Do your homework carefully to find a home of your choice

You tend to be on an emotional overdrive when you set out to buy a home of your dream. The decision to choose a home is emotional because it gives you a sense of security and social esteem, which you can't find with anything else. So often you would see your family members insist you to buy a home. All these and more do tickle your mind towards buying a home. But buying a dream home requires a lot of homework to be done at your end. You need to consider the types, design, specification and other stuffs while deciding upon the property to buy. So, in this article, we will share our insights on such parameters to help you choose your home in a best possible way.

Under-construction or ready-to-move property

The first thing that comes across the mind of a home buyer is whether he/she is purchasing an under-construction or ready-to-move property. Well, you can choose either of the options depending on your suitability. But, it is always advisable to opt for ready-to move property on account of several factors. First is the immediate possession that you enjoy with this type of property. But in the case of under-construction property, it takes years for the possession to take place. Second benefit with the ready-to-move property is the savings on the part of rentals, which can pinch your pocket when you buy an under-construction flat. There is a double whammy with under-construction property- Paying rent as well as the EMI on the home loan, making your pocket thinner by the day. Even on the taxation part, ready-to-move holds the edge over under-construction counterparts. You can claim for tax deduction immediately with ready-to-move property. But with under-construction property, you need to wait till the time of possession to get the tax benefit on the loan.

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Home Designs & Specifications

While choosing a property, you should also pay attention to the designs and the size of the home. Ask the builder to imprint colourful designs in a home that you want to buy. You can even hire a professional interior designer for the same. Moreover, you should focus on the shape and size of the house. You should look to buy a spacious home, keeping in mind the budget factor.

Approval from Competent Authority

The next consideration comes the approval to the home, which you want to buy, from the competent property development authority. You can find a plethora of homes, which could look glamorous, but do not have the authorization. If that is the case, then you should not buy it and instead hunt for a home, which is approved by the competent authority.

Do not fall for faulty promises

The builder or seller may convince you to buy a property far away from the city by promising you that soon a bus stop or a railway station will be set up there. Don't get influenced by that. Instead, search for a property within a location where transportation facilities are there so that you can commute with ease.

Proximity to Schools

Education of your child should be as important as any other thing in your life. So, make sure the schools are near to the location wherein you want to buy the property. In this way, you can make your dream home a successful one.

Water Supply

The home , which you want to buy, must have a continuous supply of water so that you can enjoy your stay there throughout your life.

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Now that you know the stuffs you need to evaluate before buying a home, make sure you implement it to enjoy your home journey in a big way. Do not fall into the sweet selling words of the builders and the sellers. Instead, keep your eyes open and introspect each and every thing carefully as it is the matter of a lifelong investment.

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  • Home Loan Interest Rates September 2023
    Axis Bank8.75% - 9.15%
    Bank of Baroda8.50% - 10.60%
    Citibank8.75% - 9.15%
    HDFC8.50% - 9.40%
    ICICI Bank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.65%
    Kotak Bank8.85% - 9.40%
    LIC Housing8.50% - 10.50%
    Piramal Capital & Housing Finance10.50%
    PNB Housing Finance8.50% - 10.95%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI9.10% - 9.65%
    Tata Capital8.95% - 12.00%
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