Have you decided to buy your dream home? Everyone wants to live in a pucca house and save money on the rent. However, not everyone has enough savings to buy a home. Borrowing money from a private lender is a good idea, but they usually charge very high interest. A housing loan is your best bet if you want a simple and affordable way to buy a property in India.
It is a good time to buy a new house since the property values are quite low and you can easily find affordable homes in any location. Here are some tips for buying an affordable home in India.
Mostly, homes in the outskirts of the city are available for low prices. If you have a small budget, a property located in a small town can be a good option. But, you will spend more on travel if your office is located on the other side of the city. Your travel expense will increase rapidly if the supermarkets and offices are located far away from your home.
Check the distance between the home and your office first. The low-price tag looks attractive. But, it can cost you more in the long run. So, research the area and buy a home located close to your office, grocery store, hotels, and more.
The EMI (equated monthly instalments) payable on the home loan in India will start as soon as you buy the property. It means you have to start paying the instalments before even moving into the new house. It is called “pre-EMI”. These Pre-EMI payments don’t offer any tax benefits. So, you must find a ready-to-move-in house. It will save you the pre-EMI payments and you can also enjoy tax benefits on the loan.
A house with a fancy pool and a big tennis court look impressive. It is a good option for high-budget buyers. You don’t need these luxuries, especially when you are buying your first house. The property value is directly related to your home loan repayment. A house with a high value will cost you a high EMI and interest every month. So, choose wisely!
A home loan makes your home purchase an affordable deal. Research different banks and compare their home loan terms. Keep these things in mind before getting a home loan:
• Interest rates • EMIs • Tenure (term of the loan) • Eligibility requirements
Gather the necessary home loan documents before applying.
Buying a home is a long-term and one-time investment. Low-budget does not mean you have to settle for less. Compare different offers, research the seller, check locality, and consider other factors before buying a house. Find a house in an area where the property rates are low. You will find many properties that are in tip-top condition and are available for a low price.
For all the latest News, Opinions and Views, download ummid.com App.
Select Language To Read in Urdu, Hindi, Marathi or Arabic.
