Festivals are a harbinger of good luck and wealth. That is why they are celebrated with joy and enthusiasm. People make new purchases, give gifts and invest in new avenues during festivals. Buying a home and taking a home loan is also quite popular around the festive season, especially around Diwali and New Year. Many families opt for a home loan and buy their dream home during such festivals. Besides the auspicious value of buying a home in the festive months, there are other good reasons too which make taking a home loan more beneficial. Do you know what these reasons are? Let’s understand –
1. Lenders allow you great offers:
Home loans make a lot of sense in the festivals because of the attractive offers which lenders allow on their home loans. Lenders know that borrowers are motivated to buy a new home in festivals because they consider it to be auspicious. That is why they give attractive offers on their home loans. You might get the following common offers during festivals–
● Reduction in the interest rate
● No processing fee on the loan
● Instant disbursal of the loan
● Value-added benefits on the loan like interest holiday, EMI holiday, etc.
● Gifts in kind like home appliances, gadgets, etc.
2. Developers give you offers too:
Besides lenders, home developers and builders also promise a variety of offers on their homes if you buy them during festivals. You can get the following offers from developers –
● Immediate possession of home with EMIs starting after a year
● Reduction in the price of the house
● Extra amenities in the house like a furnished kitchen, extra parking space, club membership, etc.
● Gifts in kind like cars, bikes, gold and silver coins, home appliances, holiday vouchers, mobiles and other electronic gadgets, etc.
Given the offers which rain during festivities not only from lenders but also from developers, it is no secret why individuals prefer buying their dream homes during such festivals. In fact, individuals who are not even very sure about when to buy their homes feel motivated to invest in one during the festival season when there are so many offers. The demand for home loans, as such, increases. Even if you are looking to invest in a home loan for buying your dream home, use the festive occasion to get the maximum possible benefits. However, before rushing headlong into availing a loan, make sure of the following things –
● The loan amount you avail should be affordable on your pockets. They should be repayable without causing a financial strain
● You should choose a tenure which would not only give you affordable EMIs but also be short to reduce the interest payments
● The interest rate on the loan should not be very high. In fact, you should not let the different offers blind you into choosing a lender. First, choose a lender with the lowest interest rate and then explore the offers available
Once these things are taken care of, you can enjoy the offers provide both by home loan lenders as well as developers so that you get the maximum benefits and privileges.
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