Buying a home is a tingly feeling. Even the thought of it gives you a sense of achievement. However, with that sense of achievement comes the realization. Realization of the fact that buying flats in Mumbai, Delhi or any other metropolitan is not an easy-peasy task. The mere idea of buying a property in the Indian metropolitans can give you sleepless nights. It may cost you all your savings along with a big chunk of your salary as monthly EMIs.
Hence, there is a need to plan your finances and be clear about various other aspects before buying a flat in Mumbai.
- Budget: First prerequisite is budget. You have to assess your budget and then calculate the EMIs using the home loan EMI calculator. In the end, you’ll have to evaluate your decision to make sure the purchase is in your control. You have to make sure you can save enough to manage your monthly expenses and other essential activities in life after paying the EMI.
- Home loan EMIs: Secondly, use the EMI calculator which is readily available online and find out the EMIs. To be on the safe side, make sure the EMI doesn’t exceed 43% of your monthly income.
- Property’s value appreciation rate: Last but not the least, whether you like it or not, your house is an investment. So, don’t forget to check the current property value appreciation rate to gauge the profitability before buying the property.
In the end, make sure the property you are buying is in the RERA list.
For More Information About Mumbai Property: https://www.linkedin.com/pulse/important-questions-ask-before-buying-flats-mumbai-oyster-mishra/