Choosing the right location in Pune is another important step for the first time home buyers. Your job and other personal circumstances can take you places. Are you better for buying home in a town/village where you expect to spend the evening of your life or would you rather buy a home in a metropolitan city? You may also want to conduct a detailed analysis of the costs involved in city dwelling vs. village dwelling, rate of appreciation in values, and your sentimental pulls.
Check out some awesome tips to buy a home in Pune
Leave nothing to chance: First-time homebuyers in Pune are investing a major part of their life’s savings into the home they are about to buy. As a buyer, you have every right to ask for elaborate specifications including brands, free medications, and modifications at extra cost, marginal changes to specifications, and more. What is important however is to document all these discussions and insisting on the builder signing every minute of meetings.
• Documentation: Documenting the acquisition for first-time homebuyers is best done in consultation with a competent legal professional. In practice, however, home buyers are provided with stereotype agreement. Do know that these agreements can be modified to reect your specific needs and concerns. A carefully worded document can save you plenty of bothers and even some money in some circumstances.
• Financing options: Most first-time home buyers in India opt for a home loan to finance their acquisition. There is no dearth of home finance companies and banks with specialized subsidiaries for home finance. A housing loan also entitles you to multiple benefits with major gains coming from your income-tax liability. Though most financing options may portray an identical picture, you should know that each financier has a profit maximization objective. Understanding the fine print is therefore critical to peg your cost of finance at affordable levels. Purvey every single option that is available to you and seek the help of professionals if you have difficulties in understanding the numbers.
• Understanding common area in high-rise structures: First-time home buyers looking for a flat in and around Pune should educate themselves on the concept of ‘common area’. Some builders do over a differential pricing for ‘common area’ since much of the amenities provided in the carpet area offered to you do not apply to the common area. This subject by itself is pretty exhaustive and merits in-depth learning.
• Payment modalities: The cash component in home buying is an accepted reality in Pune India, though the legal sanctity is absent with such transactions. Most builders sign an agreement of sale upon payment of the cash component. Your home loan provider approves the loan on the strength of the agreement and releases payment directly to the builder either as a lump sum payment or in progressive installments. Once the loan is approved and accepted by you, there can be instances when you are not in absolute control of the disbursement. This can lead to tricky situations when your builder colludes with the home loan provider. Document your loan appropriately to save yourself of such embarrassments.
• Shopping for home loans: Let us now take a breather from the builders and turn our attention to home loans. Shopping for competitive home loans is another major component of in-depth work for first-time home buyers in Pune. At first sight, most loans may look alike. Marginal difference in interest rates, the amount of margin money offered by you, the loan amortization table, prepayment options, penal interest for belated payments, processing fee, and documentation charges are among the major components you should understand in great detail to understand the net cost of funds that you borrow. Do expect someone to print and clauses that can be interpreted to suit the lender.
• Furnishing needs: A new home must be appropriately furnished to make it comfortable for the occupants as well as the visitors. Some homeowners end up spending nearly the cost of the home itself in furnishing. The scope is unlimited and your access to financial resources is the only limiting factor. In practice, however, many first-time home buyers tend to conveniently forget this all-important part of the acquisition and end up with empty wallets when they move into their new home.
• Up-keep and maintenance: Your home will also need regular upkeep and maintenance. Depending on your lifestyle and the size of the home itself, you must set aside a decent sum of money month after month to meet these expenses.
• Add-ons: First-time home buyers should also consider possible expenses on account of add-ons after they have moved into their new homes. This is particularly true in the case of high-rise structures. Enclosing the balconies is among the most popular additional spend that you incur upon moving into a new apartment.
• Tax benefits: The major motivation for first-time homebuyers in shapoorji pallonji oxford bavdhan pune, Pune comes from the income-tax deductions that are available against home loan repayments. Without a home loan, your contribution to income-tax would be greater and the money accrues to the exchequer. But, when you avail of the tax concession, it promotes indirect savings for you, and the benefit accrues to your personal account. The exact scheme of deductions and percentages is announced in the annual scale budget released by the Government of India.
• Consider co-ownership: First-time homebuyers in Pune who have the ability to make large investments into their home in the urban agglomerates across the nation can also benefit from co-ownership of the acquisition. A co-ownership between husband and wife where both the individuals have independent income streams, between father and son or daughter and father can be considered subject to legal limitations in force from time to time. As the law exists today, this is one way you can increase the loan component and enjoy better tax advantages for the family as a unit.