Sometime ago, the interest on home loans was around 14%. But, it is now halved to 7%, which means banks get 50% less amount towards the EMI. Is there any better time to buy a new house? Factors such as Covid-19, shortage of construction workers, reduction in supply of building materials affected the construction sector. Afterwards, cement and steel prices have gone through the roof, reducing the demand for flats.
In fact, there are builders in Hyderabad who somehow mobilize funds to continue their construction activity. However, the builders are facing problems due to discouraging sales. Some time back, a person availing a home loan of Rs 10 lakh had paid Rs 14,000 per month towards the EMI. However, in the present circumstances, the loanee would have to pay only Rs 7000 a month. A loan of Rs 40 lakh, attracts the EMI of Rs 28000. Will there be any perfect opportunity than this to avail oneself of the home loan? Such congenial climate is unlikely to come in future. That is why, it is better to take right decision now.
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