The financing industry was one of the first to bounce back during the pandemic, right in the wake of the Real estate industry. A lot of people needed financial aid to restart their businesses, close other loans, and have a variety of professional and personal reasons. After a temporary lull in business, real estate developers are seeing a big boom in sales, as people started realising the need for a home of their own. To finance their purchase of flats in Chennai, they would typically be getting a home loan or mortgage for another property.
Earlier, getting a home loan was a time-consuming and complicated process. The waiting time was long, and even then the application could be rejected. However, the pandemic turned things around. Lenders realised that fewer people were opting to take home loans. This catalysed them into finding ways to make the prospect more attractive to the buyers.
Almost every reputed bank out there reduced their interest rates in the period from mid-2019 till date. This means that home loans have now become more affordable to a wider bracket of people. The monthly payments are thereby reduced and are an incentive for many to buy flats in Chennai right now.
The Government and RBI also announced a moratorium on home loan payments that was a welcome move for home buyers. Additionally, there have been tax benefits announced on the home loan interest payments. But, these are temporary moves to bring the economy back to balance by encouraging more people to take loans. If you are considering a home loan to purchase a flat in Chennai, then this is really the perfect time.
The application process has also been considerably simplified. The pandemic began to affect the ability of face-to-face verification of documentation and property assessments. The banks came up with online applications and remote processing to ensure that they could still cater to their customers. The processing time has also been minimised by utilising the documentation already shared by the customers with the bank.
Several developers of flats in Chennai have also partnered with reputed national banks to ease their clients into the home loan process. The loan applications are also processed faster through this partnership. With all these points in mind, now is as good a time as any to get your hands on a home loan.
Lifestyle housing is a developer of luxury apartments in Chennai. Our 3 BHK flats for sale in Chennai are popular with both first-time home buyers and investors. Set in premium locations, they come equipped with world-class amenities for a life of luxury. Our firm is also partnered with national banks to facilitate access to home loans to our customers. Our experts will guide you to the perfect mortgage option that will get you the best deal on interest rates and tenure.