Millennials are the current generation of investors and account for approximately half of the workforce. They are working hard to secure their future and the future of the next generation. They possess a distinct technical advantage over the previous generation and in general, are known for making well-informed decisions as they have access to the right resources. They are investing in a lot of assets including gold, mutual funds, stocks, etc. and this list also includes property like flats in Chennai.
They are on the verge of starting their own families and have realised the importance of having an own home instead of renting. This makes them keen to invest in real estate. Thus, developers are focussing on executing projects that meets the unique needs of this generation of home buyers.
The pandemic has also contributed towards this shift. The work from home culture, made them move out of shared accommodations and back to their homes. With the subsidies offered in home loans and reduced interest rates, millennials are now choosing to invest in a home, like flats in Chennai, rather than keep paying rent. In fact, millennials investors in residential property has gone up from 49% to 63% in the last year alone.
Developers are also capitalising on this situation by offering attractive deals targeted at the millennial generation, such as festival season discounts, flexible payment options, etc. Additionally, home buyers can expect stamp duty advantages, vouchers, free memberships, furnishings, interior décor work, appliances, etc.
The housing loan interest rate is now as low as 6.5%. There has also been an increase in the maximum permissible loan amount set by the RBI. Now, an individual can borrow up to 90% of the total value of the property, when the value is within 30 lakhs. If the value is more than 30 lakhs but less than 75 lakhs, then one can borrow up to 80% of the property value. If the property value of flats in Chennai exceeds 75 lakhs, then the borrower can take a loan up to 75% of it.
The government also announced a GST waiver on the purchase of the residential property. It also offered low housing loan interest rates, reduction in stamp duty which is at the discretion of the State governments, and many more such schemes to attract more millennial investment in the property market. It also made housing more affordable to the youngsters in the working class.
The housing loan rates have reached never before low levels when compared to the rates from the last 15 years. The repo rate has also been cut to below 4%. One can take out a lower cost housing loan and purchase the property of their choice even as first time home buyers.
Lifestyle Housing offers premium real estate like apartments in TNagar. They come equipped with full scale amenities that cover every need and want of the homebuyers. Our apartments for sale in TNagar, Chennai are located bang on the main road in one of the busiest commercial zones.
