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2023-11-27
Home Buying Guide

Mistakes To Avoid With Home Loan

Anyone who wants to buy a property in Dahisar East knows that the financial capital commands the highest property prices in the country. Most home buyers who want to own a home in Mumbai take a home loan to fulfill their dream. The process of getting a home loan is not an easy one and requires one to be aware of many factors. By following the guidelines discussed below one can make the process smooth and unambiguous.

Let us refer to the home loan guide and understand all these one by one.

Checking Credit Score

The CIBIL score is a credit score that provides information about the buyers ability to repay loans to the lender. It is an important measure used by most loan providers to sanction loans. A borrower must always check their credibility via the CIBIL score before applying for a home loan. This will prevent any hindrances in loan approvals.

Doing the research

There is a plethora of financial institutions that offer home loans in the market. The fierce competition between them gives the borrower many options to choose from. The borrower must compare the loan offerings before choosing a particular lender. The reputation, schemes, and expert reviews of these lenders can be checked online and through word of mouth on their social networks. The products, tenures, and interest rates need to be studied so that the right product can be chosen.

Documentation and Procedure

A home loan is a contract between two parties. It involves many legal implications for both parties, especially for the borrower. The borrower agrees to the terms and conditions set by the lender when he signs the documents. Reading and understanding the fine print is a crucial part. Signing the documents unknowingly can result in serious repercussions. The lender may impose unknown terms, conditions, or hidden charges that the borrower is not aware of. All the fine print must be clarified with the lender to avoid future complications.

Personal Financial Planning

Home loan repayments are made in EMIs (Equated Monthly Instalments). It is important to make calculations and allocate funds for the EMI payout, expenses, and emergency fund from the monthly income. One must choose the right home loan plan that fits the budget. Missing the due dates and late payments lead to large penalty charges. It is always better to choose a home that allows easy repayments.

Down Payment

Every home loan requires a sizeable portion to be paid as a downpayment. This ensures that the borrower can make future payments on time. It also acts as a security for the home loan and ensures a level of trust with the lender. This sum is usually large, and the borrower should have this amount ready before beginning the process of availing of the loan.

Consulting a home loan guide or legal experts before making the decision to buy a home is always prudent. It is better to be safe than sorry.



Home Buying Guide

3 Necessary Things to Know Before Buying an Apartment in Western Mumbai

The Mumbai real estate market is the largest and most prominent in India. Investing in an apartment in Mumbai is a lucrative opportunity for investors as well as home buyers. There are many projects for buyers to choose from in Mumbai. Buyers need to know the most important criteria while choosing their property. Their choices are personal and a one size fits all approach is not feasible for apartments. This blog discusses 3 necessary things home buyers should know before they invest in an apartment in Western Mumbai. Location and connectivity The location is by far the most important criterion to consider while buying an apartment anywhere, not just in Mumbai. It determines many things like the price, convenience, connectivity, and overall quality of life. Choosing a neighborhood that is close to the suburban station, bus stand or metro station favors people who commute daily. Less congested locations are preferred to reduce the vows of commuting in Mumbai. Locations prone to traffic congestion make movement stressful. The location should have easy access to schools, hospitals, and supermarkets for daily essentials like the projects in Dahisar. In western Mumbai, locations like are good examples of locations Dahisar, Bandra, Andheri etc, that meet the above considerations. Property Rates and Builder Reputation Western Mumbai is a large area and commands premium rates. Numerous projects are offering a variety of apartments at different prices and categories. Researching price trends will reveal locations and projects that fit in the buyers budget. The projects should be developed by reputed builders in Mumbai. Many projects in western Mumbai including flats in Dahisar, are being developed by reputed and unknown developers. Blindly believing the developer can be a risky affair. It is important to research the developer before investing in these. The projects should be RERA registered and known to deliver projects on time meeting the expected quality standards. If you are searching 2 BHK flats in Dahisar then make sure the amenities and facilities match the brochure. Features and Prospects The apartment should be scientifically planned with provisions for sufficient ventilation and lighting. The project should be well planned with proper security, basic amenities, and a healthy environment. The apartment project should have the facilities and amenities that meet the requirements of all the members of the family. Open green spaces, gardens, and pollution free environments ensure a peaceful atmosphere. The apartment is also an investment and should have good resale value. Upcoming infrastructure projects, better connectivity, and ease of congestion are good for the property ensuring long term appreciation. Upcoming business hubs, IT parks, and commercial development will appreciate the property value. These are the 3 necessary things to know before buying an apartment in Wester Mumbai. ...
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Home Buying Guide

Common Home Buying Myths of Todays Homebuyers

Let us dive straight into it. Debunking home buying myths with common sense and knowledge.

Home search is the first step.

The first thing first time homebuyers do is start looking for online listings of current and upcoming projects. This is a waste of time and homebuyers should follow a plan before starting their homeownership journey. The first step is to assess the financial state and calculate available funds. If a loan finances the purchase, then the EMI payout for the loan and downpayment amount need to be reserved and estimates must be made accordingly. This is a practical approach if the homebuyer is serious about investing in a property.

Rent vs Owning.

Both renting and owning a home have their pros and cons. While renting can save the downpayment amount and a part of the EMI payout, depending on the rent, a home loan will permanently solve the problem of shifting homes and provide the proverbial roof over the head. Also, the rent can serve as an EMI payment if the downpayment can be arranged. This is a scenario where sufficient income makes it possible to pay the EMI and manage other obligations.

Home maintenance is expensive.

Maintaining a home is an investment that every property owner must make. As the property value and rentals appreciate, investment in maintenance to improve the property value is essential. Regular inspections and nipping the problems in the bud will save significant costs. If problems are ignored, then repair costs increase. So, the difference is not significant and it should not come in the way of owning a home.

Large down payments

The common myth is that home loans require large downpayments. This is not true as many banks offer special provisions to reduce the downpayment amount. Builders and developers offer attractive schemes for home buyers which reduces the downpayment amount.

Glamorous builders are reliable

Never judge a book by its cover Advertisements and brochures should not be blindly believed. Many builders are vying for a large piece of the real estate pie but not all of them can deliver. It is important to research builders and their past projects before considering their projects. The information is available online. It can also be obtained by speaking to experts from the industry like brokers, agents etc.

Home buyers and investors who want to buy property in Mumbai must keep the above points in mind.

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