BUYERS GUIDE

Buyers Guide
Motivation to buy a home
There could be one or a combination of any of the below-mentioned reasons for buying a home.

  • You have surplus money and you want to invest it wisely to gain maximum returns.
  • You have reached a stage in life, where you wish to buy a home for yourself.
  • You wish to buy a home for your child / children, which indirectly translates to buying a home for investment.


To Buy Flats in Navi Mumbai buyers guide will help you with the Budget homes in Navi Mumbai. With the help of Online Listings Of Builders Developer you will easily find the Reasonable House In Navi Mumbai. You should weigh carefully your reasons for buying a home because that will help you decide where to buy a home and what price to pay for it. Spend some time on this step, and once you know what you want you can move to the next step.

Where to buy a home?

If you are looking at a home purely from an investment perspective, then you should be looking at areas that are newly developed. For instance, if you intend to invest in a home in Mumbai/Thane/Navi Mumbai region, then one of the hottest new places to invest is Kharghar and Ulwe in Navi Mumbai. Even within Kharghar, the most recently developing areas are Kopra (Sector 10) and Owe (Sector 35) and within Ulwe the prime sectors are Sec 18, 19, 21 and 9. If you are interested in buying a home where you want to immediately move into, then Navi Mumbai as a whole offers one of the best living conditions in suburban Mumbai, as it has the best infrastructure in the whole of India, with huge open spaces in the form of parks and gardens, wide roads connecting all areas, a number of modern malls, 5-star hotels and educational institutions to support a fulfilling life-style. Kharghar and Ulwe offer the best opportunities for buying new homes in Navi Mumbai. If you intend to buy a home for both investment and for living, then too, once again, Kharghar and Ulwe offer the best opportunities.

How much money are you willing to put in to buy a home?

This depends on how much you can afford to pay for your home. There are two ways of paying for a home. One is, you pay the entire amount out of your own pocket and the other is to pay a small down-payment from your own pocket and take a home-loan to pay for the remaining part. Taking a home loan is always the best option, for it has the following benefits:

  • You can increase the size and quality of your home, within the same budget
  • The government offers a lot of tax incentives on home loans
  • The rate of interest on home loans is the lowest compared to any other kind of loan. Thus your capital appreciation is best by paying the least amount of interest

How do I apply for a Home Loan?

Approach a Housing Finance Company with the latest salary slip and TDS Form 16 of the last two financial years of yourself and your co-applicant. The loan officer will informally tell you the amount of loan you are eligible for, the areas in which they finance flats and the terms of the same. Collect a loan application form and confirm the needed documents (mainly proof of income). Visit more than one company since you are likely to get better terms/ larger loan amount if you shop for the best deal.

How much housing loan can one get?

It depends on a person's repaying capacity based on your income. You can add your spouse's income to increase the amount of loan.

What tax benefits are available in regards to the housing loans?

Tax benefits are available to consumers of house loans for the interest component as well as principal component of the housing loans. The current budget has left the upper limit of the interest payment deduction at Rs 150,000 per annum. The section 80C also allows tax benefits on principal repayments.

How can I pay both my rental as well as the installment?

In case you are presently staying in a rented apartment, and you are buying an under-construction house, then you may be worried that you have to pay both, rent as well as the bank installment. However, this is not true. While the building is in under construction stage, there are two choices where you can save on installment:

  • The bank only charges you interest and doesn't expect the principal amount to be returned during construction phase. This cuts down your installment by almost half.
  • The bank doesn't pay the entire loan amount to the builder in one go, but does so only partially, as per the status of the construction. Thus, you pay interest on only that portion of the loan, which the bank pays to the builder, and not the entire loan amount. This further reduces your interest itself, on an average, by half, over a period of 2 years (typical project completion time).
Thus, your average monthly outflow is about 25% of the actual installment, during the construction period. This is a small amount to pay for getting the substantial benefits of buying a home cheaply, during the early construction phase of the building.

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