The festival of Diwali is almost here. The day of Dhanteras, which marks the beginning of the three-day Diwali festival, is considered the most auspicious day of the year to make a big-ticket investment or start a new business.
So, if you are looking to buy a new home, this might be the best time for you. If you are worried about arranging the finances, you can apply for a home loan with your preferred lending institution. Below are some advantages of availing of a home loan this Diwali:
1. Lower home loan interest rates
To cater to the financial needs of home-buyers like you, almost all banks and Non-Banking Financial Corporations (NBFCs) provide lucrative offers on their home loan products during Diwali. Most of them slash their home loan interest rates and even waive off the processing and administrative charges.
Hence, by availing of a home loan during the festive season, you can significantly reduce your borrowing costs and, subsequently, bring down your home loan EMIs. You can use an online home loan EMI calculator to know your EMIs in advance.
2. Great offers by the builders
Another reason to take a home loan to buy a property this Diwali is that you would get excellent deals from the builders. Almost all builders and real estate promoters provide significant discounts on their properties during the festive season.
Additionally, many new real estate projects are launched during this period to cater to the increasing demands of property buyers. It means that you will have a range of options to choose from if you decide to buy a property through a home loan in the upcoming festive season.
3. Easy approval of loan applications
The time of Diwali in India also marks the ending of the second quarter of a financial year. Therefore, banks and NBFCs are more concerned about increasing their sales volume and closing the deals during this time. It provides you an opportunity to get a good bargain on home loan interest rates from your preferred lender.
Moreover, the chances of the approval of your home loan application also increase during this time. All you need to do is apply for a home loan from the comfort of your home or office and upload the required documents online.
4. Flexible repayments
While applying for a home loan, most buyers have apprehensions about its repayment. Borrowing a home loan during the festive season can ease this stress to an extent, as lenders usually offer great flexibility on repayment.
They allow you to choose a home loan tenure of your choice and even provide interest-free EMIs for a few months. Some lenders can also offer you an option to pay flat or reduce EMIs throughout your home loan tenure.
Builders and home loan providers leave no stone unturned to attract property buyers during the festive season. However, it’s crucial to not get carried away and to choose the right products for yourself.