Tag Archives: buy a home in Navi Mumbai

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.

This year, buy your dream home in Navi Mumbai

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It is said that 2017 is the best period to invest in a new home in Navi Mumbai. Leading banks like SBI, ICICI and HDFC have lowered their interest rates on home loans. It’s not just the monetary benefit associated with property investment, even some changes in real estate regulations would work in favour of home buyers.

The recent budget 2017-18 announced the rule of infrastructure status to affordable housing, which has resulted in higher demand and pushing the sales of apartments in Navi Mumbai. Even developers felt the pinch of the new rule and constructing properties where affordable housing has a high demand.

RERA (Real Estate Regulatory Act) which came into force on 1 May 2017 will restore the confidence of consumers in the market. In fact, this new regulation will also aid to bring transparency in the construction of properties. Whatever information given by the developers regarding the amenities and facilities of the township, RERA makes it mandatory for developers to offer the same as promised. RERA commits to assure customers of timely delivery and unparalleled quality.

In addition, the upcoming taxation system called GST (Goods and Services Tax) will come into effect in July 2017. The new tax regime will replace service tax and value add tax. These regulations will have a positive impact on the real estate as a whole. In fact, by taking into account all these changes, home buyers will be encouraged to invest in a new home in Navi Mumbai. And, undoubtedly 2017 is considered as the best time to make your investments count.

If you’re still wondering whether you should invest in a new home? Then choose Navi Mumbai for your dream home. Here’s some fact to clear your confusion. In 2014 and 2015, around 16,000 units have been sold in the Mumbai Metropolitan Region (MMR). Put your worries to rest by choosing profitable locations like Kharghar, Dronagiri, Panvel, Taloja, Ulwe, among others.

It is recommended to give less preference for under-construction properties considering the delays and tumultuous nature of the real estate in India. When you’re looking for home in Navi Mumbai, opt or ready-to-move apartment which has a tax benefit on home loans, zero delivery risk and promises a good return on investment.

Navi Mumbai will continue to be a trending location due to significant infrastructure developments like the airport, metro railway and ease of transport, which makes it an attractive location among home buyers.

So, buy a new home in Navi Mumbai. If you’re looking for any kind of assistance for your ideal dream home, get in touch with us. Visit our website to get exclusive deals on properties in Navi Mumbai.

Why do you need homeowners insurance to buy a home in Navi Mumbai?

 

Your home is place where you cherish every moment whether it is togetherness, hopes, dreams & more. That’s why to make sure it remains precious, you need to guard it against unpredictable problems. Homeowners insurance is a type of insurance which aims to protect your home and household possessions against any damage which may be caused due to natural disasters or man-made problems like fire, theft or vandalism.

You never know when accidents may occur, but in case if your home catches fire wouldn’t you look for some solution which helps you to cover the losses? Hence, whether you’re a tenant or a home owner, a home insurance is a necessity. When you buy a home in Navi Mumbai, it is significant you invest in either basic fire insurance or a comprehensive policy.

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When you’re buying a home insurance, here are three things to keep in mind:

  • Typically, a home involves various hidden costs including stamp duty, brokerage fee, vat, maintenance & more. However, home insurer companies do not take into account these costs, it covers only the building cost. If you’re living in a co-operative housing society, then it is recommended to get the entire building insured or if have a row house on your own land, then it is necessary for the home owner to get it insured.
  • During the process of buying a home insurance, you need to make sure that you’re very well-informed about the claim process because an insurer would thoroughly examine damaged possessions of your home. Insurers will most likely refuse to grant a claim if you have not maintained your property in proper condition or it is an unauthorized construction.
  • A home insurance can be availed in two ways: depreciated cost basis and reinstatement basis. Reinstatement is the value of reconstruction, which does not include the depreciation cost and the claim is approved only when a home is reconstructed. In case of depreciated cost, an insurer will depreciate market value by 2% p.a.

How to select an home insurance for buying a home in Navi Mumbai:

Company evaluation:
Once you have decided to proceed ahead with home insurance, make sure you do a complete evaluation of the insurance companies. Is the company offering a policy which fits your bill? Select a company with friendly staff who can assist you anytime when a crisis strikes.

Evaluate premium and coverage:
It is recommended that you do not finalize on premium amounts blindly. Evaluate the risks your home might face. Choose a policy which includes premium that fits your budget easily.

Claim process:
Often, insurance companies are perceived as notorious with regards to claim settlement. Some companies show a good turnaround time for claiming process. Check for settlement record of the insurance companies before selecting one.