Buying a house in the ‘city of Dreams’ is a financial goal for many. The Mumbai real estate market is considered to be one of the most expensive. The goal appeared hopelessly out of reach to me. I made a plan on how to buy flat in Mumbai. I'll share it below.
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Buying property is one of the largest financial commitments you make in your life. You need to decide if buying a property or renting is a better option for you. Think about short term and long term property goals.
Calculate your home budget :Sellers usually ask for a downpayment. You should run your assessment about budgeting your down payment, property taxes, insurance, and property charges (stamp duty, registration charge etc). Plan out if home loan EMI will align with your current income.
Look at upcoming neighbourhood:The price of the property will be higher in popular areas. Consider buying a house in an upcoming area with good infrastructure. House hunt in a minimum of three different neighbourhoods before choosing your location.
Financing the home :Banks and financial institutions have many schemes for first-time home buyers. Pick a loan/ scheme that offers you the lowest interest rate with maximum benefits. There are several government payment assistance programs that you can be eligible for. Conduct in-depth research on the best available offer.
Save Brokerage Money:Buy a house from a real estate website like NoBroker to save brokerage money. You will end up saving lakhs. Choose a house from the property listing shown on the app.
If you have any useful tips on how to buy flat in mumbai, leave them in the comment section below.
Read more:
How to buy house in Mumbai?
What Documents Are Needed To Check While Buying A Resale Property?
Can I get home loan without down payment?
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How to buy flat in Mumbai?
Mukesh
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2 Year
2022-11-28T11:45:03+00:00 2022-11-28T11:45:28+00:00Comment
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