Are you going to buy a new house..? Good news is coming..!

Sowmiya Sriram
Are you going to buy a new house..? good news is coming..!

Buying your own home is a very easy thing in today's times, but paying off a home loan for 20-30 years is a big problem. Especially in the initial stages of taking a home loan, paying the EMI is a big hassle, which only home loan borrowers understand. There is good news for those who are planning to buy a new house. This good news must be comforting as many people decide to buy their own home due to the problem of ever-rising rents. JLL's home Purchase Affordability Index (HPAI) reports that homebuyers' financial burden will ease significantly in 2024, based on expectations that RBI will cut its benchmark interest rate, the repo rate, by 60-80 bps.
With this, the home buyers will not have a huge financial burden and the EMI amount will also be within a manageable limit, says the study. Lower repo rates will force banks to lower interest rates on home loans, thereby increasing the chances of EMIs falling below current levels. home loan buyers are happy with the RBI announcement. No change in repo rate..!! In 2023, the indian economy has recorded excellent trade despite many challenges and international market value.
There has been over-selling, especially in the luxury segment, and the indian real estate sector is expected to see steady growth as the repo rate comes down in 2024. In the last 10 years only in 2022 house prices and EMI burden have increased and there has been a huge decline among home buyers. It cannot be forgotten that the repo rate increased by 225 basis points between May and december 2022. Among the top 7 cities in India, kolkata is the most affordable real estate market, which is expected to continue in 2024.
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