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‘Home, sweet home’ – how often have we heard these beautiful words that invoke warm emotions. And if you are one of those who aspire to be a proud homeowner, there’s a 10-point roadmap to follow to your dream home that ensures your home does not remain a dream.
#1 Research the developer
Your safest property purchase is from trusted, established, leading developers like HM Constructions http://www.hmconstructions.com/ to ensure there are clear property transactions without the fine print. Visit the websites to look up the various properties to zero in on the location, specifications and design plan of your future apartment before you visit the site. For some of the most prized homes in Bengaluru, visit HM Tropical Tree http://www.hmconstructions.com/projects/details/hm-tropical-tree at RT Nagar, HM Indigo http://www.hmconstructions.com/projects/details/hm-indigo at Kanakapura Road, http://www.hmconstructions.com/projects/details/hm-grandeur at Frazer Town, HM Astoria in Benson Town, HM Gladiolus at Ulsoor and HM Cambridge Square at Cambridge Layout.
# 2 Scout the location
A home is forever and you’d like to live a life in peace and comfort. When you scout for a home, look around the locality to check accessibility to essential services such as a hospital, doctor, pharmacy, departmental store or mall, as well as schools and colleges, and your workplace. Drive around the neighbourhood to gauge the connectivity to major roads, the airport, railway stations and the Metro too. HM Tropical Tree http://www.hmconstructions.com/projects/details/hm-tropical-tree at RT Nagar is only around 23 km to the international airport; with the Kanakapura link on the Metro rail having been flagged off, it makes sense to make your home at HM Indigo http://www.hmconstructions.com/projects/details/hm-indigo.
#3 Bet on a ready home
If you are presently a tenant you would be paying your monthly rent on the accommodation, plus maintenance fees. So, if you go in for an under-construction apartment on a housing loan, you would be burdened by the monthly rent as well as the EMI on your loan. It is prudent, therefore, to buy a ready home which you can move into immediately and only pay your EMIs and be free from rent. HM Constructions http://www.hmconstructions.com/ offers you enchanting ready to move in homes at top locations in the city. Pack up from your rented premises and move into HM Indigo http://www.hmconstructions.com/projects/details/hm-indigo, HM Tropical Tree http://www.hmconstructions.com/projects/details/hm-tropical-tree, http://www.hmconstructions.com/projects/details/hm-grandeur ASAP!
#4 Pay no GST
The best part about buying a ready apartment is that you don’t have to pay the Goods Services Tax on it. This indeed makes the deal that much more attractive because of the tax savings. If you are opting for an under-construction apartment, even after the reduction in GST, you would need to pay GST @ 12% in regular housing projects with an input tax credit (ITC) or 5% without the ITC. In the case of affordable housing projects, the GST is @ 8% with ITC or 1% without ITC. However, also keep in mind that a ready home can be a tad expensive compared to one under construction. But, you can divert your monthly rental towards paying off your EMIs comfortably because you’d be living in your home!
#5 Visit the apartment
To experience the feeling of owning your home, visit the apartment. Fix an appointment for a site visit with your developer. HM Constructions http://www.hmconstructions.com/ arranges for comfortable pick up and drop to the location so you can do a recce of your future home. If you can, speak to the residents and other homebuyers about their experience living in the apartment complex.
#6 Choose your lender
While you look up the property website, ascertain if the developer’s tied up with banks or financial institutions. If you are planning to borrow a home loan, applying to a bank or lending organisation that is partnered with the developer will make the sanction easier and hassle-free because of the rapport the developer would have with the lender. There is scope for negotiating for a longer tenure too if you require it.
#7 Compare interest rates
Presently, home loan interest rates are at their all-time lowest in a decade. So, make the most of this good time. Visit websites of all banks and home finance companies (HFCs) including those partnered with the developer to see which interest rate and tenure suits your finance goal. Presently, the lowest home loan interest rate is offered by Kotak Mahindra Bank at 6.75% p.a., followed by other top banks such as Union Bank of India, Bank of Baroda, Canara Bank, HDFC Bank, SBI and ICICI Bank.
#8 Opt for pre-approved loans
A pre-approved home loan is an in-principal approval for a loan given on the basis of your income, creditworthiness and financial position. Generally, pre-approved loans are taken prior to property selection. Some lenders like HDFC Bank also provide the facility to get an instant e-approval by allowing you to make an online application for the home loan. Pre-approved home loan sanction enables you the homebuyer to negotiate with the developer or seller with confidence. You will have to pay a non-refundable processing fee is applicable to the home loan at the time of the sanction.
#9 Save up for the down payment
Factor in this significant aspect of the home loan application. Since a lender only sanctions up to 85% of the price of the home as loan, you will need to pay the remaining 15% as a down payment to get the loan disbursed.
# 10 Reap tax benefits
Home loan repayments enjoy tax deductions. Under Section 24 of the Income Tax Act, you can claim up to Rs 2 lakh per financial year on the interest paid on your home loan. And under Section 80C, you can claim up to Rs 1.5 lakh per financial year on the principal repaid.
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 8880 22 5555 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!