Coronovirus effect on the personal finances and property

The lockdown announced by the Government has adverse impact on the economy and it might take a long time for the recovery.

The RBI has announced the deferment of the EMI on the personal loans, Credit Card and Home Loans for 3 months.

But the dues must be paid with interest in the coming months. GST might be charged on the interest due or the interest charged on the outstanding amount at the specified rates, thus the repayment of the loans will be a major burden on the borrowers, as the GST will be added to it. Please check it out with your lender for confirmation.

It is time to manage the finances with utmost care now and contingency plan is the need of the hour.

The software market in other parts of the world does not seem to be encouraging and the job market (USA & Other countries) is very bleak and it is not the right time to buy properties for value appreciation.

The real estate scenario is very bleak and blur. There are few investors in the market. There is a overstock of apartments and the new projects will add more to the existing ones.

The Rent or the returns from the property will be or might be very low coupled with non-occupancy will increase the net liability.

But, There is a brighter side to this effect. It is the right time to buy the properties at the low prices, if available.