Why is now the best time for you to buy your ‘Dream Home using the cheapest home loan available?

It was decided during the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) meeting held on April 5th, 2024 to keep the repo rate unchanged at 6.5%. This was done for the seventh consecutive time by India’s Central Bank.

Similar to the US Fed, the RBI also decided to keep the repo rate unchanged. The main objective behind this move was to significantly bring down the inflation rate.

Also, recently the Maharashtra state government decided to keep the Read-Reckoner Rate (RRR) unaltered for the new financial year. A decision that will keep the stamp duty on property in the state low, because it is directly associated with RRR.

Thus, under the prevalent economic atmosphere in the country now is the best time for homebuyers to get their ‘Dream House’.

To understand ‘Why’ this is the ideal period for you to invest in a home please continue reading this ‘Loan Bazaar’ article.

What made the RBI decide to keep the repo rate unchanged?
The decision to keep the repo rate unchanged was taken by the RBI Monetary Policy Committee by a 5:1 majority. The objective behind this move is to reduce the inflation rate. Currently projected at 4.5% to the target of 4% given by the central government of India.

It is necessary to also understand that in the Indian economy, there has been a steady decrease in the inflation rate in the last nine months. However, fluctuations in food prices in the country have also adversely slowed down the disinflation process.

It is therefore to ensure that inflation is reduced further in an effective manner that the RBI has decided to avoid changing the present repo rate of 6.50%.

How does the unchanged repo rate impact the homebuying industry in India?
Since the RBI has kept the repo rate the same at the current value of 6.50% means that interest rates on loans are likely to stay unaffected.

Leading to more people showing interest in buying property because the home loan interest is low. A clear indication also that this is a period that could see an increase in sales of property in the real estate industry.

Making it the ideal time for people looking to buy a home in the country to get the best home loan at the lowest interest rate. Through either several public/private banks, NBFCs, or fintech brands such as ‘Loan Bazaar’

How do the unaffected Ready-Reckoner rates in Maharashtra help the homebuying industry?
The Ready-Reckoner Rates (RRR) in Maharashtra for the new fiscal year are unchanged at the moment. It means that the stamp duty on properties within the state will be low.

Thereby leading to decreased residential or commercial real estate prices. A perfect environment currently for people in Maharashtra to buy the home that they desire.

Now, the interest rates on home loans in the country and the stamp duty on property in Maharashtra are low at the moment.

The time is ideal for more people to buy homes using loans. Thereby enabling the real estate industry to acquire maximum profit.

To learn more about the best home loan you can secure at the lowest interest rate available today, all you need to do is visit ‘Loan Bazaar’ by clicking the link https://loanbazaar.co/