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personal finance | IST

As home loan rates dip, is it the right time to buy your dream house? Here's what experts suggest

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Here are the key factors one should keep in mind while buying a dream home.

CNBC-TV18's special show, Money Money Money, put the spotlight on key factors one should keep in mind while buying a dream home.
Low interest rates, steady prices and the trend of work-from-home (WFH) have spurred demand for housing. But is this the right time to buy your dream home, what are the factors to keep in mind before taking that plunge? Harsh Roongta, Founder, Fee Only Investment Advisers and Gulam Zia, Executive Director, Knight Frank discussed this further.
“The right time to buy a house is when you have enough money available for the down payment and that the loan amount that you need to buy the house that will serve your purpose – EMI on that loan should not be more than one-third or at most 40 percent of your monthly income. That is very key to make sure that you buy right,” said Roongta.
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“Whether this is the start of a new property cycle or not is tough to predict but it is welcome. Real estate is a driver of a lot of employment for unskilled and semiskilled people. If it is the start of a long cycle, then it is even more welcome,” he stated.
“The low interest rate definitely has a very big impact both in terms of people being eligible to buy and at the urban sites, it helps people to buy a little more space than they would have otherwise bought,” he said.
“If you are out there, you need to be a bit more diligent on what product are you picking up, on what product are you selecting or shortlisting and then identify the distress level on the seller front," said Zia.
For the entire discussion, watch the accompanying video.