When is the time right to buy a house?
In a new study by the National Institute of Standards and Technology, it is.
The NIST-sponsored study has found that the average price of a home can be reduced by as much as 15 per cent by buying a house earlier in the year, and that a lower price can be achieved by saving more money over time.
The researchers said the lower prices can be found in a range of markets, ranging from a range to a range from 10 to 20 per cent.
This study has been released after the Reserve Bank of India issued a notice to banks to consider the importance of making savings as early as possible in the home buying process.
According to the NIST, the average sale price of an existing house in India is Rs 1,500 crore.
The average price for new houses is Rs 2,000 crore.
The study has calculated that the saving can be as much or as little as 15.7 per cent of the price.
“In the context of this study, savings can be made at the very earliest in the purchasing process,” NIST said in a statement.
The research also found that savings of up to 10 per cent can be seen in a large range of real estate markets, including in a number of markets with high mortgage rates, including Mumbai, Bangalore, Hyderabad, Delhi, Chennai, and Mumbai.
“The lower the mortgage rate, the higher the savings potential of the homeowner.
As a result, savings in the low-to-mid range can be achievable,” the researchers said.
The researchers also found a correlation between a lower mortgage rate and a higher home prices.
Homeowners can save up to 20.5 per cent on average in the case of an average mortgage rate of 4.75 per cent, compared to 4.25 per cent in cases where the mortgage is above 4 per cent,” the Nist researchers said in their statement.
According to NIST figures, an average house price of Rs 9.2 crore was sold in Mumbai in 2015.
In the capital, Mumbai home prices reached Rs 5.3 crore in 2015 and Rs 5 crore in 2016.
In Hyderabad and Chennai, home prices increased by about 15 per Cent in the past five years.
The NIST study showed that the maximum savings for a home in Hyderabad is 3.5 to 4 per Cent.
The maximum savings is also seen in Mumbai where a house can be bought for Rs 4 crore.
In Bengaluru, a house could be bought at an average price around Rs 2 crore.
In Chennai, a home could be sold for Rs 2.5 crore, the researchers found.
NIST said that the study had been conducted on a representative sample of 2,534,000 households in India.
The report found that in Mumbai, home buyers are saving at a higher rate than those in other major cities.
The study said that in the capital area, a homeowners savings was higher than those of the other major urban areas.
There are two main reasons for this higher saving rate in Mumbai.
Firstly, the home is more attractive, the NISE said.
Second, the affordability of the home, especially the home in the city, is better.