A lot of funds and preparations go into the residential property purchase. But, one thing is ignorant by many. That is – the correct time to buy a home. Usually, the perfect time to own a residential unit is when sufficient funds are available! However, it is a partial truth! Ideally, the most favorable time to buy a living address is the month of March.
This month marks the end of the financial year and account books are closed for the said fiscal year. Also, the IT returns process is underway this month. Hence, the third month of the calendar year comes with several lucrative payment options.
Continue reading to know why March is ideal for home buying.
Why March is an Ideal Time for Residential Property Purchase
- Lucrative Deals
Property prices are low in March as the market has various lucrative payment plans. Also, the financial lenders and housing finance banks introduce offers and schemes.
 Queries from home buyers surge during this period. Also, developers float low prices to clear the unsold inventory. The availability of inventory options and feasible payment plans give home buyers the confidence to own a home.
- Income Tax benefits on Residential Property Purchase
For homebuyers, it is possible to save Rs. 1.5 lakhs on the principal amount. It is possible under Section 80C of the Income Tax Act. Other than this, Section 24 and Section 80EE under the Income Tax Act lure some benefits.
Own a house in March and avail of extra tax exemptions on the principal loan amount. The ownership of a residential property lets a person secure funds.
- Less Competitive Market
The market is operational at a slow pace, as majority of people are pay advance taxes. Also, people are acquired with various tax saving processes and clearing dues. All this make the property market less competitive.
Conclusion
House hunting in March can be a road to property ownership. However, verify the project, prices, and other details before finalizing the deal.
