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Just the thought of owning a home is exciting. And then begins the onerous task of drawing up the perfect plan. If you are one of those who are considering your biggest purchase in your lifetime, here are the top 10 pitfalls to avoid falling into.
Not fixing your budget
If you do not know how much you can afford to spend on a house purchase, you are in big trouble later especially if all your earnings go into your home. It all begins with your budget after factoring in your other major expenses especially if you already have other loans to repay.
Not researching the project
You are bound to be cheated if you do not research the developer of the project you choose to buy a home from. There are a multitude of fly-by-night builders who do not even have an established track record or credibility, who seek to make a fast buck from gullible home buyers like you. Also remember, your home loan sanction can depend on the reputation of a developer.
Not studying home loans
If you do not do a comparative study of various home loan offerings, you could end up paying a much higher interest rate than what other lending institutions are offering. Remember, there’s a huge pool of lenders who offer a lower interest rate than perhaps, the bank you have an account in.
Not checking your loan eligibility
This is a huge blunder and can come in the way of your home loan approval. Not checking your credit score periodically, especially when your bank gives you a free service these days, is definitely a big mistake.
Not saving up for down payment
No lender, even your bank, sanctions a 100 per cent housing loan amount. They usually lend about 85-90 per cent of the cost of the house you are planning to buy. Moreover, your loan amount is not given to you if you do not first pay up the remaining 15-10 per cent as down payment which is also a kind of ‘trust deposit’.
Overconfidence about a home loan sanction
The real estate market is tipped in favour of home buyers and there are lenders aplenty; however, you could get a rude shock if your home loan application is turned down due to various factors which you probably would have overlooked – such as a building a strong credit score, existing expenditure, late bill payments, insufficient funds, etc.
Overlooking burgeoning expenses
One of the biggest mistakes you can make is not considering your other big expenses and rising costs, while shopping for a house. How can you forget that car loan or that international holiday you’ve booked for?
Not considering joint loans
Another huge oversight by couples and nuclear families which can actually benefit from this solution, so the burden of EMI repayment is shared equally. What do you thing a joint loan means other than 2 or more people taking a loan together?
Ignorance about tax benefits
It is unforgivable if you are an Indian citizen who pays your income tax but are unaware that you can avail tax benefits on a home loan! How can you possibly overlook the benefits of deductions – for interest paid on housing loan, in respect of interest paid towards home loan during pre-construction period, on principal repayment, for stamp duty and registration charges, additional deduction under section 80EE and section 80EEA, as well as for joint home loan?
Choosing unaffordable property
We all aspire to live a good life. But is it worth it to try and live the unaffordable life? It can be a huge strain on your resources – especially if you take a bigger loan – to buy an expensive home to keep up your social standing.
Unique scheme
Each home from HM Constructions http://www.hmconstructions.com is built in a way to offer maximum space and comfortably accommodate a family of four.
Our unique scheme lets you book any of our spacious units of your choice at a token amount of Rs.10,000 only. Since the units are ready-to-move, you can finish up the formalities and move into an apartment of your own in just 10 days. What’s more, once you move in, you can let HM take the burden of your EMIs! The EMI Holiday Facility lets you postpone your EMIs by 10 months so that you may enjoy your stay at HM Indigo for nearly a year before you start paying the EMIs.
So, stop worrying about your monthly rental and book an HM Indigo http://www.hmconstructions.com/projects/details/hm-indigo apartment today. Call us on 8880225555 and we will help you find a home that suits your lifestyle, falls within your budget and is close to all that you would need throughout the year!