Tips for purchasing a house in Pune

When you invest in buying a house in Pune, the investment is multi-dimensional. Your house offers you security, satisfaction, and the joy of owning a property. Buying a house is probably the biggest investment that you are going to make and a house will always remain as an asset to you. Thus, buying your house can be considered as a major milestone in your life.

Sometimes, your hard earned money might not be sufficient for purchasing your dream house. This is where home loans come in to play. On an average, a home can stretches over a period of 15 years to 20 years. If you are staying in a rented apartment, buying a house and paying for home loan installments instead of rent makes more sense. The maximum tenure that you can avail for the repayment of a housing loan is 30 years.

It is advisable that you set aside a substantial chunk of your savings for your emergency purposes. Don’t churn out everything for buying a house.

Things to remember when you buy a house on home loan in Pune:

• Location – The location where your property is situated plays an important role when you apply for a home loan. Depending in where your property is in Pune, the home loan eligibility may change. There are areas blacklisted by banks and if your property lies in a blacklisted area, you might not stand eligible for the loan.
• Affordability – Various people in Pune, buying houses for the first time fail to understand the expenses that come after buying the house. Firstly, buying a house does not mean just paying for the property. The legal work, registration charges must be factored in while calculating your affordability towards the flat. After you buy the flat, you will have to pay for the interiors, electrical fittings, painting, etc. All of these will cost a substantial amount of money and you must estimate your total expense accordingly.
• Learn to deal with the builders – Understand what you are signing up for before you pick a property. It is always advisable to go for a background check of the promoter you are signing the deal with. Check if he and the property that he’s building are registered under RERA. Only invest your money when you know that it is completely safe.
• Documentation – Generally, you would be signing a stereotypical agreement when you buy the house. Speak to your lawyer and understand the agreement better. You can recommend specific changes to the agreement and customise to a certain extent, depending upon your needs.
• Understanding the concept of carpet area – The carpet area is the final area that can be utilised for residing inside your property. The built up area is the carpet area plus the area in the balcony, walls, etc. The super built up area includes everything that is a part of the built up area and the garage, lobby, lift, etc.
• Tax benefits – You can avail tax benefits if you invest in a house under the prevalent tax laws.

Bottom line – It is a matter of joy and honour to buy a house. But understand what you are investing in. A well-done research is advised before you pick a property and invest in it.