Whatever the reason may be, if you have decided to buy a property of your own, you should make sure you are monetarily prepared. To make the process as stress-free as possible, it is necessary to be prepared prior the search for your dream abode begins. Whether you are relocating or looking for investing in flats in Kolkata, the initial step is to make a plan in advance. And this is exactly where we can be of help.
CIBIL Score:
While your search for flats in Kolkata hasn?t hit the wall, you can still be ready you?re your CIBIL Score. Knowing your credit score is the first major step that you should take. Check for any miscalculations in the credit report and review it scrupulously to avoid any oversights. It is now easily possible to obtain CIBIL Scores online as well. With a high CIBIL Score you can get home loans at cheaper rates of interest and also easy approvals of loans.
Well-organized Savings:
Keeping savings in the right amount at the right time helps in paying the down payment easily in future while investing on the interested property. Proper savings can be of great help while making investments in other accessory expenditures while not being worried about the home loan that you have applied for. More than anything it helps to make the financial institutions believe in you and smoothen the loan approval process.
Avoid additional credit:
Once you have decided to plan for a new home, it is advisable to stop taking additional credit 6 months prior to making an investment or applying for a loan. Swiping your credit card too often may not be a good idea also. It is important to keep in mind that this may have an undesirable effect on your CIBIL Score. Hence, being extra cautious is the mantra.
Check the whims:
In the process of owning the best of the flats in Kolkata, watch yourself from becoming extravagant in your pursuit. Plan your investments in a manner that you can afford to keep up with what you have invested in. You should be aware of where you need to confine yourself. Maintaining the cash-flow is as necessary as finding solace. It is more important to enjoy your stay than ending up owning an over expensive property which you cannot afford to maintain.
The DRC Fund:
You may have never even heard of such funds. Well, you are not mistaken. DRC is short for Deposit Reserve and Contingency Fund. Although you are saving for your future investment or you are paying your EMI?s for it, keeping some money aside for your daily requirements is mandatory. The deposit fund should be at least 20% of your total savings. The Reserve Fund, i.e., your daily and monthly expenses, seen or unseen, like repairs, new furniture, etc. must be kept aside. And the last one, Contingency Fund, as the name suggests, for unforeseen expenses such as accessory alteration or renovations.
A range of apartments is available these days in and around Newtown and Rajarhat in Kolkata. Some real estate developers also offer home loan solutions while booking a project with them. They also help you plan your investment to make it easier for you to pay the installments. While you are still searching for the right property, keep an eye on your assets and savings. Let not the search for the perfect home put a hole in your pocket.
