Tips for First Time Home Buyers in India
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Buying your own home is probably the biggest dream in everyone’s life. A home is the most expensive purchase in most Indian households. In India, a home is bought after putting a lot of thought and consideration into it. One needs to think about every aspect of making this big move. Thus, it may get overwhelming for many of us. If you are in a similar situation after looking at some apartments for sale in Surat, then you must read further for some tips on the matter.
Checklist for First Time Home Buyers
There are many aspects you need to look out for a while planning a purchase as big as a luxurious flat in Surat. Such as family concerns, financial concerns, the right time, the place, and more. Everyone needs to be concerned about the families before making such a big move, the ways to do so may differ for everyone, so we may not be able to guide you about that, but we certainly can guide you for the rest of the 3 concerns- The financial concerns, the right time and the right place.
The Financial Concern
This aspect of buying new flats in Surat can fall into 3 most important points:
The Budget:
First things first, create a budget. You need to create a budget and stick to it, while you search for the apartment on sale. After you decide on your needs and wants in the house you are looking for, you need to first determine your budget. You need to consider the savings that you are planning to invest in your house, the down payment, and how much you will be able to afford for the EMIs if you are planning to take a home loan. This leads to our next point…
The Home Loan:
If you plan to take a home loan, you must think it through. You first need to decide how much you will be able to afford for the monthly ownership of your luxurious Apartments in surat? After this, you need to consider applying to only the reputed banks or housing finance companies for your finances. You will need to have a good credit score for the approval of the loan and better interest rates. You need to think about the monthly EMI and the interest rate that would have to pay for a certain period of time. You need to check for the best timely policy where you can pay an affordable amount monthly with lower interest rates.
Government Schemes:
The Indian government and many banks too, have schemes for first time home buyers to help them financially in buying a house. You can get good benefits from those schemes for your new property in Surat. Under section 80C, you can get the benefit of rs. 1.5 lakh if you are purchasing a ready-to-move-in home. And up to rs.2 lakhs if the home is constructed within 5 years. The low-income groups can also be benefited from the Pradhan Mantri yojna. Your banks would also have some plans and schemes for first-time home buyers that you should check before jumping on any decision.
The Right Time:
In India, there are many days that are considered to be the most auspicious and best time to invest in properties. Dhanteras, Pushya Nakshatra, Dussehra, etc, for example, are considered to be very auspicious times to invest in properties, especially buying residential and commercial real estate properties. These times are not just considered the right time to invest but many developers also run beneficial schemes to sell their properties during these times to attract more customers. For example, many developers run a scheme where customers can buy affordable flats in Surat with a very minimal amount for the deposit. You can get those advantages if you aim for the right time.
The Right Place:
The right places mean the right location for your new house. You need to make sure the property you like is located in the best residential area in Surat. Your flat in Surat should be located at a place where you can get access to every necessity nearby. The place should connect you with the city and your office space very easily. Grocery stores, hospitals, schools, malls, pharmacies, bus stands and taxi stands, and many such necessary amenities should be available hassle-free and nearby the residential property you choose. You also need to check the history of the specific place and the area. You need to check if the area is calm enough if any fights often take place or even the crime rates of the area. You need to make sure the area you are opting for is convenient for you in every way.
Research
Last but not the least, Research. Research is the best way you can select the perfect home for you and your family. You should research about things mentioned above, plus the things you think are worth researching. Knowing a little more never hurts. Rather it can help you make a better decision.
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