The festival of Navratri is going at a full-swing and enthusiasm in India. On September 24, devotees celebrate Maa Chandraghanta, who is the third form of Goddess Durga, signifying beauty, bravery and courage. Navratri festival will end on October 2nd, with the celebration of Dussehra. In India, the season of festivals is traditionally seen as an auspicious moment for making major financial decisions. There are several options for investment, and one of them is buying a house. Real estate is seen as a long-term wealth creating tangible asset in the country. Should you buy a house during Navratri season?
Why Invest In Real Estate During Navratri?
"The season of celebrations has always been an important trigger for major financial choices in India, and this one is no exception," said Pramod Kathuria, Founder & CEO, Easiloan.
According to Kathuria, with interest rates converging and lending institutions offering competitive products, more and more consumers are resorting to the comparison of home loan and credit options.
Check Latest Home Loan Rates Of Top 3 Banks In India:
SBI Home Loan Interest Rates:
Currently, SBI is offering regular home loan rates in the range of 7.50% to 8.70%. The interest rate is between 7.75% to 8.95% on SBI's home loan Maxgain (OD) scheme. For top-up on home loan, SBI is offering rates between 8% to 10.75%, while rates are from 8.25% to 9.45% on top-up on overdrafts. Meanwhile, SBI is has applied 9.20% to 10.75% rate on loan against property.
The rate is 8.35% on SBI's YONO Insta Home Top Up Loan.
HDFC Bank Home Loan Rates:
This private bank is charging 7.90% to 13.20% interest rate on its all categories of home loans.
ICICI Bank Home Loan Rates:
ICICI is charging 8.75% to 9.40% rate on home loans up to Rs 35 lakh, while the rate is 8.75% to 9.55% on home loans between Rs 35 lakh to Rs 75 lakh. The rate is between 8.75% to 9.65% on home loans above Rs 75 lakh. The rates are meant for salaried individuals.
However, ICICI is offering special rate of 8.75% to borrowers with credit score from 750 to 800 and above. This special rate is applicable till September 30, 2025.
Adding further, Kathuria said, "There also appears to be good traction coming from tier-2 and tier-3 cities, where the demand for home ownership as well as digital lending has been growing tremendously."
For potential borrowers,the season is a good time to evaluate carefully a variety of products, synchronize their affordability with long-term financial goals, and get terms that enable their longer-term goals of life.
What Are Tax Benefits On Home Loans?
As per the Income Tax Act, following are the tax benefits on availing a home loan:
1. Section 24b: Under this section, borrowers can avail tax deduction of up to Rs 2 lakh on self-occupied property.
2. Section 80C: This popular section of Income Tax allows tax exemption of up to Rs 1.5 lakh on principal amount of home loans.
3. Section 80EEA: Up to Rs 1.5 Lakh is allowed for first-time homebuyers meeting specific criteria.
About Navratri 2025:
Navratri is one of the most important Hindu festivals celebrated with devotion and joy across India. In 2025, Shardiya Navratri will begin on September 22 and end on October 2. Each of the nine days is dedicated to one form of Goddess Durga and is associated with a special colour. Devotees wear clothes of that colour to honor the Goddess and bring positivity into their lives, as per Vedantu.
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