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How to check a property before buying, Property is everyone's dream. Many are making efforts to fulfill this dream as housing interest rates become available. Borrowing to buy a home is now easy. 

There are a lot of things to consider before making this important decision. Even if you make a small mistake there is a risk of damaging all your other financial goals. That is why those who want to buy property should know the answer to some questions beforehand. Only then should the step forward.

  • Manage your credit score carefully before you take Housing Loan, calculate in advance how much of money you can afford
  • Use home loan eligibility calculator available online
  • Determining the loan amount depends on how much EMI you can afford
  • Taking out a life insurance policy to that extent when taking out a home
  • Check once Your monthly or Annual income and other financial conditions
  • Freedom should not be eroded by housing 
  • Property documents check before buying property
how to check a property before buying

What is Home loan: Long-term liability. Interest rates rise and fall many times during this period. So, there are some precautions to be taken while taking a home loan. Only then, the debt burden will be reduced and using certain home loan eligibility calculator or home loan tools for other goals will be easier. What is the loan amount? How long should I choose? Are there difficulties in paying the installments? Home loan Interest rates fixed or floating? There are many things to consider. In addition to these.

Ask these questions before you take housing loan?

  • Why to buy a house? 
  • Is it a good idea to buy a new house 
  • How to decide to buy a new house
  • Do you live in it? or else targeting future investing money on property? 
  • If on your own to live in it, How should the house be for your family needs? 
  • How much area is required and What are the facilities you required?
  • Facilities around you, opportunities for development.

All of these should be looked at. When you look at it from an investment point of view, you can see the extent to which the return on your investment can be, what the growth will be like, rental income. Once all these factors are analyzed, you make the decision. At the same time, tax benefits must be assessed.

How much can you spend for a house before calculating? what amenities Available?

In a well-known area, many people want to buy a house with all the amenities. But, our economic power may not be enough for that. How much can you spend for a house before calculating, the rest of the things to think about. 

Do not forget that expectations are very different from facts. With the idea that the income will increase in the future. Now attempting for experiment or trying to take some more debt, this is not correct. It has not become a burden to you since you bought the house. Do not change the decision to take the house for the amount you thought. Don't borrow unnecessarily large sums and get into trouble in the future.

Calculate in advance how much of this money you can afford? Cash in hand

When we want to buy a house we have to pay a certain amount out of hand. This is called Margin Money in loan. Banks usually lend up to 75-90% of the value of the home. The rest we have to provide. 

In addition, costs such as registration and interior decoration such as false ceiling, Modular kitchen, Furniture for master bedroom/children room/hall, bathroom accessories ideas, extra amenities. Margin money is determined based on the borrower's age, credit score, loan amount, percentage of the loan, and so on. 

Calculate in advance how much of this money you can afford. Don't spend all the money on hand to influence your other financial goals.

Considered a good score between 750-800? Check your Credit score

Most banks currently set mortgage interest rates based on the borrower's credit score. Those with a low credit score are charged the maximum interest. So, if you do not want to have a high interest rate .. Manage your credit‌ score carefully. Considered a good score between 750-800. Not just when applying for a loan.

How much of Monthly installments you can afford to pay?

As previously thought, housing is a long term responsibility: 

  • How many other debts do you already have when applying for this loan. 
  • What is the amount of installments you are paying for them? 
  • Will I have to take out any other loans in the future? 

There are certain home loan emi calculator on simple interest are available, take care. Existing loans reduce your repayment of loan power. It may be necessary to take things like education loan for child i.e for the children’s education in the future. 

The burden of EMIs on you is high when adding a new loan. Depending on your expenses and other obligations, rather than how much the mortgage will cost, it is best to decide the loan amount based on how much EMI you can afford. After that, choose banks with low house loan interest rates today, processing‌ fees.

Do you get regular income for as long as the loan lasts? What is your income?

Before applying for a home equity loan, you need to ask yourself how much you are financially prepared. Do you get regular income for as long as the loan lasts? Making sure. One should try to establish more than one source of income. 

Your income: When the loan is likely to be low based on other factors, Co-applicant home loan will take the requirement. Spouse may be co-applicant. Debt eligibility increases when applying for a joint loan. Women also get some discount on interest rates.

Home loan protection policies can be selected for this? Is Insurance is mandatory

Insurance for home loan protection: Insurance provides financial security for the family. Don’t forget to take out a life insurance policy to that extent when taking out a home. In case of any unforeseen circumstances, arrangements should be made to repay the loan with that insurance policy. Term policy or Home loan protection plan or policies (Check for premium calculators) can be selected for this.

For other purposes! Homesickness should not erode your financial freedom

Buying a home is important. But, it is not appropriate to neglect other financial objectives for this. Needs retirement planning, children's higher education, and their marriage needs. 

Homesickness should not erode your financial freedom. If such a situation seems to be coming, buying home is an investment or buying own house should think about the matter again. Or reduce the budget.

