Nine mistakes to be avoided by first time home buyers

We look at many of the common mistakes made by first-time buyers, flats in navi mumbai & what they can do to prevent potential complications

For most people buying a home is often their life’s biggest investment. Property in navi mumbai between the euphoria of buying a property and the stress of its financial implications, a first-time buyer is often prone to mistakes. Here we mention nine common mistakes that are likely to be made by first-time buyers and how to prevent them.

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Believing you can quickly get a house loan

Sometimes buyers may think one can apply for any loan amount and the bank would approve the application and disburse the loan within days. It is not true. Builders in navi Mumbai banks, depending on your personal eligibility, grant you a housing loan. We then determine the property that you want to buy and evaluate the value of the loan we are able to lend for that property. This is not going to be more than 90 percent of its total value.

Not checking one’s eligibility for loans

Most people use housing finance to buy houses. For such home buyers, the logical thing is to first find out what kind of home loan they are eligible for. 1 bhk flat in navi mumbai estimate and adhere to a schedule, depending on the creditworthiness and savings. You may like a particular house, but if you can’t afford it without taking a huge debt, it’s not good.

Over-borrowing to buy inexpensive property

First-time homebuyers frequently make the mistake in their over-enthusiasm by opting for homes that are beyond their monetary ability. Flats for sale in navi mumbai they appear to borrow unnecessarily for this, and then inevitably regret the decision. Since your house will not be your sole responsibility in the future, over-engaging with it would not only be financially stressful but also mentally stressful. Home purchases are long-term commitments and for a long time any effects (good or bad), would be felt.

Not taking into account the miscellaneous expenses

Investments in property involve lots of additional expenses. You will be expected to pay stamp duty and registration fee to register the property in your name. 2 bhk flat in navi mumbai if it’s a resale property, you might need to spend money on doing some repair work. It would be good to provide a prior estimate of those expenses.

Ignore the tax benefits

Not many people are well versed about the taxes they have to pay on purchasing a house & the rebates they can claim under different sections of the Income Tax Act. Not paying the taxes on your home purchase would amount to tax evasion, low budget flats in navi mumbai while failing to claim the rebate properly would mean financial loss. In India, special tax cuts are allowed under Section 80EE, and Section 80EEA to first-time home buyers and buyers should take advantage of those provisions.

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Joint house lending is fine

Taking a joint home loan with your spouse can increase your eligibility for loans and help you buy a better house, but there are several implications for doing so. If you cannot, your partner would be responsible for the payment of the loan. In the event of default, 1 bhk in navi mumbai the credit ratings of both co-borrowers will be affected. In addition, it’s not easy to get out of a joint loan. The disposition of the land would also become difficult in the event of a dispute.

Not working on house loans

The interest rate would be the primary determinant when choosing your lender. This too, however, involves several other aspects. Considering that you will spend a large part of your working life in paying off this debt, after thorough research and due diligence a home loan product has to be picked. Choose a reliable lender, row house in navi mumbai preferably a bank and not a property finance firm. Choose a product that suits your needs.

Picking the wrong house

We can buy properties right at the initial stage of our working lives, thanks to housing finance. When choosing their first house, many buyers do not recognize old age, disabilities, and sickness. As a result, these buyers are frequently forced to sell their first property to the middle of their lives, to buy a suitable home for that generation. 2 bhk in navi mumbai for example, you might not be bothered by the lack of an elevator in an apartment building, as long as you are young and able to walk up and down the stairs quickly. The same might not be valid at the age of 50 however.

Trying to do it all yourself

Home buying is a lengthy process, with legal and financial issues involved. It may, therefore, be advisable for specialists to carry out tasks involving complex legal or financial knowledge. Hiring a property agent will save you time and effort in helping you find a home within your budget. Likewise, hiring an attorney would help take care of all the legal aspects. It may be necessary to recruit a chartered accountant afterward so that you can file your taxes to the fullest and claim the rebates available to you.

 

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