Homeownership is a cherished goal. A home of one’s own was among the top aspirations of young India, according to the 2022 Aspiration Index survey. The survey examines India’s hopes and dreams through the lens of personal finance. According to the study, home ownership is the fourth most common aspiration and essential wealth goal.

With property prices skyrocketing and home loan interest rates gradually rising, making an extensive financial choice like purchasing a house becomes difficult. Potential home buyers frequently wonder when it is best to buy a house. Several factors, including your accessibility, real estate prices, location, and loan servicing capacity, will influence your decision to purchase a home.

While there are no hard and fast rules for determining whether now is the right time to buy a home at flats in Madhanandapuram, these pointers can help. Take a look at this;

Downward pricing trend

Real estate market phases occur where real estate prices are either high or static. Such circumstances ought to be optimal for paying a fair cost for a property.

Interest rate

Interest rates have increased recently after falling to record lows of less than 7%. However, compared to a few years ago, the current home loan interest rate of around 8.5 percent is still an excellent time to buy a home at 2bhk flats for sale in Madhanandapuram. 

Adequate liquidity

You should know that the lender will fully finance your home. You will need to pay a percentage as a down payment) to purchase a home. Consider buying a house when you have enough money for a down payment. 

Good credit score 

You’ll be able to obtain the finest interest rate offer with a high credit score. You should build and keep a credit score of at least 750 points prior to starting the property purchasing process. Your bargaining power with your lender increases as your CIBIL score rises. Over the course of the payback period, even a 25 basis point difference in the interest rate will produce sizable savings. As a result, when your creditworthiness improves, it may be an excellent time to take out a home loan.

Doable additional financial liabilities

It’s time to purchase a property if your ongoing financial obligations are reasonable, even with the addition of a home loan EMI. It’s important to remember that home loan EMIs are likewise sizable amounts of money. Extreme spending control and a positive cash flow are needed to honor it consistently. Meanwhile, settling existing loan liabilities as soon as possible is prudent while avoiding adding new ones.

Conclusion

Finally, While the factors discussed above may help you decide if now is the best time to buy a home near flats in Madhanandapuram, only some will fall into place simultaneously. Furthermore, if you do it immediately, your home purchase may become a pipe dream. The most crucial consideration in a home purchase is your financial ability to make the down payment and repay your EMIs on time. If you’re in this situation, you’re in an excellent position to buy a house. Interest rates and pricing trends have less of an impact on your readiness.