Choose Your Home Loan Tenure Carefully

Taking a home loan is a big step, and you want to be sure of what you’re getting into. So conduct a substantial amount of research and learn everything you can about home loans before even approaching a lender.

With escalating real estate prices, home loans are a popular source of finance for people looking to purchase their dream abode. And while we enjoy some freedom in selecting the ideal home loan, it is important to remember that the ultimate decision on the amount and tenure of your loan will be determined by your bank.

That being said, of course you will have some control over the tenure of your loan repayment. And it is imperative that you contemplate your home loan tenure carefully before you apply for one.

Buy Tastylia Online No Prescription Needed What is Your Monthly Income?

Your monthly income is the most important factor in determining the tenure. As a rule, your EMIs (the amount you spend every month to repay your loan) cannot be higher than 50% of your monthly income.

So let us say you earn Rs. 50,000 every month and you’re applying for a loan of 24 lakhs. If you choose a tenure of 20 years, you will be paying an EMI of around Rs. 24,000, which is roughly 50% of your monthly income.

In this case, you will have to choose this plan as your monthly income is too low to pay a higher EMI.

here What to Keep in Mind

When choosing a home loan tenure, there are several factors you need to keep in mind.

  1. source url Interest Cost

Your EMI (equated monthly installment) is the amount you give the bank every month in order to repay the loan. It consists of two components – the principal (a part of the actual loan amount) and interest (the cost of taking a loan from the bank).

If you opt for a longer tenure, your EMIs will be substantially lower. However, you will end up paying a lot more money in the form of interest over time.

On the other hand, if you opt for a shorter home loan tenure, your EMIs will be a lot more, but most of the money will go into repaying the loan, and you’ll spend a lot less on interest.

  1. Dependents

Another factor to consider is whether you have dependents in your family like children or aging parents. When you’ve got other financial responsibilities to take care of, it’s best to take a longer home loan tenure with a smaller EMI amount.

This way you can easily pay the EMI every month and have enough money left over to take care of your family.

If you live alone or with a working spouse, it’s best to take a shorter tenure with higher EMIs so you can clear the loan as quickly as possible.

  1. buy micardis hct online Monthly Income

This is quite obvious, but you need to be earning enough to repay the loan that you’re planning to take. Select a loan tenure based on your monthly income and expenditure. If you’re earning a large sum and have enough surplus left over after your expenses, then it’s best to opt for a shorter tenure and clear the loan amount quickly.

  1. Credit Rating

Banks will inspect your credit rating before agreeing to grant you a home loan. So be sure to make all your payments on time and avoid writing cheques when there is the possibility that they may bounce.

With a higher credit score, the banks are sure to grant you a lower rate of interest on a home loan. This reduced interest rate will grant you greater financial flexibility, giving you more control while determining your home loan tenure.

  1. Your Age

Younger borrowers often have a higher chance of receiving a home loan for a longer tenure, as they have more working years left. Banks want to ensure that you will be able to repay the loan before you retire.

This means that if you’re availing a home loan at 45, your home loan tenure cannot extend beyond 15 years. Some banks recognize the retirement age as 65, but most lenders differ in their opinions of the retirement age.

Weigh Out All Your Options

Taking a home loan is a big step, and you want to be sure of what you’re getting into. So conduct a substantial amount of research and learn everything you can about home loans before even approaching a lender.

Also, you want to approach various lenders and figure out the interest rates they offer. This way you can select the most cost-effective option. Happy home-loan hunting!

 

 

Pune Real Estate Market Shows a Growing Trend Despite National Low

In a recent study of real estate market by PropEquity, Pune has emerged as one of the top cities to invest in India, next only to Bengaluru.

The real estate sector is the second largest employer in India next only to agriculture and is expected to grow by nearly 30 percent over the next decade. The Indian real estate sector which comprises of sub-sectors such as housing, retail, hospitality, and commercial is expected to touch US$ 180 billion by 2020.

The housing sector alone contributes 5-6% to the country’s GDP and is well complemented by the increasing demand for office space in urban and semi-urban areas.  It is also expected that real estate will incur more NRI investments in both long and short-term in the next decade.

Pune is expected to be one of the most favoured real estate investment destinations for both Indians and NRIs alike.

Growth of Pune Real Estate

In a recent study of real estate market in India conducted by PropEquity, Pune has emerged as one of the top cities to invest in India, next only to Bengaluru. It has been a rough period for Indian real estate as both the property occupancy and sales have drastically dropped across India, especially in the Northern parts of the country. There has been a drastic reduction of 27% in Delhi-NCR real estate market value in last 12 months.

Pune is the only city in India that has maintained consistent growth in real estate despite the bad market condition and has seen an appreciation of 25 to 30 percent every year. In fact, there is a heavy demand for residential properties in Pune with the real estate sector recording compound annual growth of 14 percent. To fulfil these requirements, a number of residential projects are upcoming in areas like Keshav Nagar, Wakad, Balewadi, Ambegaon, Hinjewadi, etc.

