After a turbulent year, home sales have been on fire across the country, with buyers racing to invest in affordable homes. The fuel has been historically low repo rates of 4%, which in turn, led the banks to cut home loan rates to decadal lows. So, what does that mean? 2021 is the perfect time for you to buy a home!
Read: HOME LOAN TIPS FOR FIRST TIME BUYERS
Lowest Home Loan Rates – 2021
Nationalized and private banks have cut down the home loan interest rates phenomenally. In fact, availing home loans is now as easy as plucking a flower; with liberalized property loan procedures and banks offering competitive deals to grow their customer base.. All you have to do is: check interest rates offered by different banks and select the right one.
Different banks and their interest rates are appended below. The interest rate varies from 6% to 8%. Please note that this is for reference purposes only. There may be slight variations in the actual rate, depending on varying factors.
| Bank | Interest Rate % |
| Axis Bank | 6.90-8.30% |
| Kotak Mahindra Bank | 6.65-7.30% |
| HSBC Bank | 7.20-7.75 |
| HDFC | 6.20-7.20% |
| Bajaj Finserv | >=6.80% |
| Punjab and Sind Bank | 6.65-7.60% |
| Canara Bank | 6.90-6.95% |
| State Bank of India | 6.70-7.20% |
| HDFC Bank | 6.90% |
| Federal Bank | 7.65-8.80% |
| ICICI Bank | 6.70-8.05% |
| Bank of Baroda | 6.75-8.60% |
You may also refer: TOP MISTAKES TO AVOID WHILE TAKING A HOME LOAN
Perfect Year to Buy a House – 2021 Beginning
Another important aspect one needs to understand is that the construction costs have increased by about 5-6% than the previous year; it is forecasted to increase further. The reasons being (i) shutting down of factories and supply chains during lockdown (ii) delivery delays (iii) risk exposure by imported building materials and (iv) global economic downturn. Though construction materials businesses have commenced production afresh, still some materials are harder to get; the fixtures and appliances that are either imported or contain spare parts from abroad. Moreover, the pandemic has led to enhanced safety requirements for ensuring health and prevention of the spread of the disease. All this has caused a surge in construction costs.
So, make your home buying decisions now before the real estate prices skyrocket. With the lowest interest rates ever, you can still own a house in the prime locations of your city at an affordable price tag. If you delay, owning a home in a classy neighbourhood may remain a dream.
This article may be helpful for you: TIPS FOR GETTING YOUR HOME LOAN APPROVED FASTER AND EASIER
OMG Properties – Home Loan Provider
We will assist you to obtain a home loan from the bank of your choice – HDFC Bank, Axis Bank, State Bank of India, ICICI Bank, and Federal Bank to name a few. . Our professionals will act as the interface to ease the process and ensure early approval of home loan . Reach out to us to discuss this more.
You can choose one of the exemplarily built real estate marvels from OMG Properties. We have the following projects in the classy locations in Kerala. Select the perfect one that will render you a serene and pleasant life at a prime locations.
- KUBERA VILLA – This premium 3BHK villa project in Palakkad is located at Kalmandapam Junction. Check this property that blends cosiness with the elegance of modern architecture.
- OMG Magnus (K-RERA/PRJ/282/2020) – Settle down among the greenery at a classy locality in Palakkad, at the same time, away from the cacophony of the city. Welcome to OMG Magnus at Vaniyamkulam, Palakkad.
- VATIKA VILLAS (K-RERA/PRJ/303/2020) – Own a villa in Ottapalam, near the blessed banks of Bharathapuzha River. This 8-unit villa project would be an ideal option to have a magical life filled with joy and solace.
- OMG Signature (K-RERA/PRJ/233/2020) – An affordable villa project in Vaniyamkulam exclusively designed for you. OMG Signature in Palakkad, is the best way to buy a house at a great deal.
- OMG Marbella Phase 2 (K-RERA/PRJ/285/2020) – Are you thinking of buying a property at Angamaly? Then, check out OMG Marbella Phase 2. Schedule a site visit and book one before it sells out.
- SAMRUDHI HOMES (K-RERA/PRJ/107/2021) – The 6-unit villa project OMG SAMRUDHI HOMES in Palakkad, has premium villas of 3 BHK configuration. Just arrive at the site, have a look at the ready to occupy villas and book one that suits you.
- OMG Lifestyles Phase 3 (K-RERA/PRJ/056/2021) – The elegantly styled luxury villa project OMG Lifestyles Phase 3 located in Kalepully in Palakkad, would be a matchless gift for your spouse and family. The excellently designed gated villas will provide you with a peaceful life among the luxuries.
The Conclusion
This is the best time to buy a house. We are here to help you with the loan process and get you a home loan at the earliest. OMG Properties offers you brilliantly designed and Vastu compliant homes at the best price in Palakkad, Ottapalam, Vaniyamkulam and Angamaly locations.
To know more, contact us now.
