Ankita Tyagi is expert content writer on property and estate in India. For more details on residential property in delhi and industrial property in india visit:- NextGenProperty.co.in
The meltdown in the real estate sector in recent times has sent out warning signals in the buyer’s psyche. The prospective buyers are buoyed up by the drop in the prices of residential real estate in India. In fact, the initial euphoria over the dipping prices has let to a gloomy silence in ways that everybody is holding up and waiting to reap the property at their deepest level of the price trough. If you too are in the same league of the wait-and-watch persons it’s the high time you gave a second thought.
Major developers operating in the domain of residential real estate India like DLF, Emaar, Jay Pee, Ansal, and Omax have already sliced down the price in the tune of 40%. And driven by the downsizing in the repo and reverse repo rate of the RBI major banks too have cut down their interest rate on home loans. S.B.I, one of the major national bank, is offering home loans at 8 % which is much lower that the rate that was prevailing not a year ago in the range of 12%. Thus, you as a buyer of residential real estate India stand to gain on two fronts.
Further clarifying, you bought a flat at INR 40 lakhs and took a loan of INR 30 lakhs at 12.5% for duration of 20 Years. So you had to churn out a monthly installment in the range of INR 35k to 40K. The same flat can now be purchased at INR 28 lakhs (considering 30% drop) and let’s say you take a loan of INR 18 lakhs at 8 % for a period of 20 years. So you now have to sell out a monthly amortization amount in the range of INR 18K to INR 20 K. Now you do not have to be a math’s, statistics or financial wizard to gauze the favorable situation. This is what the combined effect of de-escalated priced and loans at dwindled rates can produce.
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