Will this winter be a much special one in your life? And that is because of your plan to buy a flat in Rajarhat during this very season?
While this is one thumbs-up endeavor, say one thing. As a first-time purchaser, are you aware of the ‘exact route’ to take & get best deals for first time home buyers?
Not much of an idea? Stress not as the following information guarantee to enlighten you. So, take a deep breath & learn the:
Top Points For First Time Home Loaners
#1 Talk to Yourself
Sounding strange? But this is quite much essential before you step inside any bank or lending firm.
Right after the decision of buying a home, plunge into a detailed analysis of own financial status, ascertaining
Whether you can-
- Take the ‘EMI pressure’, which, at the minimum, accounts to Rs 632 per lakh (as per market value on 5th December 2021) – while maintaining all of the monthly essential expenses
2. Put forward 10-25% of the apartment or house’s total cost as a down payment -& yes, best if without taking any other loan for that. As an example, if your desired flat’s price is Rs 30 lakhs, then it’s good if you approach the home loan process; only after having Rs 6-7 lakhs in hand
3. Get a working family member (spouse/sibling or parent, a maximum of 3 persons are allowed) as a co-loaner, since that increases the slab of loan you can be eligible for
4. Clear all pending credit card payments & overdraft transactions & thereby enhance own repute in eyes of the lender
5. & If You Have A Credit Utilization Ratio (Ratio of Your Taken Credit Amount to the Maximum Credit You Can Get) below 30%
Point No-s 4&5 also helps you to maintain a FOIR or Fixed Obligations To Income Ratio within the expected range of 50-60% & therefore strengthen the possibility of your required loan’s quick approval. Remember the lower your FOIR is higher is the approval scope.
#2 Get Powered Up By PMAY
As an inherent inspiration to the ‘own home’ dream, the Pradhan Mantri Awas Yojna or PMAY ranks high amidst all the first time home buyer benefits in the country.
As per this program if, as a future & first-time owner, You:
♦ Are having an annual income of
♦ Rs 3lakhs
♦ OR
♦ That within the range of Rs 3lakhs – Rs 6lakhs
♦ Do not have another well-built or ‘Pucca’ house as a registered property
♦ And are not availing benefits from any other central government scheme;
♦ You can gain an interest concession of 6.50% on a maximum home loan of Rs 6 lakhs for a tenure of 20 years.
PMAY stays valid till 31st March 2022. So waste no more time to apply!
#3 Avoid As A Ground Rules
A
Loan tenure of 30 years, with the best range being 15-20 years.
It’s true that the lowest EMI scheme of Rs 632/lakh is available for the 30-year phase only, but
Notice that this ultimately makes you end up paying an interest amount of more than Rs 1,27,000;
While, if you opt for a bit higher plan of Rs 871 per lakh over a 15 years period, you pay a legible interest of Rs 56,780.
B
The Flexible EMI policy (altering your monthly repayment amounts throughout the loan tenure)- it may reduce the installments in the beginning years, but, as per pro realtors of Flats in Rajarhat, the plan makes your EMIs become overwhelming in the long run
Points noted? Now to choose the perfect home, right?
Then think no more to ring Team Realtech & explore homes curated for every need & dream.
