According to Google, COVID-19 is the most searched word in the year 2020. It has rapidly become a part of our everyday conversations and the negative vibe it brings does not seem to end. Yet, COVID-19 has established a few positive things to look forward to. One such thing is buying a home. Although a few might find this strange, the current deflated economic condition is in itself the biggest contributing factor as to why now is the best time to buy.
Here are 4 reasons why you should buy a home now –
Homes with No GST
Since its introduction in 2017, GST on properties under construction is a single tax rate of 12%. But, it does not apply for properties which are either completed or ready for sale prior to its implementation. Quite a few of these apartments are available today. Hence people who buy one of these homes can avail the maximum benefit.
Ready-for-sale properties have another big advantage. Even if you don’t want to move in immediately, you can always consider renting it out, till you are ready to move. Just look at the pre-EMI’s you have saved, which you would have paid if it had been an under-construction building. And if you are a first home buyer, you could enjoy a double bonanza by moving in – save on pre-EMIs and save on the rent you are paying today.
With so much of restrictions in movement of people and goods, ‘under-construction’ projects are likely to remain under construction for quite some time. This means, if you had planned on buying a home which was scheduled to be ready to move-in in say six months, you may now have to wait for another year. Thus extending your burden of EMIs and rented.
The solution is to look for those homes with no GST, as these properties are ready-to-move-in. The average rent per month across the six metro cities in India for a 650 sq.ft. apartment is ₹15,600. Paying rent for 24 months costs approximately ₹3.75 Lakhs, which is what one will gain by choosing a ready-to-move-in home.
In an attempt to increase sales, various real-estate builders have begun running multiple offers that vary from reduced down payments, to no EMIs for a year, to free interiors and goodies. But, the best offer available is an offer in the actual price itself. Some real-estate companies are offering a price-off on the base price which for a 2.5 or 3 BHK apartment/home saves nearly ₹5 Lakhs.
Bank interest rate
Mortgage rates have hit a record low due to declining inflationary pressures as result of the pandemic. Inflationary pressures refer to the demand and supply pressures that can cause a rise or decline in the general price level. The bank interest rates on housing loan have dropped from an average of 9.25% to an average of 6.95%.
On the whole, these factors can help you gain up to ₹20 Lakhs. It is important to note that this gain could decrease once the economy starts to rise. So, it is highly essential to look for these advantages and buy a home now.
Lancor’s Lumina is a ready-to-move-in apartment with NO GST. Located in the heart of Guduvanchery, its land appreciation value is quite high as a result of the advantages the location offers with plethora top educational institutions, MNC’s, healthcare facilities and entertainment zones. The upcoming airport could also be vital in the location’s development. The Lancor 20ku20 offer is available for the first 20 units and it includes the 4 factors mentioned in this blog which help you gain up to ₹20 Lakhs. To know more about our projects in chennai please call us @ +91 8144787405.