5 MinsOct 17, 2022
Diwali, the celebration of prosperity and good fortune, is just around the corner and it’s time to celebrate. While jewellery, clothes, sweets and household items can bring great joy, this could also be a time to consider a milestone investment.
What better investment to make than buying a home?
Diwali, Dhanteras and Dussehra are three occasions that are particularly important in India and are considered prosperous times to make crucial investments. People believe it is good luck to buy gold or real estate. Around this time of the year,
several tempting offers and bargains from real estate developers are typically released, making it tougher to resist making a purchase. Moreover, getting a home loan at this time comes with many benefits—attractive offers, lower home loan interest rates, and flexible payment options.
Festive bonuses, appraisals and other workplace perks provide homebuyers extra money to put toward their dream homes. Here are some reasons why purchasing your dream home during Diwali is a good idea:
- The beginning of new endeavours
Socio-culturally and symbolically speaking, it makes perfect sense to invest in something significant during the festival, given the fortunate nature of the celebration linked with various
Gods and deities who also represent the victory of good over evil. Many fresh and spectacular ventures come up during the festive season. From the customer’s perspective, this is an opportunity to explore a variety of property possibilities
at low prices.
- Attractive discounts and offers
During the festive season, it’s common to see various discounts and deals being launched to attract customers. This aids and encourages homebuyers to invest in homes at affordable
prices. Real estate developers offer a variety of incentives to entice buyers, such as low home loan interest rates, free home appliances, rewards, etc.
- Banking offers
Along with property developers and homebuyers, Diwali is an opportune time for bankers and financiers as well. You can expect to receive offers that are extremely profitable during this festival. You can
benefit significantly from lower down payments and great rewards by purchasing property around Diwali.
- Flexible payment terms
The repayment process is the primary concern for a buyer when taking any loan. Owing to the flexible repayment choices that lenders offer, taking a house loan during the holiday season might reduce
your stress. The real estate market and loan lenders take full advantage of Diwali. You can figure out your EMI amount using a home loan EMI calculator before applying for housing
financing, which will also help you estimate the affordability of your future loan.
[Also Read: Considerations when choosing between a Long-Term or Short-Term Home Loan]
Things to take care of when purchasing your dream home during diwali
To entice new buyers, many builders, particularly during the festivals of Diwali and Navratri, provide flashy offers. While some contractors fulfil their
promises, others miss deadlines. You must take a few essential safety precautions to avoid becoming victims of real estate scams or bogus offers.
1. Permits from the government -
Verify with the local authorities to see if the project has received the necessary approvals. You can ask your builder for a copy of the licences and certificates.
2. Understand the property’s actual price -
Before signing the property document, you need to know the exact cost. Learn about the location, amenities and drawbacks of the property. Find more about the cost increases
in the area and the available local public transit options. Consider the number of surrounding hospitals, schools and other amenities.
3. Background investigation-
Research the track record and responsibilities of the builder or developer you intend to engage with before purchasing. Stay away from funding projects subject to regulatory restrictions or contractors
with a poor credit history.
Axis Bank provides a variety of housing loans with low-interest rates to help you become a happy homeowner. We simplify the process by offering flexible repayment terms and low EMIs that rise in line with your salary.
Axis Bank acknowledges the fact that every buyer has different housing demands. So, if you’re waiting until Diwali to move forward with buying your dream home, contact us to make your dream a reality.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.