Why taking a home loan on this festival season is a good idea?
Buying a home is a dream come true and it is something that you have been nurturing since a very young age. Apart from being an investment, a home is a way to meet your needs and fulfill your wishes. However, with the increase in the price of the property, it has become almost impossible to buy a home entirely on your savings. And, this is where you can apply home loans for your help.
Getting a home loan is the best way to fulfill your dream of owning a house. And the best time of the year to apply for a home loan is during the festive season. All the leading banks come up with several offers to attract customers. They provide attractive interest rates and also at times waive off processing fees during festivals like Diwali.
Here is why you should take a home loan during this festive season:
Offers from banks
The best time to take a home loan is during Diwali. Due to various customs and beliefs, people prefer to make huge investments during this festival. Therefore, banks offer a range of deals and offer to make home loans look attractive. This may include – better interest rates, longer tenure, waiver on processing fee, better EMI options and so on. Many banks also come up with ten days scheme where the bank is open on all days of the week to provide assistance to the customer in choosing the right home loan.
Deals by builders
Not only banks but builders also come up with incredible offers to attract customers. During Diwali, getting as huge as a ten percent discount from the builders is quite common.
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Interest rate increases after festival season
After Diwali, most banks and financial institutions do away with festive offers and increase the home loan interest rates. This means if you wait long for applying for your home loan, you may end up getting the loan at higher interest rates and processing fees.
Don’t get distracted by offers
The banks often combine different offers to provide an attractive deal to the customer. These offers may include free gold coins, free banking services with the home loan and so on. However, when searching for a home loan, it is important to pay attention to three attributes, interest rates, tenure, and fees. Look for different offers and evaluate them on the basis of the aforementioned attributes. These factors will decide how much you will have to pay every month once the festive season ends. Therefore, instead of getting distracted by the seemingly attractive offers, evaluate your options carefully to make a well-informed decision.
Conclusion : If you are planning to apply for a home loan, it’s better to wait for the festive season. With the festive season, banks and financial institutions come up with attractive deals and offer to make home loans more affordable and attractive. So, hurry up and grab the deal!