabh Siroya, Founder of Siroya Corporation told India.com.
He said buyers may enjoy other benefits such as free furnishings, appliances, or even upgraded amenities like home automation systems.
Lower Interest Rates:
Rishabh Siroya said during the festive seasons, banks and financial institutions frequently offer reduced interest rates on home loans, presenting a golden opportunity for homebuyers.
“These lowered rates translate into substantial long-term savings on mortgage repayments. Even a small percentage decrease in interest rate can result in thousands of dollars saved over the life of the loan,” he said.
Advantages For Prospective Homebuyers
Anoop Kumar Bhargava, CEO and Director, Empire Centrum, said buying a house during the festive season can offer several advantages for prospective homebuyers as festive seasons often coincide with attractive discounts and special offers from builders and sellers.
Favourable Deals And Tax benefits
Anoop Kumar Bhargava also added that festive spirit can create a positive atmosphere for negotiation as sellers may be more inclined to make concessions or negotiate on price and terms, increasing your chances of securing a favorable deal. “Buying a house during this time can provide tax benefits as you may be eligible for deductions and exemptions on home loan interest and principal repayment,” he said.
Check Home Loan Offer
Pratik Kataria, Director of Sainath Developers, said during the festive season, financial institutions often roll out special home loan offers, providing buyers with advantageous terms. “These can include lowered interest rates, extended repayment tenures, or reduced processing fees. Availing of these incentives can significantly enhance the affordability of financing your home purchase,” he said.
Check Tax Benefits
Pratik Kataria said depending on various criteria, you can get several tax benefits, particularly for first-time homebuyers or female homebuyers which can be executed after a thorough consultation with one’s tax advisor.
He said these seasonal offers will not only ease the financial burden of acquiring a home but also provide an opportunity to maximize the returns on one’s investment in the long run. “While buying a home during the festive season, it’s important to conduct thorough research, consider your financial situation, and carefully evaluate the properties you’re interested in,” he said.
