Buying a Home

Selecting a Home – Buying a home is like a dream come true. So be careful while selecting it. The first few things you should look at are locality, age of building, area of flat, school, market, transportation, and neighborhood.
One should also look at the possibility of resale because never think that this is your last home. You will always get a better one. Try to buy a house in a ready possession. If possible then avoid the top floor flat because there are chances of leakages from terrace. If you think that you are going to stay for temporary period then better go for rented one.
Keep an eye on economic condition; you might get better rates. If you are looking for some expansion in future then go for raw house or Bungalows.


Verification- One should always verify that the flat or plot he is purchasing is legal and the person who is selling is authorized to sell the same. Always involve the society in the same. Hire a lawyer to verify the documents. One face more problem in the Mhada flats. Take assistance of experience lawyer for the same. Normally if you are taking a housing loan then bank always verify the documents, but even before paying down payment to the owner its our responsibility to check them.

Arrange Mortgage Payments - Home loan can result into disaster if not planned properly. One should always try to pay more amount as a down payment so the installment amount can be reduced. According to our understanding, the monthly installment payment should be approx 30% to 35%. For ex. If your net take home salary is 40,000 per month then your installment payment should be approx 12,000rs to 15,000. If you get some lump sum amount as a Bonus or from any investment then you should use the same to pay your principle amount of loan unless you have any other requirement. It might possible that bank continues the same installment amount but the interest part and duration will be reduced. Make sure that your accounts have enough balance to pay the Installment.

Choosing a Bank – You need to do thorough study of interest rates charged by different banks. Most of the time it is same but you might get 1% or 2% less. Also ask your friends if they have any experience of any Bank. Some banks provide very good services so you can choose any of them. Also keep in mind of any future event. It might be possible that in next month the interest rates may be going down or may go up so take decision accordingly.


Maintenance Charges play important role in the decision of buying home. Sometimes we can afford the installment amount but we might face problem in paying maintenance charges. We already have Installment amount as a increase in expense now and if the maintenance charges also include then it can ruin our planning. We might not need the facility of swimming pool or gym then why to pay for the same.


We will also keep on updating our site to help you more on the same. If you have you can contact us.

Housing Loan

Housing Loan is a very important factor in buying a home. We all get tensed if we have to go for housing loan. Here we will try to release some of your tension by telling you things which you need to keep in mind while going for a home loan.

Amount for home loan. – Normally Bank provides 75% to 80% of the contract value. People think that we should take the maximum loan provided by the bank. But it’s a myth. The more loan you take more interest you pay. People keep amount in FD and ask for more amount of loan. Think this way your FD gives you 8% to 9% interest but on home loan you pay around 10% to 11% that means you are loosing on the interest part. Unless and until you need the cash for future requirement you should use the same to pay down payment. If your down payment is more then you have more chance of loan getting approved.

Appropriate Bank – Different bank provides different services and to some extent different rates. One should carefully analyze the same. Also some banks provide the some personal services, so try to take the benefit of the same. Make sure that you always have the sufficient balance in the account from which your EMI is going.

Repayment and Investments– Before approving loan bank sometimes check the credibility of the person. Make sure that you make your credit card bills and the EMI of any other loans (if any) on time. It gives the confidence to the bank. Bank also looks if the person has done any investments or not. It shows that person is smart enough to save some part of his income. Sometimes banks also ask to keep the investment as mortgage. This will help in fast approval. Be more careful on paying returns. It shows that person is responsible citizen. Believe me all this will help you to great extent.

Joint Home Loan – If required then you can also go for joint home loan with your wife (some banks allow brothers also). It will help you to get more eligibility and as well as more confidence to bank. This will also helps you to get tax gain on principle and interest payment. Both Husband and wife can claim the Tax benefits under section 80c ( for principle) and under section 24 (for interest component).

Different banks have different requirements. To get loan fast try to fulfill all requirements ASAP.

We are always ready for any questions. Please contact us for the same.