Here are what to know about festive season home buying offers and how to take advantage of them or keep off what might burn your fingers.
1. Subvention offers
Subvention scheme is a great way to lower your interest costs. As such, you certainly wouldn’t want to let it slip through your fingers if the deal is offered to you by a builder.
Understanding subvention: If a property is going for Rs 1 crore, the loan amount becomes Rs 75 lakh. If the builder offers you a two-year subvention deal, you end up saving Rs.14,25,000 on top of your home buying cost, which makes it a nice deal to look out for in the holiday home offers.
2. Extra bedroom
If you have children growing up or relatives who come to visit you and stay for several weeks or months, an offer that lands you a free living space for a particular space purchase would be in order. December festive season comes with offers such as paying for 2 BHK and getting an extra 1 BHK for free. The offers may be rare to come by, but the make great sense for families.
Besides your own children and anticipated visits by relatives, the extra bedroom can also house your elderly parents whom you want to keep close to you so that they don’t fee neglected in far locations.
3. 100% return in a year
This is more of a caveat emptor to the home buyer this festive season. Some builders will offer home promises that ask you to make a fixed deposit for a home that will be delivered to you in a year. You are told that you will be able reclaim double your deposit in a year in case you change your mind later about the home. The other promise is that there will be no conditions attached to your deposit refund.
While such offers might sound sweet to anyone, they are usually too sweet to be true. As such, it is important to give them a wide berth if you see the deal bordering on fiction.