Top Reasons to Buy a Home in the Aftermath of COVID-19

“Every obstacle is an opportunity waiting to reveal itself.” Opportunities don’t come knocking your door every day. So, please make the most of the prospects and capitalise on them. The COVID-19 pandemic established that owning a home is way better than living in a rented accommodation. With the increasing spread of coronavirus, the heart-melting news of people getting asked to vacate their rented homes made headlines in leading dailies. The fear of the virus reared its ugly head, and many homeowners took such decisions leaving many homeless and stranded in different cities.

In the aftermath of COVID-19, the need to live in your dwelling is far more than ever. It gives a sense of security and belonging. Most millennials are also looking at real estate as a safe form of investment. Buying a home not only extends shelter to you and your loved ones, but it also works as a reliable source of investment in the long term. Even when compared with the volatile stock market, a property investment does offer stable and steady returns.

Making homeownership lucrative and possible for the common man is the recent announcement of reduced Repo rate by the Reserve Bank of India. This translates into home loans interest rate reduction, which comes as positive news for those who want to buy a house with the help of a home loan.

If you buy a home at the current rate of interest, you can benefit from considerable savings while creating an asset for your family. The savings can come handy in getting the interiors of the home or to plan the future EMIs. Along with savings, this reduced interest rate gives the buyer the scope to increase the loan amount or invest in a bigger property.

Let’s take a numeric example to understand the interest rate calculation, as published in Economic Times. If you take a home loan of Rs. 1.5 crore at an interest rate of 8.5 % you pay a monthly instalment of Rs. 1,20,784. When you take the same loan amount at a 7.75% interest rate, the EMI amount reduces to Rs. 1,13, 299. Along with saving in this form, you can also claim tax benefits and multiply your savings. You can save up to Rs.1,16,666 annually if you claim the income tax benefits on principal and interest payments under the different sections of the Income Tax Act.

In the existing market scenario, if you long to draw the above benefits and plan to take the plunge, then opt for projects that are nearing completion or in ready for possession state. The under-construction houses may get further delayed as the construction work has paused, and most labourers have returned home. Even when it comes to investing in a project that is in ready or nearing completion state, trust a recognised developer. By choosing a notable developer’s project, you can get first-hand experience of your property online, avoiding multiple site visits. Besides, conducting online research on past projects is also easy. So, you can complete your due-diligence online and have a sense of security in the project in which you are investing.

If you are planning to buy an apartment in South Bangalore, then you can rely on Valmark. With over two decades of experience and a proven track record of excellence in real estate, Valmark is a name you can trust and rely on during these times. Designing signature residences in Bengaluru, you can experience the old-world charm and technological edge in their projects. Offering investment opportunities in luxury and budget homes at Valmark you can explore the different options and choose the best for your family.

One of the projects by Valmark Orchard Square, is nearing completion and offers 2 & 3 BHK units in JP Nagar, 8th Phase. A fully equipped gated community project, you benefit from an array of amenities when you move here with your family. Make the most of the spacious indoors which seamlessly blend with the outdoors. Maintain the health and happiness of your family in this exquisite project by Valmark. With plenty of open space, spend time outdoors while maintaining social distancing. There is ample space, greenery, and opportunity for every resident. Know more about these homes that offer the choicest luxuries to a select few.

Valmar orchard square

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