Tips to get a good home loan

You might be dreading the task of taking a loan if you are planning to buy a house for the first time. Worry not! There are a large number of people like you who are also planning to take a home loan; therefore we will give some pointers that can help you buy your home sweet home in a stress free manner.

Searching your options

If you have decided on the house to buy, then you can proceed with your research. For that, you can look for the variety of options that are available in the market in terms of home loans. Rather than placing blind faith on an agent, you can do your own research by keeping an eye on your future. For more information, you can also discuss with respective banks executive.

EMI Calculation

You can calculate your EMI (Equated Monthly Installments) based on the remaining amount from your monthly income after all expenditures. The remaining amount that you have as spare can be the basis for calculating your EMI. However, it would also be advisable to talk to a professional executive to get a second opinion.

Haggle

Try to haggle for some discount by negotiating with your banker as this could help you few thousands. Despite the ROI (Rate of Interest) being fixed by financial authorities, there is always room for some bargaining.

Credit History

While you might think that you are ready to take home loan but the same feeling might not be shared by your bank. To avoid this, you can keep a record of all your previous credit card payments as that acts as proof of you paying your debts on time. You could bargain to have a lesser ROI with the banks if you have a good CIBIL score.

Documents scrutiny

Read all the offer documents carefully before signing on the dotted line as there might be few clauses that can be forgotten. Don’t just place blind faith on the agent and sign. Scrutinize them before signing.

Common mistakes of home sellers

Until now, we’ve heard that buying a house is a tiresome process, and do not realize that selling a property is an equally tedious task as well. First time sellers typically make certain mistakes and in the haste of selling off their house, end up cracking a bad deal. We have made an attempt to enlist some of the common mistakes that one can avoid while putting up a house on the block.

Excluding a real estate agent:

Most home sellers avoid signing up for real estate agent because of the commission involved, but this is a penny-wise, pound-foolish decision. Hiring a real estate agent is important because it reduces your hassle and halves your work. Moreover, with a good broker, you won’t have to worry about people constantly visiting the house and being a disturbance.

Besides an agent, Real estate companies are also useful because they have experts who have good knowledge not only of taxes & duties but also of the market prices. Their extensive experience helps you with decision making and getting you the right people who may end up buying your house.

Overlooking defects that seem insignificant:

Generally, Home sellers put their house up for sale neglecting minor defects and issues. A good and experienced real estate agent will advise you to fix all such flaws pronto. To put forward a good deal to the buyer, it is desirable to repair pipes, fix leakages, painting wherever required, etc.

Below are a few tips that will surely help you sell your house faster.

Marketing your house:

When you are selling your house, knowing the market is very important. Selling the property may be an emotional decision for you but the idea is to make it emotional for the buyer as well. Market your house like a dream and sell it for the value and not as a transaction.

When you sell your house online, Redecorate the space in your house, put in some bright lights and market it for the joy and lifestyle that comes with it. Remember to write a few affable lines about this space that impresses the buyer.

Set realistic expectations:

An owner of the house has attached some emotional value to his house and sometimes can be very unrealistic about his monitory expectations. Therefore, it is important to look at real estate listings and consult real estate agents to understand the actual value of the property in the market.

Choosing the right season for the sale:

Real estate market is constantly fluctuating and it is imperative for sellers to understand the trend, because a falling economy will see a drop in prices while a booming economy coupled with a festive season will fetch great prices on sale.

Clean and clear your house before sale:

In some cases sellers begin the hunt for a buyer while still living in the house. Remember, if all parts of the home are not available to view at all times, a buyer feels distant from his potential home. The best idea is to renovate the house and get it ready for sale before putting up advertisements on real estate websites.

Sell the neighbourhood:

Home sellers mostly talk about the house and the rooms, furnishings etc., but forget the neighbourhood that comes with it. Sellers should advertise the supermarkets, schools, hospitals and malls in the vicinity of the property to add utility to the house. With mini-city styled apartments becoming the trend in the country, selling the neighbourhood rather than just the house is imperative for a good sale.

Choose the best floor for you in a high-rise?