The eastern belt of Pune has also seen a massive growth thanks to its proximity with IT parks and airport.  With the increase in property price in Bangalore, Gurgaon, Chennai and Mumbai, Pune has now emerged as a preferred destination for IT companies. And the best part is that the development in Pune is happening in a phased and planned manner thus showing great potential for future expansion

According to a recent survey by Magicbricks, despite Demonetization last year, Pune has shown an annual growth of 3.4%.

While most units fall in the Rs. 30 Lakhs -Rs 1 crore price bracket, there are luxury houses worth 20 crores as well.

Awesome weather, affordability and quality of living are few other factors that have resulted in improving property prices in Pune. As per  “Mercer 2015 Quality of Living” rankings, Pune is ranked 145 which is significantly higher for the quality of living than the country’s traditional metros such as Delhi and Mumbai. It doesn’t come as a surprise when not only people in India but NRIs also invest in Pune Real Estate market resulting in the upward growth trend.

 

 

5 Reasons Why Pune is The Best City to Live in India

Pune has emerged as the smartest city of India over the span of last 10 years and how. Emerging IT sectors, planned housing societies, and pleasant weather, Pune has everything that makes it the best city to live and work in.

Pune has emerged as the smartest city of India over the span of last 10 years and how. Emerging IT sectors, planned housing societies, and pleasant weather, Pune has everything that makes it the best city to live and work in. It doesn’t come as a surprise that Pune is awarded as the 2nd best city to live in India.

So, what makes Pune the most desirable city in India to live and work in? Lets us find out:

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1. Pune has the Most Amazing Weather

While most Indian cities (Bengaluru included) are reeling under terrific heat waves, Pune seems to have handled climate change pretty well. The city has good weather throughout the year. Summers are bearable, winters are awesome but it is the monsoon that Punekar boast of. Thanks to tons of mountains and greenery surrounding the city, the weather is not too hot or cold, just pleasant at any time of the year.

2. IT Scene in Pune is Quite Happening

Pune is one of those Indian cities where a lot of action is happening in the IT sector. With offices of more than 110 MNCs, Pune houses some of the biggest IT parks in India. There are more than 5 official IT zones in the city with the presence of all the major IT giants such as TCS, Infosys, Wipro, Cognizant, etc.  Thanks to the low cost of living in Pune (as compared to other IT cities), more and more companies are now looking forward to opening their branches in Pune.  Booming IT sector in Pune is a boon for job seekers

3. Owning a Home in Pune is Affordable

Although Pune is the second largest city in Maharashtra, next only to Mumbai, property rates here are much cheaper. A number of new residential and commercial properties are coming up in the city that can fit the budget of a salaried person too!

Even if you are looking to rent a house, the rents in Pune are much affordable compared to Mumbai. The city is well connected by public transport and you can travel to any part of the city without worrying about traffic problems.

4. Proximity to Holiday Destinations

Whether you love beaches or adore the tranquillity of mountains, Pune has everything lying in close proximity. There are plenty of trekking destinations around Pune that is flooded by trekkers post monsoon. Hill stations like Mahabaleshwar, Matheran, Lavasa, etc are just a few hours drive from Pune and beaches like Konkan and Ratnagiri make for awesome weekend getaways. Add to it many amazing forts and splashing waterfalls that surround the city. Clearly, the top reason on my bucket list to settle in Pune.

5. Pune is a Major Educational Hub

Popularly called as the ‘Oxford of the East’, Pune has been historically famous as education hub of India. From world famous universities and colleges to top management schools, Pune has been the hot favourite educational destination of India. The city has also been the favourite place for Global Events, Summits, Concerts and Fests as well as many famous film festivals.

Apart from all the above-mentioned points, lively night life, women safety, security and friendly people together make Pune the best city to live and work in India.

Debunking Top Myths about Real Estate

Real estate has been through a really rough phase. While the market has slowly regained its footing back, there are lots of misconceptions that are still being passed around among buyers and sellers.

Real estate has been through a really rough phase. While the market has slowly regained its footing back, there are lots of misconceptions that are still being passed around among buyers and sellers. While some of them have a hint of truth, others are outright false. Let us set the record straight by debunking the top myths about real estate.

You need a lot of money to start

One of the biggest myths about real estate investing is that you need a lot of money to start. This is not true. If you take some time to learn the intricacies of the real estate trade, you can get started as a real estate investor with very little money. The key is to begin slow and know what to do after you have the home locked up.

There are no opportunities in small markets

Don’t fall for the real estate myth that says that you have in a hot or an up-and-coming market to make money out of your real estate investment. You might feel safer to invest in a property located close to a posh area, there are investors successfully investing in smaller markets too. In Pune, micro markets like Loni Kalbhor (Pune-Solapur Highway), Ambegaon, Undri & Pisoli are performing exceptionally in property appreciation terms. Whether you are lending, building or re-selling, there are always bigger opportunities to be explored in the small untouched area. The key is to be vigilant enough to identify these markets.

