When is the best time to buy a House in India.

Buying a house is a big decision for people. As the money involved in the affair is relatively high, people contemplate several reasons before making the right investment. Their hard earned money and savings are at risk when they think to buy a house. They definitely look for the agent or realtor who can provide the best services to the clients. With the help of an expert, the clients are sure to strike through a great deal and fetch an impressive property for them.

Sometimes the most lucrative deal may seem the wrong investment. This is because the timing of investment may not be the right one. The right time to buy the home is directly related to the right age and the time in the career to make the required investment. Planning to buy a home in the early stages of career may not seem the right decision. Similarly, investing in the home in the later stages of career may not be the right time to buy the house.

Thus one of the most important factors which can influence a great deal is the right time to buy the house. But the most important question is that when is the best time to buy a house?


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Why is buying a home in the early stages of career, not a great decision?

The income of the person plays a decisive role in buying the house. It is very important to understand the fact that there are other commitments also which has to be fulfilled timely. If investment in buying a home is made and the home loan is availed; then it may lead to stress on the individual. This is because regular payments of EMI mean a chunk of salary goes amiss every month. Managing other expenses with the rest of the salary can be a challenging affair which can lead to stress. It can adversely affect the balance sheet of the individual as it will reflect a home loan debit.

Why buying a home in late career a negative decision for the individual?

A valuable part of income will go down as rent till the time the professional owns a home. Availing a home loan at a later stage in a career means the loan repayment time is not more than 15-18 years. This means that the individual is burdened with higher amount attached with the EMI. The stress can add to health issues like Blood Pressure, diabetes, or heart issues. So planning to buy a home later in a career is not a very desirable decision.

What are the right and the appropriate age to buy the home?

The right age to buy the home is when the individual has complete financial stability. Foreseeing the future expenses is an important aspect which the person should not overlook. When the person can handle the home loan alongside the other expenses; then it is the right time to buy the home. When the health of the person is permissible, it is the right time to invest in the property.

What is the most widely accepted home loan interest rate?

Market conditions play a pivotal role to help in making the right decision to invest in a house. Interest rates influence the purchase decision of the house. A lower rate of interest will yield lower monthly payment, and this will save money for the payment of the cost of the mortgage.

As the prices of the property has gone down in recent years due to Demonetizing, GST, and Real Estate Regulation Act (RERA); the banks and Non-Banking Finance Companies (NBFC) have lowered the rate of interest on home loans and set is at 8.40%.