Tag Archives: Akshay Argade Real Estate Agency

4 Tips To Manage Home Loan EMIs

Home-loan-interest-2Buying a new home? Then, home loan is one of the components, which helps to fulfill your life’s goal of owning a dream home. It is a long-term financial commitment that a buyer has to make as it includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. Just like the processing and confirmation of of home loan takes a lot of time, similarly managing the financial burden is also nothing less than a headache. If you’re buying a home in Navi Mumbai & looking for ways to get your home loan management right, then below are some of the tips you should pay attention to:

  • When you are moving into a new home, it involves a lot of expenses right from interiors to other hidden costs. It may become difficult to manage EMI. Hence, it is better to use a home loan EMI calculator which will help you make an informed decision. The calculator helps to save time by giving you an exact number of monthly amount to be paid. You will get a fair understanding about the ratio of the principal amount to the interest based on the effect of the home loan tenure and interest rates.
  • If you’re looking to reduce loan tenure, you can use your fixed deposit or prepay a large amount of loan partially. Some banks allow partial repayment of home loan starting from Rs.10,000 and the banks do not impose any charges for it.
  • As a home loan borrower, you can opt for a higher EMI option. An accelerated repayment will ensure that your loan gets repaid faster, thus giving you an advantage of interest savings, as well as tax benefits. If you decide to go for a higher EMI option, make sure that have evaluated banking charges and the amortization schedule (this is basically a table giving you a detailed periodic payment information of typically a mortgage).
  • When managing home loan, affordability of an EMI matter. Though short loan tenure looks seems interesting, but a higher EMI amount can definitely cause a financial burden. Hence, always remember to keep affordability as a primary factor when choosing your loan EMI amount.

While managing monthly installments of home loan, make sure that you’re is not listed under special mentioned account (SMA). This usually happens when the loan amount remains outstanding for minimum 30 days and maximum 90 days. Hence, ensure that you’re repaying a home loan on a timely basis for smooth management of your financial burden.

If you’re looking for a property in Navi Mumbai or Mumbai, get in touch with Akshay Argade, where you will find luxurious and affordable properties in Navi Mumbai and Mumbai.

What precautions you should take with the rising building collapse in Mumbai?

Lately, there have been many cases of building collapses, which is badly affecting the real estate market of the city. The alarming rate has bought under the radar the poorly constructed structures and the old buildings that require immediate attention from the government authorities.

Let’s get to know the reasons behind the recent collapses:

  • Poor construction on part of the developers
  • Using land illegally to develop buildings
  • Violating real estate policies
  • Construction done in haste
  • Lacking required approvals & certifications from authorities

The reason that locations like Thane, Dahisar, Ghatkopar and other towns have seen destruction of such structures is the rising population and land shortage in the metro city, which giving opportunities for bogus developers to construct modern building with poor materials.

To ensure that you do not get entangled in such situations, here are some precautions you can take:

Look for earthquake resistance properties:
hqdefaultNow-a-days, almost all builders are constructing properties which are earthquake-resistant that makes a structure capable to withstand seismic waves. Earthquake resistant buildings are often fitted with bolts in the foundation. One can also consult an engineer for inspection of home to know if the home is earthquake resistant and safe.
When it comes to checking the legal foundation of a property, you can ask to the builder/developer for a foundation certificate of a property.

Beware of construction land & area:
map-mumbai-new-01Residential properties constructed on commercial zone are considered illegal. To examine land record, you can seek help from RTI, as well as obtain details from online portals of state governments. Moreover, builders are required to get structural design cleared from authorities & certified from registered structural engineers.

Check for legal approvals:
housing-approval-from-councilIn case of under constructed properties, it is mandatory to evaluate approvals and certifications, including sale deed (a proof of sale), mother deed (helps to trace antecedent ownership of the property) certificate of commencement, NOC, Booking form, allotment letter, BBA, completion certificate, occupancy certificate, encumbrance certificate, among others.

Building codes:

BuildingCodesBefore a prospective buyer decides to invest in a property or buy a new home, it is mandatory on their part to check for building codes, which is basically a set of regulations by the Indian government related to design, construction, alteration and maintenance of buildings.

So, the next time when you’re searching for homes, do keep in mind these points. If you’re looking for earthquake-resistant properties in Navi Mumbai or Mumbai, get in touch with Akshay Argade, where you will find luxury properties in  Navi Mumbai and Mumbai.