Bollywood flicks are not always wrong—Mumbai is indeed a city of dreams. Finding a foothold in crowded trains and a roof over the head is the stuff of wishful thinking for many people living in and around this city. But flats in Mumbai don’t come cheap. You can, of course, look for a home close to it.
Of late, developers are busy constructing housing projects in the vicinity of Mumbai. These projects offer serenity as well as a close connection with the financial capital of India. Projects like Sunteck Westworld are ideal for residential purposes.
They offer close proximity to Mumbai minus the cacophony of the city life. But buying a home in and around Mumbai will impose some financial burden on you. Are you ready to accept it?
Here are a few insights that you can use to check your financial stability. These will help you decide on your choice of property in Mumbai.
# Know your purpose
Why do you want to buy a house? You can either to live in the property or rent it out right from the start. Selling the house off at a later date is yet another option. You should adopt different strategies to pursue these different options successfully.
If you want a home for yourself, try to fix a convenient location. You can opt for a 1BHK flat in Mumbai for reasons of affordability. You can also rent it out as there is a huge demand for such flats near Mumbai.
If you want to resell the property, you should not put it on the market before 10 years. In that case, you must consider all the expenses attached to the property during that time. A property in Sunteck Westworld could fetch high returns on your investment in future.
# Check your credit score
Most people cannot cough up the entire amount needed to buy a flats in Mumbai at one go. Banks and non-banking financial companies like Bajaj Housing Finance Limited are ready to offer affordable home loan to fulfil your dream. But to be able to avail their offers, you must check your credit score.
A credit score reflects your financial history including your debts. Lenders check your credit score to know all about your creditworthiness. So, a good credit score will help you to get better a deal.
# Prepare a financial overview
Buying a property involves a huge amount of money. The amount you spend for it is likely to go beyond the initial price tag. You should calculate costs like property taxes, home maintenance charges and home loan EMIs to evaluate the total spending. Be ready to pay at least 20% of the total cost of the property as down payment.
# Keep open channels of savings
Investing in a new flats in Mumbai should not choke your savings avenues. You may have other financial responsibilities in future. You should also prepare an emergency fund apart from the monthly savings.
# Check for any outstanding debt
What do you do in case of a large amount of existing debt? You should not try to get another loan. The combined debt may be too much and this might affect your lifestyle. Try to repay the earlier loan before you plan to buy a new home.
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# Study the market properly
Before buying a new home, you must do your research. Try to gather as much information as possible about the property you are planning to buy. Know the property rate in your desired location. You must have adequate information about the builders or realtors.
Also, it is important to explore the types of home loan you can avail. You must do proper market research on the banks and financial companies like Bajaj Housing Finance Limited before you apply for a home loan.
Compare the interest rates and know the details of other expenses attached to the loan. In fact, Bajaj Housing Finance offers home loans up to Rs.3.5 crore. You can take as long as 20 years to repay the loan in easy instalments.
Last but not least
Follow the above points and choose your location wisely. If you play according to your financial situation, you can realise the ultimate dream. You will own a home with easy access to Mumbai!