Introduction
For most people, owning a house is a dream come true. However, before you proceed with the purchase, one of the most important and difficult chores is financial planning for a home. We therefore have good news if you are unclear about the financial and planning requirements you must meet before buying a home. We’ll go over some key topics you should think about when creating your budget before purchasing apartments in Mylapore.
Consider your Monthly Expenses
The majority of Indian middle-class families find it extremely expensive to purchase a home You need to have a clear understanding of your monthly expenses to identify areas where they can be cut to pay for a house. Given that each of us is accustomed to a different lifestyle, this is not an easy task. Additionally, you need to set aside at least six to twelve months’ worth of your monthly household expenses in case of an unanticipated emergency. Reducing your monthly household expenses will also require some time for you and your family to get used to the new lifestyle.
Loan Amount
You will know how much you need to apply for a home loan when you visit or speak with any apartment builder in Chennai. However, this isn’t that easy.
Currently, banks are lending up to 80% of the value of the property. You might be eligible for a loan of 90% of the property value if it is worth less than thirty lakhs. You will pay the remaining twenty percent out of your pocket. To reduce your loan burden, you should ideally be able to contribute a down payment of 40% of the loan amount. Incorporate supplementary expenditures like stamp duty and registration fees, which constitute roughly 5 to 10% of the total cost of your real estate.
Interior Designing Budget
Unbelievably, the cost of the interiors can be a one-time payment, depending on the Chennai apartment builders in Chennai from whom you purchase. Before buying a home, you must budget and plan for this amount as a bank loan cannot cover it. You might be able to save money on interior design if you are buying a fully furnished new flats in Mylapore. Nonetheless, furnishing empty apartments and homes will cost a substantial sum of money.
Compute the cost of maintenance
You must determine how much the property you are about to buy will cost for upkeep, regardless of whether you choose to buy an independent home for sale in Mylapore or an apartment from Chennai’s apartment builders. Buyers who would rather purchase apartments with upscale features like gyms, community centers, swimming pools, etc. will have to pay more for year-round maintenance.
Let’s look at some more important financial planning advice for home buyers after talking about the counsel required before buying a property.
Consider your financial situation
Determine how much you can afford before deciding to visit Chennai’s apartment builders to purchase an apartment. Generally speaking, loans shouldn’t account for more than 30% of your income. This settles any other debt you may have while preparing to become a home buyer.
Your CIBIL rating
Your CIBIL score is checked by a bank to determine your creditworthiness. Therefore, the likelihood that you have loans and an excessive number of credit cards in your name is generally low if you are a young professional who has just begun your career. Your credit mix (secured and unsecured loans) and payment history (whether you have defaulted or paid your EMIs on time) are used to calculate your CIBIL score.
Location
Another important decision that you must carefully consider is where to build your home.
If you plan to start a family or already have children, be sure to pick a place close to reputable schools (Vidya Mandir School– 800 Mtrs, M.C.T.M. Chidambaram Chettyar International School– 1.7 Kms, PS Higher Secondary School– 700 Mts, Vivekananda College– 850 Mts).
Families with senior family members should also search for residences with convenient access to healthcare facilities (Kauvery Hospital – 700 Mts, Bilroth Hospital – 1.3 Kms, Apollo Medical Center – 4.3 Kms). To reduce the amount of time they spend commuting, working professionals may choose to live close to their place of employment.
Conclusion
Planning, budgeting, and patience are necessary to make sure that purchasing apartments in Mylapore is the right choice for you. We hope that this blog has assisted you in making better choices for you and your family. Before purchasing a home, you can also plan your finances with the assistance of financial professionals.
