Investing a significant amount of your money into purchasing a home, which can be the most valuable investment for anyone, can be overwhelming. You can become extremely confused about where to start and what to look for, the whole process. We have provided a comprehensive guide on tips for home buying. If you’re looking to buy a home in Noida, there are many great residential options available in Noida Extension. Let’s take a look at the steps you’ll need to follow to make purchasing your abode easy.
Firstly, decide your budget. If you are considering applying for a home loan, get the relevant information from the bank about how much home loan you are eligible for. To check eligibility criteria, the bank may ask you for documents for your current earnings, current age, amount of other outstanding loans and your past credit history or CIBIL score (maintained by Credit Information Bureau (India) Ltd.) All of these factors would have an impact on the criteria. While banks sponsor 80-85% of the amount, buyers usually need to arrange for 15-20% as the advance payment.
Equated Monthly Instalment
You can avail a home loan of 30 years maximum. Selecting a suitable tenure often causes loan borrowers confusion. Longer-term loans have a lower EMI. But, loans with a longer-term also have a higher interest rate.
Financial consultants think that people who are applying for a home loan should apply for EMI of less than 40 – 45% of their total monthly earnings. They strongly advise buyers to keep an extra amount as safeguards for unexpected costs that can come up.
Choose The Right Location
The daily commute will be a significant factor before you choose a specific locality. Try choosing places with easy access to multiple options of transport. Ask people in the neighbourhood about the advantages and disadvantages, research for development and infrastructure plans of the area, and discuss your plans with your family and friends to get an idea.
Choosing The Housing Project
After deciding on the area, you now must decide what kind of housing you want. It is suggested by experienced real estate buyers that beginner home buyers should focus on a building project that has a good reputation and has strengths such as quality construction, timely delivery, financial stability and trust in its credit. Projects with a wide range of conveniences should be chosen.
Get Home Insurance
Getting home insurance on your newly purchased property will be beneficial. They provide internal and external protection. You can add items to your insurance policy such as electronics, furniture, valuables, insurance for natural disasters etc.
ACE Group offers the finest and stellar residences filled with modern comforts and decorum with its spacious 2, 3 and 4 BHK apartments If you’re looking to not let your investment go to waste, consider taking a closer look at our projects.