Homeownership is a cherished goal in India. People from India aspire to own a home and treat it as a sense of achievement in their life. It is often noticed that people map their success upon their career growth and most importantly on owning a home. People’s hopes and dreams are examined through the lens of personal finance. As per different research studies, home ownership is the fourth most common aspiration and the most important wealth goal.
Upcoming residential projects in Kharadi Pune can help you to secure your growth and achieve the most by owning a home in Pune. Prioritize your growth as your family grows along with you. Potential home buyers frequently wonder when the best time is to buy a house. Your decision to purchase a home will be influenced by factors, including your affordability, real estate prices, location, and loan servicing capacity.
While there are no fixed rules for determining whether now is the right time to buy a home, these pointers can help you decide your future.
Follow the Trend with Low Prices:
There are cycles in the real estate market where property valuations are either low or stable for a period. Such times would be ideal for purchasing a home at a reasonable price. Look for properties in new Kharadi that offer you homes at affordable prices and surrounded with premium facilities for you and your family.
Interest Rate:
After reaching historical lows of less than 7%, interest rates have risen in recent months. However, when compared to a few years ago, the current home loan interest rate of around 8.5 percent is still a good time to buy a home. Furthermore, given the persistent inflation and the likelihood of further rate tightening by the central bank, it is prudent to lock in a property deal while interest rates are still low. Higher interest rates imply higher EMIs and tenures. As a result, it is best to close the deal with low interest rates.
Ample Liquidity on Hand:
A home loan can help you finance your dream home if you have enough cash on hand. However, you should be aware that the lender will fully finance your home. To purchase a home, you will need to pay a percentage (usually 20-30% of the property value) as a down payment. When you have enough money for a down payment, you should think about buying a house.
Good Credit Score:
A good credit score will help you get the best interest-rate deal. Before beginning the home-buying process, you should establish and maintain a credit score of at least 750 points. The higher your CIBIL score, the more negotiating power you have with your lender. Even a 25-basis point difference in interest rate will result in significant savings over the repayment period. As a result, when your creditworthiness improves, it may be a suitable time to take out a home loan.
Managing Cash Flow:
A strong cash flow management, which is often overlooked or overlooked as something to pay attention to, is extremely beneficial when servicing a loan. It's time to book your dream home if you know you can manage the current and future cash flows.
Manageable Ongoing Financial Liabilities:
If your current ongoing financial liabilities are manageable even after adding home loan EMI, it's time to buy a home. It's worth noting that home loan EMIs are also substantial sums of money. To honor it regularly, extreme expense control while maintaining a healthy cash flow is required. Meanwhile, it is prudent to settle existing loan liabilities as soon as possible while avoiding adding new ones.
While the factors discussed above may help you decide if now is the best time to buy a home, it is possible that only some of them will fall into place at the same time. The most important considerations in a home purchase are your financial ability, readiness to buy, requirements from a home, and your willingness to settle. If you are in this situation, you are in an advantageous position to buy a house.
Kohinoor Kaleido has 2BHK and 3BHK flats in New Kharadi Pune for sale. Know your best time to buy a home and book a fine property in Kaleido. Premium towers of Kohinoor Kaleido welcome you to start a new life in New Kharadi.
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