Purchasing a home is one of the most important and often difficult decisions in life, taking considerable financial planning, various legal aspects into account, and a significant emotional outlay. Whether it’s your first home purchase or upgrading to a bigger home, the Indian real estate market has many good options across metropolitan cities (Delhi NCR, Mumbai, Bengaluru, Pune, Chennai, and Hyderabad), tier-2 towns (like Indore, Lucknow, Jaipur, and Coimbatore), and an emerging tier-3 suburban towns. Knowing the process, current market developments and the aspects of the home, overall home decision will provide you the best possible direction toward your purchase.
The real estate market in India has changed rapidly over the last 20 years. Many factors have permitted the real estate sector to grow and flourish in desirable areas of importance and size. Some of the factors affecting the real estate market growth are urbanization, rising incomes, building constructions improving infrastructure such as primary, secondary, and tertiary,
Before proceeding with the purchase of the home, it’s prudent to evaluate your financial health before proceeding with the purchase of a home in India. Financially assess your total income, existing liabilities, and look at the long-term financial angle. Housing loans are a necessity for most potential home buyers in India. They can seek loans — the best way is to know your credit score and seek a pre-approval your bank/NBFC. Applying for the housing loan approval and searching the right property after knowing the value of your repayment will significantly streamline the process. Banks usually provide 80% of the property value for most housing loans, however doing due diligence is most certainly the best way to purchase a home where you can be sure of your financial obligations are understood from the get-go.
