When is the right time to buy a house?

Buying a house is one of your biggest achievements. All of us want to live in a house which we can call our own. Even though the price of the property decreases due to market value and inflation rates it's better to purchase a house when you are stable enough to purchase a property. Grabbing opportunities without even thinking about other expenses can create difficulties. Let us understand when is the right time to buy a house.

When is the best time to buy a house in 2022?

Well, first thing first, we should think about purchasing a house when we have financial stability. A good credit score is also important as it will help you in securing a home loan. 

Now, let us understand when is the right time to buy a home. If we look at India, the real estate industry is booming as it was before. More people are coming into the industry such as buyers, owners, developers and investors every day so, the real estate industry will have exponential growth in the upcoming period.

Before knowing when is it the right time to buy a house we should also learn what factors are important to consider besides the budget. Factors such as location, locality, infrastructure, neighborhood influence are important points to consider while purchasing a home. 

Now, let us come to the real question of when is the right time to buy a house. Well, the answer would be now. With lockdown, the price of the lands have come down and the government of India is also helping out everyone in this situation. The India Government is coming up with different schemes such as PMAY to help the LIG, MIG, HIG groups in India. Also, the stamp duty rates are on the lower side. If you are a woman, then you will get some exemption for stamp duty as well. The rate of stamp duty varies from state to state. But overall, the stamp duty rates are lower than normal.

Talking about loans, the interest rates are lower than ever. Most banks are giving loans at an interest rate of 6.8% currently. The lower the interest rates, the lower will be your EMI. So, yeah this is the best time to buy a  house.

If you have money for downpayment then you should purchase a property now. Let's say you have a 50 lakh rupee with you. You can purchase a house worth 1 crore by taking a home loan and making a downpayment, but the better option would be to find a house that is worth 50 lakh and not take a home loan. This way you don't need to pay EMI.

I hope you like my answer on when is the right time to buy a house.

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