Tag Archives: 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.

How to determine if a property in Navi Mumbai is legally clear?

In a 2015 survey conducted by the CIDCO revealed that there are around 300 illegal buildings spread across Navi Mumbai. The government body took an action against unauthorized constructions by demolishing them as most of them were under construction. With illegal buildings getting constructed in some areas of Navi Mumbai, how would you determine the legality of a property in Navi Mumbai?inwestuje
Below are the given checklists to know if the property is legally clear:

Check agreement papers:

While buying or investing in a property in Navi Mumbai, you need to verify the original title deeds, building approval papers or occupancy certificate. In addition, a potential home buyer need to ensure all documents are legally approved, stamped and registered. If it is a resale property in Navi Mumbai, remember to check the transfer deeds and share certificate.

Encumbrance Certificate:

When it comes to buying a property in Navi Mumbai, encumbrance certificate is mandatory. The certificate is issued by the concerned Sub-Registrar, which is used in property transactions. It is basically a proof that the builder has a complete ownership of a property without any legal issue. A property dealer is mandated to submit 10-15 years of encumbrance. For buyers applying for a home loan, this certificate is compulsory when you buy or sell a property. To confirm about the encumbrance, you can ask for up to 30 years of encumbrance to be checked.

Approvals from leading banks:

Confirming legality of property in Navi Mumbai can also be judged if a particular project has got the approval from banks. If the property dealer has all the vital documents in place, which have received legal clearance from banks, then you can go ahead with the plan of buying a home.

Examine construction area:

There are times when buildings are constructed illegally, hence confirm with the builder about the sanctioned area of construction. Do a comparison between the build up area and the sanctioned area. This will help you to understand whether the property in Nani Mumbai is completely legal or not.

Registered society:

A home is the most valuable investment of your life and that’s why it is necessary to make sure that it is a registered society. Often, people who are less equipped with the knowledge of home buying procedure get tangled in real estate troubles like investing in unauthorized buildings, thus resulting loss of time and money. It is recommended to choose registered society to save yourself from the hassles of illegal constructions.

So, the next time you’re stuck to determine whether a property in Navi Mumbai is legal or not, these  are points you need to remember.