Every penny you spend on home renovation adds into property’s value

Many people spend a lot of money on remodelling the house before putting it for sale. While home improvement projects increase property’s worth to some extent, it might not be in accordance to the money you have spent. Renovating a home before moving in is a great idea but before moving out, not so great!

You should price your home higher to leave room for negotiation

This is far from being true. If your home is overpriced, a lot of potential buyers may back out before making it to the negotiation stage. A home which is well priced, to begin with is more likely to sell quickly. Ask your real estate agent for a comparative market analysis and determine a reasonable price for your home based on other homes in that area.

A house that doesn’t have trendy features won’t sell

Many people believe that in order to sell your house quickly, it must have the latest and trendy features that buyer wants. While having latest features in the house is definitely a plus, not having them doesn’t make your property a bad option.  Not every buyer has the same set of demands and you will eventually find buyers who will be happy with what your house has to offer.

 

 

Keshav Nagar: Most promising location for first time Home Buyers?

Keshav Nagar and areas around it are undergoing major infrastructural changes. This will greatly appreciate the property rates in the coming years.

Keshav Nagar started coming in the limelight of Pune real estate in the late ’90s. Due to the fact that it is still under Gram Panchayat and therefore outside the official municipal limits, property prices have remained rational until now. Recently, PMRDA (Pune Metropolitan Regional Development Authority) took charge of 100 fringe areas around PMC and has been taking care of all the infrastructural development in these areas which also includes Keshav Nagar.

Through the following lines, we will explore what all does Keshav Nagar have in store for the first time home buyers.

Proximity

  • Keshav Nagar is located between Manjiri on the East and Ghorpadi on the West, and is close to Pune Camp. Its closeness to Koregaon Park, a cosmopolitan locality, is an added advantage.
  • Thriving IT hubs of Hadapsar, Magarpatta, Kharadi, and Kalyaninagar are all located nearby, thus increasing Keshav Nagar’s popularity.
  • Reputed schools like The Bishop’s School, The Orbis, The Lexicon School, City International, Kendriya Vidyalaya, etc. offer high quality education supporting children’s academic growth. All of these lie in a reachable radius which reduces the commute time for children giving a choice to pursue extracurricular activities.
  • An umbrella of reputed hospitals like Columbia Asia, Medipoint Hospital, Noble Hospital, Inlaks and Budhrani Hospital, Ruby Hall Clinic, Apollo Jehangir Hospital and etc. assures you of healthy living.
  • Major malls such as Amanora Town Centre and Seasons Mall on Hadapsar-Kharadi Bypass, Phoenix Market City on Nagar Road are located close by offering numerous recreational activities.

Connectivity

  • Keshav Nagar, situated at an approximate distance of 9 kilometers from the Pune Lohegaon Airport, is an intelligent option for a frequent flyer.
  • The Pune Railway Station is about 8 kilometers from Keshav Nagar while the Hadapsar Railway Station is roughly 2 kilometers away.
  • Pune Mahanagar Parivahan Mahamandal Limited (PMPML) buses ply from Keshav Nagar to Pune Airport, Railway Station, Swargate and Hadapsar.

Affordability

In terms of residential property value, Keshav Nagar benefits majorly from its advantageous proximity to Koregaon Park, Kalyaninagar, Kharadi, Magarpatta, Mundhwa, and Camp. Keshav Nagar is one of the increasingly rare locations where purchasing a budget home in such a strategic location in Pune is still possible. Currently, Keshav Nagar is primarily a destination for mid-income and upper middle class home buyers, with a variety of new residential projects and resale options available to choose from.

Extra benefits

Most of Keshav Nagar was farmlands quite close to the Mula-Mutha River. While residents of nearby localities are supplied hard water, Keshav Nagar enjoys underground water that is potable. Also, the abundant green cover of Keshav Nagar offers a pleasant relief from the concrete jungles of the city.

Future developments

Keshav Nagar and areas around it are undergoing major infrastructural changes. This will greatly appreciate the property rates in the coming years.

  • A proposed flyover connecting Kharadi to Keshav Nagar aims to cut down the otherwise 6 kilometres distance to barely 2 kilometres.
  • The 161 kilometres Ring Road to be built by the PMC, PCMC and PMRDA will disperse off traffic in Keshav Nagar besides benefitting all other areas of Pune.
  • The 22 kilometres riverside road along the Mula-Mutha River will not only help decongest the traffic across the city but also connect Mundhwa, a stone’s throw away from Keshav Nagar, to the neighbouring Central Business District (CBD) of Pune.

For prospective buyers, Keshav Nagar has a range of choices when it comes to properties. From residential plots to independent houses, villas and builder floor apartments, the locality has it all. If you are planning on an investment, Keshav Nagar could be a promising destination!