The process of buying a new house will remain the same amidst the pandemic but you have to now move with a careful approach. Your focus should be more inclined towards saving money.No good house comes without a significant amount of financial investment. Hence moving ahead with a little planning to the right efforts will put you in a situation where you can save a lot of money while also getting your hands on your dream place such as 3BHK Store Medallion Flats at Aero City.
While buying the new house, you can go with the option of a home loan since it will have tax-saving advantages along it. Apart from the loan principal component, there will be no tax on the interest for the home loan. Another option to lower the interest amount is by making a woman co-applicant as the first borrower. To have a better shot at getting the loan, you can bring your spouse together if she is working and then you both can jointly apply for the loan.
Compared to the past few years, the application, processing, and sanctioning of the home loan in today’s date have become significantly easier. You can see that almost every other bank is providing the loan at competitive rates along with various other attractive offers. However, you must be running due diligence and finalize the right bank that is providing you with the lowest interest rate. It is seen that certain banks provide reduced interest rates comparatively if the borrower is a female. The varying rate here differs from 0.01% to 0.15%. Now you might be thinking that this is a very small percentage but you also have to keep in mind the tenure of the home loan. Usually, the term goes on to 10 to 25 years and if you add up the marginal difference offered then it will add up to a significant amount of savings for you. For instance, consider a situation where a difference of 0.05% is provided for the applied loan of 50 lakh with a tenure of 15 years, then the total saving, in this case, would be 27,000.
When you are looking to apply for a home loan with any bank, make sure to keep in mind that there is no compulsion at that exact period to purchase an insurance cover as well. Mind you that neither the law nor IRDAI or the RBI have provided any such guidelines which state that this purchase is mandatory at the same time. It is a completely sole decision to make insurance and hence there is no forcing allowed to buy a plan. If one is comfortable then they can make the insurance purchase in the later stage with the insurance company of their choice, as suggested by the experts in this field. A home loan insurance policy that comes in a bundle with the home loan usually involves a single premium. This way you won’t be able to make a port or switch with your insurance in case you were looking to jump over to some different lender.
You will see that with different banks the interest rates and spread on the loan differs and sometimes the difference can be found amongst different schemes of the same bank itself. The key factor here is spread until or unless there is a special mention of it in the agreement. This is because the change does not take place with the tenure of the loan as witnessed with the interest. The situation then becomes volatile and hence the change would be experienced in periodic intervals to take a look at the changes in repo rates and the condition of the market.
While purchasing 4BHK apartments in Mohali make sure you are not just grabbing the first offer itself that came from the realtor or a developer. You never know what other better options you could have with the best possible rates, provided amenities, and the furnishing. However, keep this in mind that you always have a figure slightly above as well in your mind which is a reasonable adjustment that you can do. Otherwise, you might just miss the dream property that could have been yours.
Although nothing seems more luring than shifting to a house that is ready to move in at times they might seem more expensive. If you have enough waiting period at your bay, then ensure that you are buying a house still under construction since financially you will get a better advantage.
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