So you’ve decided to buy your first home! Don’t worry, the jitters and the nervousness are quite natural. All the legalities and related parties like banks, agents and possible risks can be a bit overwhelming. But worry not, with some homework and caution, you can turn your first home into a risk-free investment!
Be 100% sure before making a promise
Before making any commitments, to the builder or the bank, make sure you do this:
• Make sure you’ve got money to cover 20% of the home price. You’ll need it.
• Get your loan pre-approved by the bank. It’ll give you a better clarity of your financial standing
• If you’re a serviceman/servicewoman, it is important that you analyse your job situation. It’s going to be a primary source of income for the repayment. So make sure you’re in it for the long-run. If not, find the right option.
A high credit score
It is important that you have a good credit history. The chances of you getting a loan will be more favourable when you have a good credit score.
• It’ll also help in getting a longer repayment period.
• To check your credit score, visit www.cibil.com
Get Health Insurance and Income Protection
Having health insurance or income protection helps! An income protection policy will provide financial aid if you’re unable to work due to illness or accident.
Pick the right location
• Select a home that’s near reputed schools, colleges, hospitals and other public amenities. This ensures that you get a comfortable lifestyle.
• Having a home in an excellent location also fetches you significant returns on investment in the form of good appreciation.
Homeownership is a beautiful feeling, and you must experience it! Do your research, pick the right location, pick the right builder and the perfect development for you. Take a look at this one:
Runwal Greens – a luxurious project with spacious 3 and 4 BHK flats in Mulund west. It’s equipped with modern amenities and superior specs.
"Runwal Greens Project Financed by Piramal Finance Ltd. and HDFC Ltd. The Properties have been mortgaged in favour of IDBI Trusteeship Services Limited (beneficiary: Piramal Finance Ltd. & HDFC Ltd) and the buyer will be required to obtain a no-objection certificate prior to entering into any agreement for the sale of any unit in the Project. MahaRERA Registration no.: P51800000271 (T5 - T8)"