One of the most important purchases a person makes in their lifetime
is that of a house. But, it is a long-term investment, and you must consider
all critical factors that ensure a high return on investment before you zero-in
on a home.
A primary parameter that can ensure a robust property purchase is affordable housing finance. And, with the easy availability of housing finance, you can now buy your dream house by checking your home loan eligibility criteria online.
Are you wondering where to begin your journey to buy a home? If yes,
then start by considering factors like the right location, budget, timing, etc.
Through this article, we aim to provide a detailed guide on how to purchase a
property in top Indian cities.
The first factor to be considered when you decide to buy an apartment in a city is the location. Choosing the right neighbourhood is critical as your property’s value appreciation is directly linked to it.
Additional Read: Home Loan in Hyderabad
Factors to consider when making your home buying guide for a city
- You must choose a safe and secure neighbourhood,
which is also compatible with your lifestyle when you buy an apartment in a
city. Meaning, if you have children, get a house that is close to their school.
Also, choosing a locality close to your office can make travelling easier and
living near a hospital can get you immediate medical attention during
emergencies.
- If you are wondering how to buy a house in a
city at a suitable location, the availability of daily amenities is one of the
most important things to consider. It is favourable if you select a location,
which will aid in giving you a comfortable lifestyle, with easy access to civic
amenities.
- Transportation facilities should be easily
accessible within your locality. For example, staying near a metro station or a
highway is always favourable. While people are shying away from using public
transport currently, this situation won’t last forever.
- Another crucial factor that should be considered
before you buy apartment in a city is your budget. Fixing a budget requires a
lot of financial planning. It also helps in segmenting the best property
options for you. But, if affordability is an issue, you can factor in housing
finance and estimate your EMIs using a home
loan EMI calculator.
- A more practical approach for estimating your
budget will be calculating your debt-to-income ratio. Besides that, you must
keep in mind all the additional expenses involved in buying a house like legal
fees, brokerage fees, property tax, stamp duty, homeowners’ insurance,
maintenance expenses etc. When you estimate your expenses using the home loan
EMI calculator, you must take these overhead charges into account.
- When figuring out a property purchase, you must
take into account your income, as that can positively affect your eligibility
on a home loan eligibility calculator. Create a proper estimate of your
financial capability and balance it with the long-term utility of your
property.
- Lastly, you should buy apartment in a city that
is well within your reach monetarily. Going for something more extravagant than
you can afford can lead to serious repercussions in the future. Other than
that, you must also give importance to the condition and the size of the
property you are willing to buy.
- If you are buying a second-hand property, look
for the amount of renovation needed, and calculate whether it is worth
investing in the house.
Remember, buying an apartment in the city is an expensive affair, which is why applying for housing finance is a wise decision, especially if you are a first-time buyer. There are several home-loan schemes in the market that have made it easier to buy a property. Before applying for them, check your home loan eligibility criteria and choose the right housing finance scheme.
Additional Read: Home Loan in Gurgaon
Use an online home loan calculator and estimate the loan amount you
can afford to pay back comfortably. Select the right financial plan with
reasonable EMIs and low home loan rates. Check whether your loan scheme follows
a floating interest rate pattern – one where the interest rates change
according to the prevailing market conditions.
Top cities for residential real estate in India
Are you wondering how to buy a flat in cities that are considered
residential real estate havens? Before purchasing, look at the list below to
figure out which destinations are currently top for property investment.
Bengaluru
India’s Silicon Valley, Bengaluru, is one of the most developed
cities in India. Not only is it a hub for job opportunities, but it is also
surprisingly affordable. From 2019-20, it has been one of the best cities for
real estate investment. The city has a highly developed infrastructure and a
good number of amenity projects like the metro routes and housing projects near
the Kempegowda International airport.
Ahmedabad
Ahmedabad is a hub of economic and industrial activity, which makes
it a good investment for both salaried and self-employed individuals. There is
already high real estate demand in Ahmedabad, and mostly non-residential
Indians (NRIs) invest here.
Additional Read: Check Out How to Buy Your Dream House in Ahmedabad
Pune
Pune is one of the most rapidly developing cities of recent times. A
few reasons for its popularity in real estate investment are the availability
of several highly esteemed educational institutions, its pleasant weather,
which prevails all year round, and availability of good public amenities. The
city also has a significant amount of untapped land and is thus in high demand
for starting new projects.
Jaipur
The capital of Rajasthan is not only a highly popular tourist
destination but also one of the fastest-growing towns in the country. Buying house
in Jaipur can be a very satisfying real estate investment. Jaipur, although not
a metro city, has plenty of infrastructural and transportation facilities.
Additional Read: Home Loan in Jaipur
Navi Mumbai
Although Mumbai has excellent real estate opportunities, it is quite
expensive. If you are wondering how to get a home here within a pocket-friendly
budget, invest in its neighbour, Navi Mumbai. Not only is this peripheral
locality affordable, but also sufficiently developed and accessible.
Hyderabad
Hyderabad’s booming IT sector makes it popular with several
residential real estate investors. This is a city with tremendous job
opportunities due to foreign outsourcing, and it’s also replete with public
amenities and infrastructural facilities.
Besides the cities mentioned above, there are a few other cities
with good prospects, which are worth investing in like, Greater Noida,
Vishakhapatnam, Gurgaon, Surat, Dehradun, Coimbatore, Kochi, Mysore and
Vijayawada. So, if you want to know how to buy a flat in cities worth investing
in, you have got your answer.
Additional Read: Top Questions to Ask Before Purchasing a House in Surat
If you are planning to purchase a property with housing finance in
any of the above-listed cities, check your eligibility with the help of an
online home loan eligibility calculator.
Advantages of investing in metro cities
A discussion about the advantages of buying a house in a metropolis
is an integral part of a home buying guide for a city. So, here they are:
Purchasing property in metropolises will get you the maximum returns
on your investment since metro cities have better connectivity, transportation
and infrastructural facilities. They are also hubs of commercial and economic
activity.
Demand for homes in metros is always high. This increases the
available housing options and improves the standard of living due to increased
competition. Social infrastructure is much more developed in metro cities, and
you will have options for upmarket malls, dining, recreation centres besides
the basic civic amenities. Although the cost of living and property prices are
higher here, housing loans are available with low home loan interest rates to
make the purchase more affordable for you.
Since metro cities have most of the manufacturing facilities and
offices of international corporations, there are plenty of job opportunities on
these fronts. If your priority is to buy an apartment in the city, which gives
you enough career prospects, investing in metros will surely be worth it.
Metro cities are often replete with cultural activities and
availability of recreational and entertainment centres. So, if you are
wondering whether or not you should buy an apartment in a city, which is
considered a metro, you should.
Additional Read: Find Out The Steps to Buy a House in Vizag
To sum up
In conclusion, buying a house is a significant step in your life.
Therefore, do thorough research before making the final choice. Consider all
available options of locality, financing, type of property and contact a
credible real estate agent who can guide you well in this venture.
If you are looking to purchase a house immediately, 2020 is an excellent year for buyers. Due to the ongoing global pandemic, home loan interest rates are at a record low, and the home-purchase market is now a buyers-market.
Are you looking for housing finance? Turn to Tata Capital! We offer
loans at reasonable home loan rates. Our loans require very little
documentation and have hassle-free repayment options.
Use our EMI calculator for home loan, available on our website to estimate the amount you have to pay as EMI each month.
So, what are you waiting for? Now that we have guided you sufficiently on how to purchase a home in top Indian cities, get in touch with us to buy one today!
01 July 2024
8 mins read
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