If you are thinking of buying a house in this festive season, then there is good news for you. The fall in interest rates of home loan first and now proposed GST reforms can reduce the prices of homes. The government is preparing to reduce 4 GST slabs to 2 slabs, especially on building materials such as cement, steel and paint, GST can be reduced from 28% to 18%. This will reduce the cost of developers and reduce the construction cost of 1000 square feet flat to about ₹ 1.5 lakh. According to the report of Real Estate Consultant Company Anarock, GST reforms can reduce the prices of affordable flats by about 4% i.e. ₹ 2.5 lakh. Also, the fall in home loan interest rates by 1% will reduce your EMI and it is possible to defend about ₹ 8 lakh on a loan of 50 lakhs. The RBI is also expected to cut the repo rates in the future, which can increase the budget of your purchase even more. Taking a house in this festive season can bring double advantage for you – low prices and better loan options. Therefore, this can be the right time to take your dream home.
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