Apart from the important aspects of home buying that include budget, an ideal locality, proximity to work places, schools & other basic facilities; there is one more factor which should be considered now-a-days when multi-storey towers are in vogue. Selecting the best floor to have a dream home is an important decision one has to make while apartment hunting.

If you are contemplating on purchasing a house in a high-rise building, you would like to know the pros and cons of living on each floor before making the final choice. We have attempted to enlist a few here to ease decision making.

Living on the ground or lower floors in the building:

If the building is located in a suburban or rural locality, living on the bottom-most or lower floors is pleasant however, if the area is densely populated, then it is challenging. While the cons of living on ground floors include limited light and ventilation, Insect intrusion, dampness from the ground and latent humidity along with some bit of compromise on security,There are many positives too.

Ground floors remain comparatively cooler throughout seasons reducing power consumption. Besides, loading & unloading of heavy goods is easier. When considering ground floors, ensure that the building has a robust water and sanitary mechanism to avoid dampness and seepage in the long run.

Living on the top floors:   

Apart from the amazing view that some people crave for, the major benefits of having an apartment on the top floors is good light and ventilation along with security. Capital appreciation on higher floors is much faster. But there is a flipside to this – the top floors consume more power, be it human transportation to higher levels via elevators, water transportation via pipes or the high electricity bills during summers because of the increased usage of air conditioners.

So, if you are planning to opt for one of the top floors, make sure that the building has safe provisions for emergency evacuations; appropriate systems to deal with fire outbreaks, etc are a part of the structure. Check for weather proofing, focus on the material used. The windows, the frame should be tough in order to sustain the wind load during extreme conditions.

Living on the middle floors:   

The pros and cons of living on the top and ground floors are balanced on the middle floors. The per capita consumption of power is lesser while the effect of weather remains almost the same. Since staircase can also be used easily, loading and unloading of heavy goods is convenient, emergency evacuations can be done expediently. However, in muddled neighbourhoods, where ambient noise levels are high, it may cause disturbance to the inhabitants.

While a house on the middle floors looks to be the best choice, the only con can be remedied by having well designed window systems that can prevent the outside noise from entering the interiors.

Typically, a price difference is observed in the ground, middle and top floors in high-rise towers that offer sea or any other attractive view from the top floors. In most luxury projects, top levels are converted as special penthouses costing more in terms of per sq ft as compared to the lower floors. This is because developers levy floor-rise charges that acts as a premium for that view you get from the house.

Decided on what floor you want your dream home? Click here for some options to choose from.

Parineeti Chopra new house in Mumbai

Sometimes even Bollywood stars considered it as an achievement to own a house in Mumbai due to increasing price of properties in real estate market of Mumbai.

These days two Bollywood actresses; Sunny Leone and Parineeti Chopra are in news due to the same reason. According to reports, recently, Parineeti Chopra moved into the sprawling home, which is located at the Bandra (W), whereas; Sunny Leone has rented an apartment in Juhu, while stating that currently she has no plan to buy apartment in Mumbai.

Earlier, Parineeti Chopra were used to live in rented apartment in Andheri (W), but now after moving into new house she is saying that my new house is superb. And I love it because here its feels like home. The more she added that I have lived there and now finally I own it and it has taken the shape of a beautiful home. In first two months everything were new for me as it was brand new, but now it feels like I have return the home and it feels like home when I return at the end of day. Now I can say that “’Haan, ghar aa gaye” so all I can say that this experience is awesome and I cannot explain it in words.

While answering the question that she has trouble to travel to Andheri or not? As it’s the area where most of the film related studios, so she answered that No its now very bad because even in peak hours it take just 30 minutes to reach Andheri. And now day’s I have most of the meetings in Bandra.

On the other had Sunny Leone declined the news of property buying and she stated that it’s a rumour and I have been living at the same apartment from last two and a half years and now I love to live here as I am living in the great building and it has a good security system. There are only six people in whole building, so here its easy to find the privacy.

In fact, Sunny Leone is still not sure that she would like to buy property in Mumbai in near future or not. She stated that I am not sure that I will ever buy house in Mumbai or not, unless an opportunity presents itself. At this point of time I have no interest and there are many reasons and one of them is that I have found a place, which made me feel like home. And this could be place in future which I want to buy.