A saying goes “When the time is right, things will fall into place”. Many right things have fallen into place for homebuyers this year. The Indian Govt. has taken steps to revive the Indian real estate sector over the past few years, with schemes like the Pradhan Mantri Awas Yojana (PMAY), the granting of infrastructure status to affordable housing, 100 per cent tax exemption on the profits for developers building affordable homes, implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) and the subsidy schemes for first-time buyers of residential properties.
On top of it, various offers by developers and home financiers have made property purchasing today more lucrative than ever before. Recently, Protech Group a Guwahati based real estate builder and property developer gave gold coins to homebuyers on every flat booking during Diwali.
Therefore, it is not wrong to believe that this year 2019 is the right to buy a flat. Let us look at some of the reasons that make this season the right time to buy a property.
1. Repo Rate Cut, and Subsequent Linking of Home Loan to Repo Rate by RBI
RBI has reduced the repo rate by a total of 135 basis points (bps) since February this year. The present rate of 5.15% is the lowest since March 2010. This was further followed by RBI making it mandatory for all banks to link floating-rate retail loan (including home loan) and MSME (Micro, Small and Medium Enterprises) loans to an external benchmark like repo rate with effect from October 1, 2019.
The linking of repo rate and other external benchmarks to housing loans will ensure faster transmission on policy rate cuts to home loan borrowers. The reduction in the policy rate will lead to a reduction in home loan rates, leading to cheaper home loans and EMIs for borrowers.
2. Reduced GST rates
In one of our previous blogs, we have discussed how post GST regime and GST rate cuts have favoured the real estate sector, especially the homebuyers. Therefore, this is another reason why the time is right to buy a flat.
3. Pradhan Mantri Awas Yojana – Credit Linked Subsidy (PMAY-CLSS)
Under this scheme, the government offers an interest subsidy on home loans of up to 6.5% on purchase of new houses to all first timers, depending on their income.
If you feel, the time is right for you our current under construction project at Bhetapara, Guwahati called Protech Galaxy has 12 flats left : 2 BHK – 3 flats; 3 BHK – 8 flats; and 4 BHK – 1 flat. You may click on the link below and fill up the form for a site visit.
Form Link: Click here to fill the form.
You may also visit our website to know about our past projects and experience. Click here for website.
