Buying a Flat in 2020? It’s Easy If You Do It Smart | Properties & Projects in Navi Mumbai
1. How to make savings when buying a house in 2020?
While the process of purchasing a home remains the same as it was in 2019 or any year before, the right approach on your part will help you save money by 2020. Real Estate in Navi Mumbai Buying a house requires substantial financial expenses. Consequently, when you buy a home in 2020, a little preparation and commitment will help you save lots of money.
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2. Tax savings on home loans 2020:
Consider opting for a home loan for the tax-saving benefits it offers when buying a house. The interest on a home loan is also tax-deductible in addition to the home loan principal portion.
Having a woman as first borrower co-applicant will bring down the amount of interest you pay.
Additionally, if both the partners operate and jointly apply for a loan, the overall benefit amount of the loan rises.
In addition, the two co-applicants can, under Section 80C, claim tax deductions of up to Rs 1.5 lakhs each, against the principal repaid.
According to Section 24b, both can also claim up to Rs 2 lakhs each against the interest paid, “explains Navin Chandani, chief business development officer, BankBazaar.com.
3. Select a bank that has low-interest rates:
Today, taking advantage of a home loan has become increasingly simpler, with almost every bank offering competitive rates and enticing bids.
Nonetheless, due diligence is necessary, and the bank with the lowest interest rate is chosen. Property in navi mumbai most banks are providing reduced interest rates for female lenders according to experts.
This can range between 0.01% and 0.15%. While this tends to be a small percentage, tenures on home loans are typically within the range of 15-25 years and small differences can add up to significant savings.
For instance, a difference of 0.05 percent cent on a 15-year Rs 50-lakh loan can save you around Rs 27,000.
4. Benefit available under Minister Awas Yojana of Pradhan (PMAY)
The Pradhan Mantri Awas Yojana (PMAY) was initiated to assist people at subsidized rates to access housing.
Provided one follows the Government’s guidelines, the PMAY is a great way to save money for first-time home buyers.
Under the PMAY Credit-Linked Subsidy Scheme (CLSS), for the purchase of affordable homes, first home buyers can get interest subsidy benefits of up to Rs 2, 67 lakhs against the home loan. Projects in Navi Mumbai and, if you’re looking to buy your first home in 2020, then you can save lots of money on the CLSS benefits.
5.Consider before you buy a lender’s home loan policy:
When choosing a home loan through a bank, remember that at the same time there is no obligation to buy an insurance cover.
Neither the Rule, nor the RBI or IRDAI made it mandatory for the same. Insurance procurement is always at the buyer’s sole discretion and one cannot be forced to purchase a contract.
Through an insurance company, one can always buy insurance at a later stage, “explains Rahul Grover, SECCPL CEO.
A home loan insurance policy bundled with your home loan generally includes a single premium, and if you want to transfer your lender, you will not be able to port your policies.
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6.Beware of spreading interest on your house loan:
The interest rates and spread on the loan vary from bank to bank, and often between different schemes that the same bank is providing.
Unless specifically stated in the agreement, the spread is a key factor, as it does not generally affect the duration of the loan, unlike the volatile interest and
In order to reflect changes in repo rates and market conditions, it would adjust at regular intervals. Real estate in Thane therefore, lenders would choose the lender with the lowest spread, as market forces and regulatory policies will eventually bring interest rates to par.
The spread would stay constant though.
7. Negotiate with the owner or seller of the property:
Do not consider the first bid from a developer or a mortgage broker. Also ask about other choices, best rates, furnishings, and facilities available.
Keep in mind, however, that the number you quote should be accurate. The property may otherwise slip away from your power.
8. Search properties of under-construction:
While it may sound enticing to have a home ready to move in, such properties are more costly.
If you can afford to wait, it will be a better option, financially, to buy a house which is still under construction or one which needs finishing work.
When buying an underbuild home, check the developer’s RERA registration and record. For ventures where the contractor took title insurance, usually choose properties.
9. Creation of an Immobilien Stress Fund to relieve the sector’s liquidity crisis.
i. We’re looking at some of the lessons from 2019 that should be considered for those hoping to buy a home by 2020
Lots of things you will learn from your experience. Now that 2019 is over, you can look back and pick up the things that can help make 2020 a better year.
The previous year saw several major announcements impacting both the real estate sector and the home buying process.
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ii. Some of 2019’s key announcements and events relating to the real estate sector are:
a. The Union budget 2019-20 declared the surplus tax deduction of Rs 1.50 lakhs on interest paid on home loans, for the affordable housing section.
b. Permission to reinvest the capital gains of up to Rs 2 crores of a person, in two homes.
c. Increase in deductions, from Rs 40,000 to Rs 50,000, for wage earners.
d. Introduction of the first REIT of India.
e. The GST rate for residential real estate is reduced.
f. Creation of an Immobilien Stress Fund to relieve the sector’s liquidity crisis.
Navi Mumbai Property Rates Commercial / Residential January – 2020
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