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As mortgage rates drop, is it a good time to buy your dream home? Here’s what the experts suggest

Here are the key factors to keep in mind when buying a dream home.

CNBC-TV18’s special, Money Money Money, highlights key factors to keep in mind when buying a dream home.

Low interest rates, stable prices and the trend to work from home (WFH) have boosted the demand for housing. But is now the right time to buy your dream home, what factors should you keep in mind before you take the plunge? Harsh Roongta, founder of Fee Only Investment Advisers and Gulam Zia, executive director of Knight Frank discussed it in more detail.

“The right time to buy a house is when you have enough money available for the down payment and the loan amount you need to buy the house that will serve your purpose – EMI on this loan should not be more than one-third or at most 40 percent of your monthly income. It’s very important to make sure you’re buying correctly, ”Roongta said.

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“Whether this is the start of a new real estate cycle or not is difficult to predict, but it is welcome. Real estate drives many jobs for unskilled and semi-skilled people. If this is the start of a long cycle, then it is even more welcome, ”he said.

“The low interest rate certainly has a very big impact both in terms of who is eligible to buy and on urban sites, it helps people buy a little more space than they would have. bought otherwise, ”he said.

“If you’re out there you have to be a little more diligent about what product you buy, what product you select or preselect, and then identify the level of distress on the seller’s side,” Zia said.

For the full discussion, watch the accompanying video.

(Edited by : Aditi Gautam)

First publication: STI

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