“Can we discuss this next month? I am so busy with my income tax filing this month, “Abir pleaded.
“You tendered some excuse last month too,” his wife Debjani reminded him, “In fact, you have been coming up with excuses every month for the last 6 months.”
“I know. But you see, one thing or the other has been always cropping up.”
“I understand. But we cannot indefinitely postpone buying our home,” said Debjani.
Actually, Debjani got it right. It was not his workload that was pushing Abir to postpone homebuying every month.
It was something else.
We will tell you in a moment but before that let us talk a little about the lovely couple — Abir and Debjani.
Owning a Home in Kolkata
About 9 years ago Abir and Debjani called Kolkata their home but are still staying on rent in the City of Joy.
Both Abir and Debjani are from North Bengal.
They came to Kolkata for higher studies. After completing his engineering from Jadavpur Abir started working in an IT company.
Debjani completed her MA in History and joined a school as a teacher.
They married a couple of years back.
They were staying at a rented apartment in South Kolkata and were contemplating buying an apartment for some time now.
Homebuying is Complicated
Abir finds homebuying a complicated process with a lot of legal issues. And Abir is not particularly comfortable navigating legal issues.
This is the reason why he has been postponing a discussion on this subject again and again.
Debjani understood it.
Like a good wife, she understands he husband pretty well.
Finally, she came up with a solution.
In a matter of months, they walked into their new home in New Town.
We will discuss her solution and the necessary steps you must take before buying your home.
Keep reading.
Determine Your Budget
One of the most important home-buying tips is to decide on a budget.
This is vital because, without careful planning, you might run into financial stress.
But before you set out to decide on your budget, you must check another important parameter.
Add up all your income, and determine what kind of expenses, investments, and additional financial commitments you have. A thorough calculation will give you a rough idea of how much money you can invest in a house purchase. It will also clarify how much money you can set aside for the home loan EMI.
Once you decide on the budget, break it up into a down payment and the monthly EMI.
Banks/home finance companies usually finance a maximum of 80-85% of the property cost and you will have to shell out the other 15-20%. However, they do not finance stamp duty and registration costs, so the entire amount has to be borne by the buyer.
But don’t spend every last penny in the down payment. Plan out in such a way that you have some money left (for other uses) after the down payment is made.
For example, you will need to spend a considerable amount on interior decor before you start living in your home.
Select Your Home Loan Provider
These days, homebuyers do not have any choice but to opt for home loans, especially for working professionals like Abir and Debjani who are at the beginning of their careers.
Look for a bank that’ll give you an easy home loan with the minimum rate of interest. Remember, a good CIBIL score will help you to get the best loan terms.
The property’s location and the developer’s history are important factors for the banks to consider. Home loans can be obtained for both new and resale properties. In the case of a resale flat, most lenders choose to independently value the property before providing the home loan. This loan is based on their valuation and not the cost mentioned in the purchase agreement.
For calculating the EMI on any loan amount, use the EMI calculator on the home finance company’s website.
Choose Your Property Location
The location of your new home is a critical factor that can affect your quality of life, convenience, and property value. You should consider factors like proximity to your workplace, schools, hospitals, transportation, and other amenities. It is also important to research the neighbourhood and check if it is safe and has a good reputation.
At the same time, find out the infrastructure under development in that area. Improved infrastructure enhances the value of the property, besides increasing the convenience factor.
For example, whenever the Metro becomes operational near any area, property prices increases in that area.
Only after checking out these crucial criteria, go ahead with the location. Also, remember that the property price depends on the locality and the area.
Decide Your Home Type
After you decide the above, it is time to choose the right type of suitable for you.
Many factors go into making that decision.
For example, if you live with senior citizens, then the requirement for safety and security is higher. Senior citizens also need a specialized social environment in a project.
You need to look at every project in your target area and budget and consider the amenities, nearby facilities (schools, markets, etc.), and other factors like the project completion schedule (in the case of an under-construction project).
Make sure you also inquire about the annual maintenance charges before you buy a property. In most cases, you have to pay a share of the overall building maintenance costs.
Contact a Reputed Property Consultant
Various properties are available in the market. Different projects have different amenities, prices, completion schedules, and legalities.
A professional property consultant can help you arrive at the right decision through the maze of the real estate market.
When deciding on your property consultant, always check the track record and the bouquet of services on offer.
This is the step Debjani took to proceed with their homebuying. She got in touch with us for complete help with choosing the right property, arranging the home loan, and even post-purchase interior decor.
If you are looking to buy a flat/apartment/villa/penthouse/duplex, get in touch with us today. We offer under-construction and resale properties by reliable builders.
