When is the ideal time to obtain a mortgage?

New Delhi (India), December 8, 2018 (PNN): Indian homes have evolved from being a symbol of status or pleasure to one of necessity in our time, according to The State Bank Of India.India's home loan market, which is currently valued at Rs 24 lakh crore, is projected to grow by the end of the next five years, reflecting the country's aspirations to become a USD 5 trillion economy.It is usually followed by a chorus of self-appointed armchair financial experts who spout stereotypical sound bytes such as Buy Low and Sell High or Buy When Interest Rates Are Low, without doing any research about India's past or trend of interest rates.In 1978, India granted the first home loan to a gentleman in Mumbai, for the amount of Rs 30,000.

However, the citizens of this world are blessed to live in a developing nation that is on an upward trend, although it is sluggish and nonlinear.Interest rates on home loans were as high as 14% in the 1980s, with a small drop to 12% in the following decade, it is impossible to imagine.Keeping in mind that the economy was only just recovering after going bankrupt in 1991, I recommend that you refer to the following points.However, interest rates began to fall steadily as the economy increased in tandem with the momentum of development.

Rates plummeted to around 7 percent between 2003 and 2004.With an eagle-eyed glance, it can be clearly seen that interest rates that were at least 14 percent four decades ago have now slid to almost 7%.This is a promising prediction of a flourishing economy, whose interest rates will continue to decline to 4 percent-5 percent in the coming two decades, according to financial advisors.From a financial perspective, every Indian should proudly want to buy a house, not only because it is a valuable asset for the long run, but also because Shree Consultant believes that interest rates will gradually decline as the country transitions to a developed nation by 2047.