5 Things to do if it’s your first time to purchase a home

Are you a first time home buyer? You are surely clueless about the real estate industry at this moment and that is one of the reasons why you are exploring this post. So, now that we know you are here with no information regarding the home buying process, let us help you with some things you must consider before you buy a property!

5 Things to do if it’s your first time to purchase a home:

1. Know the Jargon: the best thing to begin with is doing a proper market research and understanding the common terms and jargons that are used in the real estate industry. You can do this by asking the contractor or a builder or a realtor (if you are consulting any) in order to avoid confusion.
2. Organizing your finances: If you are in need of a loan for the property, then ensuring a clean credit background is important. You need to be realistic while deciding the budget and should be able to understand which property you can afford.
3. Choosing the right Loan scheme: Opting for a loan with a fixed rate is ideal for long term investments as you will need to pay minimal interest rate that is expanded over time. Whereas, adjustable rate loans involve risk of variations in the rate of interest due to the fluctuations in the market.
4. Pick your ideal location: While choosing a property having schools, colleges, hospitals, shops and other facilities are important, but, there is more to it if you consider reselling it later as you need to ensure that your home is in a convenient location so that it boosts your property value for the time you decide to resell your home.
5. Inspect the property before you finalize: Before you commit to purchase a property, ensure you inspect the facilities and the complete property by yourself so that you are aware of the problems that may arise later and where all you need to make changes in the property that can add to your post possession expenses.

Thus, understanding that buying property is a daunting task, we suggest you to follow the things you must do before buying a property to avoid risks of investing in a wrong property. 

Reduced Stamp Duty for Home buyers in Maharashtra

The Maharashtra state government is planning to reduce stamp duty on smaller houses in Mumbai and other parts of Maharashtra. This is a relief for people who own residential properties that are less than the area of 750 sq. ft and the potential home buyers who are planning to buy properties in Maharashtra as the state government plans to help economically weaker, lower income and middle income groups.

The stamp duty rates will be justified with 1% tax for residential properties for the economically weaker sections, 2% for the lower income group houses and 3% of the agreement value for the middle income group houses. However, the people belonging to the higher income groups and the home buyers in search of better properties will continue to pay the standard stamp duty as applicable at present.

Currently, the stamp duty applied on ready reckoner property rates is found to be 5% as specified by the government or the existing market rate, whichever is higher. The state government’s draft housing policy, which has proposed these amendments, has defined 

• The EWS (economically weaker section) houses as residential properties spread over an area of 269 sq. ft.
• LIG (Lower income groups) Houses spread over 270-538 sq. ft
• MIG (middle income groups) houses as 539-753 sq. ft.
• However, any property area measuring beyond these mentioned figures will be defined as the HIG ( high income group).

The registration charges will also be reduced to the standard Rs. 1000 per transaction against the current applied tax of Rs. 25,000. For the HIG houses, the ready reckoner rates are revised every year, depending upon the weighted average of the transactions observed in the previous financial year. Hence, for people who are looking forward to invest in residential properties in Maharashtra should be aware of the existing stamp duty rates before they finalize any property for the end use. 

Why online loan against property (LAP)?

The Jaikumar Group has come up with some of the new concepts for homes in Nashik. The projects provide you a perfect blend of luxury and affordable living options for the potential buyers who have been thinking of relocating in the Wine Capital of India or even invest i properties as a second home option. The project is indeed surrounded by greenery all around. The project by the group allows interested customers to avail financial loans from multiple banks with ease.

The Parksyde projects give you a variety of options in terms of stylish 2 BHK and 3 BHK housing options. With acres of lush green surroundings with trees all around and flowers & shrubs, you may indeed wake up feeling closer to nature every day. With the internet being a part and parcel of our life, it is indeed a good medium to conduct a research of our own while seated in the comfort of our homes. Loan against property (LAP) is indeed one of the most common funding facilities chosen by most of us.

Loan Against Property

Some of the benefits of online buying of LAP plans are:

Saves a lot of time and is hassle free – The benefit of simple usage and quick completion of the process has been the biggest benefit of applying for LAP online. A visit to various finance companies personally is also a thing of the past; from here, you can browse through the loan schemes offered by different lending institutions from the comfort of your home.

Flexibility option: You need not visit the office of financial institutions at specific working hours, when you are applying for a loan against property online, you can get the required information any time you want. If you find it difficult to visit the lender’s office due to hectic schedule, you can do your research about loan and apply for the same online even when the office is closed.

Multiple options: The market is flooded with financial institutions who are more than willing to offer loan against property. By applying online you can browse through the various schemes, compare the interest rates, check the repayment terms and get the best deal to suit your needs.

Lower Fees: This factor is also another significant benefit of applying for a loan against property online. While applying for a loan online, the commonly charged lender fee is comparatively lesser as compared to the fee that is applicable while applying offline.

Quick approval and smart decision: With a majority of the people applying for a loan against property online because they get quicker feedback from the lender. More often the financial institutions approve the online application faster.

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