Rabi, Sumita, and their 14-year-old daughter have been living in a small rented home in Kolkata for a few years now. Both of them are doctors and work in a hospital close to EM Bypass. In fact, their home is conveniently located near Kasba, and their workplaces are within easy reach. Even their daughterâ€™s school is not far at all.
In spite of Covid-19 massively disrupting their lives, they have adapted to the new normal. The need to buy a home of their own has only increased when they went through the harrowing experience. Now that the situation is almost normal, they started the process of house-hunting in the right earnest.
Meetings and Site Visits are Increasing Every Day
It is often difficult for many homebuyers to visualize a residential project, its location, and amenities unless they physically visit the project. Home-selection generally needs quite a few meetings and site visits. In the current situation when the fear of Coronavirus is receding, home-buyers are finding it easy to visit sites and have a good idea before deciding on any property.
The easier way is to go online for your home-buying process, at least in the initial phase. It is now easy to research a neighbourhood online, have a virtual tour of properties, and even complete some of the paperwork and transaction online.
A Lot of Paperwork Can Be Done Online
One major transformation which took place in recent months is the ease of using online facilities for any property transaction, home loan, and registration. Homebuyers now have adapted to accessing most services online, and over the phone, and this has increased the comfort level of them besides saving a huge amount of time.
A large part of the home-buying process can be completed online â€“ you could apply for a home loan and get your application accepted online; you could apply for property registration online. Nevertheless, the buyersâ€™ physical presence is needed for several processes. For example, right before the bank grants the loan, the borrower will generally have to make a visit to the home branch, to complete the formalities. The same is true of property registration. In most Indian cities, you do not have to visit the sub-registrarâ€™s office, to get the forms or make payments. However, for the final registration, the buyer, seller, and two witnesses need to visit the sub-registrarâ€™s office.
Now it is the best time to buy a home as the home loan interest rate is at the bottom of the cycle and is hardly expected to go down any further.
Construction Activity is Picking up Speed
The Coronavirus led disruption is actually over for the construction sector as normal activities have resumed. Almost all construction sites have vigorous activity right now to make up for the lost time. After the monsoon, it will speed up further.
Homebuyers, especially the first time homebuyers currently staying in rent, have realized this and are doubling down on taking advantage of the favourable conditions to own properties.
Buy a Home Now; It is Financially Profitable
As the economy is fast coming back to normalcy, buying a home at this time is hugely profitable for a number of reasons.
The interest rate is the lowest in a decade and therefore EMI amounts are the lowest per lakh of Rupees currently. If the interest rate goes upward from here, such an opportunity will be lost.
The government has extended the PMAY (CLSS) Scheme till March 31, 2021, and the subsidy can further reduce the EMI.
Most properties are having renewed buyersâ€™ interest. Preferred properties are being booked fast and for homebuyers who are waiting in the sidelines, this can be a missed opportunity.
Owning a home, especially in a gated community, is far safer than staying in rent in a standalone building. In fact, starting the EMI at the prevailing low rate is an excellent opportunity to acquire an asset.
A little bit of planning can help you buy your dream home now. Years later you will congratulate yourself for your prudent decision to buy a home in difficult times.