Do the delight-to-view apartments in Newtown appeal to the dream of your own home every time you pass by the area? So what’s the hitch you experiencing in taking the endeavor to possess one?
Confusion over:
» The exact budget to fix & find the flat that meets your needs
» Which locality will turn suitable for you & each one in the family
» How much worthy-of-investment the chosen property will be as per the market
» The adjustments you need to makeover own regular monthly expenditures to ‘bear’ the pressure of home loan
& such other issues?
Well, it is high time to clear every such doubt by getting aware of
Expert-Suggested Steps For Purchasing Apartments In Newtown
# 1 Score Wisely
To negotiate better. As the convention goes, banks & accredited financial institutions take an interest-
♦ In pre-approving a customer for a home loan
or
♦ Entering into a discussion with the one regarding the interest rates
Only when the person retains a good credit score – generally around 750 or above.
Not only does this speed up approval of just the loan you require, but also, authentically, gives you an upper hand in claiming for a lower interest rate.
And remember, even if you can lower 1-2 percent on the overall interest scheme, it will ultimately result in saving some lakhs of your hard-earned money while paying back the total (principal + interest) amount during 25-30 years tenure.
Try :
♦ Not spending more than 30% of your monthly credit card limit
♦ Never having any outstanding charges for at least 1 whole year to thus reach & maintain a credit score of 750 in the long run.
# 2 Take Interest In Investing
An advice every Kolkata agent of new flats for sale highlights over.
While your maintaining of a separate savings account & religiously transferring a part of own monthly income to it is highly appreciable –
Learn that it does not emerge enough for giving you the confidence to proceed with apartment purchase.
Because on average a savings account can cater you with 3% of yearly interest – that falls highly short in face of any standard down payment.
Moreover, reality says that as a family person you cannot keep that savings ‘exclusive’ for home buying & will need to spend from it whenever situations come up.
Therefore, pursue investing in secured & beneficial market schemes & make those investments ‘only for’ purchasing own desired flat. Explore options like:
♦ SIPs or Systematic Investment Plans, which offer much stronger annual interest rates – ranging between 10-15%
♦ Safe-from-market instability recurring & fixed deposits, serving you with about 6% & 8% of interest respectively – per annum
If loving to play with risks & cherish the ‘reward’ hidden in that, you can also pick mutual funds.
While subject to market fluctuations, they are highly effective for dealing with unpredictable inflations. Thus benefitting you over a 2 bedroom flat to buy with an inflated price in future years.
# 3 Always…Be Easy With Your EMIs
For thereby not letting the home loan become an obstacle to any of your crucial & regular monthly expenses.
Attempt to take a home loan, where the EMI is counting to not:
» More than 30% of your net take-home salary in a month
This decision spontaneously turns as one deciding factor of the budget you can commit towards apartment(s) in Newtown & also-
» Reserves a portion of your paying capacity for future scenarios, when the lender bank asks you to increase the EMI amount – for loan rates are up & extending your repayment tenure is not possible.
# 4 Try Also For
» Deciding upon that house, from which the closest grocery store is a 10 minutes walk & the bus stop & metro station (if any) are commutable by a maximum of 15 minutes walking
» Purchasing the flat in a neighborhood where a famed school is located; veteran realtors champion this as one sole point to enhance the property’s future value by as much as 20%
» Finalizing over a long-term floating home loan if the interest comes within the limit of 11.5% p.a; when the interest scheme appears higher than this on your required loan, go for the fixed loan option
Not much a chore if steps are known, right? Then bid goodbye to own confusions & drop a call to Realtech.
Apartments customized to your dreams are truly one ring away!
