Easy finance availability and
economic growth are the major reasons, why young Indians want to invest in
real-estate. Back in the year 2013, to promote P. Chidambaram (Former Finance
minister of India) raised tax deduction limit to Rs.1 lakh for housing. Today
also, the Government of India regularly announces the several housing schemes
to provide shelters to the common people. Apart from Gov. of India, there are
several private banks who are offering home loans. Apart from banks there are
also several private financial institutions who offer home loans. Buying a new home or flat is a dream
of everyone. There are several things to look while buying a flat.
Have an eye on interest rate:
Different banks offers different rate of interests. It is very hard choosing
between floating and fixed rate of interest. During fixed rate of interest, the
rate remains same for throughout the loan tenure while for floating loan type,
it fluctuates. One should select the most appropriate option according to the
income and profit.
CIBIL score: CIBIL score matters a
lot while applying for a loan. The bank offers you the loan amount based on
your score. Better it is the high chance of getting the good amount. Good score
also makes the loan availability at the cheaper rate.
Research location: Buying or
designing a home needs a huge capital. Therefore, before applying for a loan,
it is very important for you to research the locality. Check out for basic
availability like water, road, electricity etc.
These are some points that you need
to take care before investing in home. Share your thoughts in the comment
section.
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