Investing in a property is a big decision that involves some amount of self-reflection and research, more so if you are a first-time buyer. You may encounter mixed emotions as you have the onus of searching for the right property to suit both your budget and needs.
This may sound a little challenging, but investing in a property of your choice is totally worth the effort. So, whether you are considering investing in a 1 BHK flat in Pune at Pinnacle Neelanchal, or want to purchase a luxurious villa in the city of Shillong, read this guide to know how to make it through your first property purchase.
Ascertain the purpose of buying a home
Start by ascertaining the purpose of your home purchase. Think it through to decide whether you want to live in the house you are buying, want to put it on rent or just want to treat it as an investment so that it offers you greater value over time.
If you are buying the home to reside in it yourself, then choose flats in Pune that boasts of great amenities as per your needs and is located in a safe, residential locality.
On the other hand, if you are eyeing the purchase as an investment, then more than amenities gauge the historic property price rates and invest in a flat in a developing corridor of the city.
Moreover, if you are unsure of the purpose and want to rent out the apartment, choose a well-connected location that is in demand and fetches good rent along with capital appreciation.
Also, while you are at it do some research to know more about the real estate segment of the city to make a more informed purchase decision.
Draw up a budget and accumulate finances
Based on the property, locality and amenities on offer, you will have to determine the total cost. Also consider the broker’s fees, paperwork cost, registration and stamp duty charges, cost for interior decoration, and the like.
Additionally, stay abreast with the latest news relating to home loans and the real estate sector to have accurate information.
So, evaluate the affordability of a project by adding up these miscellaneous expenses, then factor your income, number of dependents, and your outstanding liabilities to arrive at a convenient figure that you can pay as home loan EMIs. This will automatically help you skim through your options and pick one that perfectly fits the bill.
Once you complete calculations, look for trusted lenders like Bajaj Finance Housing Limited to fund your home purchase. Here you can get access to home loans of up to Rs. 3.5 crore at affordable interest rates which you can repay through a comfortable tenor of up to 240 months.
Study the legal aspects of buying a property
As investing in a property is a long-term commitment, make sure you study the legal aspects of the property. To do this first verify the builder’s title and ownership and then check whether the Khata registration is under the builder’s name or not.
Also, ask for legal documents like a declaration stating that the land can be used for non-agricultural purposes, the building plan sanctioned by authorities, fire safety approval, and the likes.
To understand the legal aspects better, you can take assistance from Bajaj Housing Finance Limited. It will give you access to a handy property dossier so that you understand the nuances without any hassle.
Use this guide to your advantage and hasten your buying process a home of your own, and remember to check your pre-approved offer from Bajaj Housing Finance Limited to view your customised deal.
Availing a pre-approved makes the approval process quick so you can avoid delays and achieve your financial goals on time.