Bridging the Gap between You and Your Dreamland
Realty market is on peak in metro cities due to lot of job opportunities available here. Migration of people from different parts of the country is imparting the strength to realty sector in metro cities. National Capital Region Delhi being one of the metro cities is also witnessing the boom. Migrated people usually between 25-30 years age are hunting for the independent condominiums.
Sorting the issue
One of my good friends, 28, an NCR based IT professional has been hunting an apartment for six months. With the aspirations of a BHK den and a budget of Rupees 50 Lakhs, he is not able to find the one. He is not the only one to scale down his aspirations. His ordeal is typical what youth of India is facing today. Over the past decade, property prices have been galloped and have driven the housing prices to scale up in the fastest gear. Let us try to bridge this gap with some smart strategies.
Estimation
It is often suggested to do the necessary calculations and estimate your budget. For instance if you are earning 50, 000 Rupees monthly then you should not go beyond 40% payment towards EMI as the financial planners suggest. Implying that 20, 000 Rupees can go as EMI and further this amount is fragmented if you have other EMIs to pay. If you borrow at the interest rate of 10.25% over 20 years, then you can get a loan of Rupees 20 Lakhs. Considering that bank will finance 80% cost of the house, you can best afford the house at Rupees 25 Lakhs.
According to the experts it is better to stick with a property price of which is 4-6 times the current annual income. Beyond six times should be avoided.
Escalated interest rates
With current inflation, double digit interest rates on home loans are troublesome. Home loan rates have been softened down to 25-30 basic points in last quarter of 2014 and in 2015 it is expected to fall down to 50-75 basic points which is a great news for homebuyers. Hence buyer should not opt for fixed rates as the rates are falling down. Hence floating rates should be ticked in order to use windfall gains.
While shifting from higher home loan rate to lower, minimal processing fee for documentation is charged. No prepayment fees and processing fees are levied.
Understanding the hurdles for homebuyers, Lotus Greens Group has come up with different payment plan. The new launch by the group is accommodating 2, 3 and 4 bedroom condominiums in Sector-89, 90 Gurgaon. Promising the experience of true essence of high standard living, Woodview Residences project manifest all the ingredients.
Sorting the issue
One of my good friends, 28, an NCR based IT professional has been hunting an apartment for six months. With the aspirations of a BHK den and a budget of Rupees 50 Lakhs, he is not able to find the one. He is not the only one to scale down his aspirations. His ordeal is typical what youth of India is facing today. Over the past decade, property prices have been galloped and have driven the housing prices to scale up in the fastest gear. Let us try to bridge this gap with some smart strategies.
Estimation
It is often suggested to do the necessary calculations and estimate your budget. For instance if you are earning 50, 000 Rupees monthly then you should not go beyond 40% payment towards EMI as the financial planners suggest. Implying that 20, 000 Rupees can go as EMI and further this amount is fragmented if you have other EMIs to pay. If you borrow at the interest rate of 10.25% over 20 years, then you can get a loan of Rupees 20 Lakhs. Considering that bank will finance 80% cost of the house, you can best afford the house at Rupees 25 Lakhs.
According to the experts it is better to stick with a property price of which is 4-6 times the current annual income. Beyond six times should be avoided.
Escalated interest rates
With current inflation, double digit interest rates on home loans are troublesome. Home loan rates have been softened down to 25-30 basic points in last quarter of 2014 and in 2015 it is expected to fall down to 50-75 basic points which is a great news for homebuyers. Hence buyer should not opt for fixed rates as the rates are falling down. Hence floating rates should be ticked in order to use windfall gains.
While shifting from higher home loan rate to lower, minimal processing fee for documentation is charged. No prepayment fees and processing fees are levied.
Understanding the hurdles for homebuyers, Lotus Greens Group has come up with different payment plan. The new launch by the group is accommodating 2, 3 and 4 bedroom condominiums in Sector-89, 90 Gurgaon. Promising the experience of true essence of high standard living, Woodview Residences project manifest all the ingredients.