There are no problems with your other goals. It is a good idea to take up housing when you think you can adjust your income that way.

Are You searching Home Loan Transfer and Top up today offering banks in the Market? Know These Things Before Transferring a Loan.

transfer Home Loan from one bank to another

Banks have been slashing interest rates on home loans significantly in recent times. Various efforts are being made to attract customers. Newer borrowers as well as those who have a home loan from other banks are also being offered various types of loans. When it comes to home loan transfers, Holiday and gift vouchers along with low interest rates are attracting customers. With this, some people are showing interest in loan transfer. Let us know these details at once.

Can I Really Benefit From a Home Loan Transfer to a Bank with a lower interest rate? Or will it take a heavy toll?

What is a home loan transfer?

After taking a home loan from a bank for a while you may not like the interest rate and other things in that bank. 

In such a case, the bank of choice will have the option to transfer the home loan. This is know as Home Loan Transfer. 

It's kind of like that taking out a new loan. This means that you will transfer the loan to any bank. That bank will give you a new loan. If not, the amount will be paid to the bank where your existing loan is located. In the new bank, the interest rate applicable when taking a new loan, EMI will apply.

Can i transfer home loan from one bank to another? How to process

  • No Objection Certificate (NOC) is required for loan transfer from the Existing Bank first.
  • Along with the NOC, the bank also provides details of the outstanding loan amount.
  • We want to transfer both these loans to any bank or any lending institution. It should be handed over to that bank.
  • After processing them, the loan amount will be paid to the Existing Bank.
  • Once the loan amount is repaid, the old bank will cancel your loan account and provide all the documents to the new bank.

Is it possible to transfer home loan from one bank to another?

  • Home loan for five years: It is Better check home loan less than five years
  • In the case of a new borrower, i.e the first five years, the loan transfer is somewhat mixed. 
  • This is because most of the pre-paid EMIs on home loans go under interest. 
  • In such a case the burden will be lessened by switching to a bank with a lower interest rate. 
  • It is best not to transfer in the middle of the loan period. 
  • Because up to that point most of the amount you paid in the form of EMIs would go under interest. 
  • So if the loan is transferred in the middle then the interest burden will have to be borne again.

What next When there is a difference in the interest rate

If the difference between the existing loan interest rate and the interest rate in other banks is only 5 to 20 basis points, it is better not to make a loan transfer. If it is more than 25 basis points, you can think about transfer.

Can I switch into floating interest option

If your existing home loan is fixed then it is a good idea to transfer it to floating. This is because the RBI keeps changing interest rates on home loans from time to time. 

For the most part, interest rates continue to fall. So if the home loan interest rate is fixed in your old bank switching to floating will be beneficial. 

There is also no penalty on foreclosure charges for home loan due to floating interest rates.

The additional charges for home loan transfer may be burden

A loan transfer is a new loan. The transfer will still have to do paperwork as it did in the new loan. So we will transfer the loan to any bank. 

The bank officials will collect the processing fee, legal and valuation fees as well as stamp duty from you. 

Is there any charges for home loan transfer: There is a possibility of charging an additional charge of 0.25 per cent to one per cent on the outstanding loan. So it is advisable to take these factors into consideration while making a loan transfer as well.

What are the Penalty charges for home loan transfer

Some banks charge penalty for home loan transfer from the customer for the loan transfer. So it is a good idea to read the home loan documents thoroughly before making a transfer. It is better not to have any penalty for the transfer. 

If there is a penalty, it is necessary to know how much will be charged. This is because the money will have to be paid for loan processing in the new bank already. In addition to that, paying the penalty in the existing bank means that the additional burden will be borne.

Need to Get Life Insurance with Home Loan? Check home loan insurance benefits

Usually, we take a home loan. In addition to that, the bank officials suggest not to take insurance. The loan transfer will then ask you to take out insurance as well. However, in some banks, the authorities insist that the insurance must be taken properly. 

But do you need insurance along with the loan? At Is entirely up to you whether to take or not. You've right to reject the proposal of Home Loan Insurance offering or insisting any bank along with Home loan. 

Experts suggests that one time insurance for home loan is advisable instead paying every month emi, if you are a salaries person then it is more burden on your monthly income.

Tips Before Buying house in gated community check these things and remember how to secure or what to avoid when buying property in gated community.

Key points for buying property in Gated communities

  • What is Gated community and what is it special?
  • What are things to be considered for your security in gated community
  • Which special facilities and amenities to be analyzed?

Gated community with Pleasant atmosphere, lush greenery all around, beautiful parks for relaxation, small playgrounds for children, gymnasium for exercise, clubs for recreation, swimming pool for fun. 

gated communities today for buying property

Buying your first investment property:
Every common man who wants to buy house or investment house thinks how nice it would be if every needs was close to home. 

In fact only a few of these facilities are available. For serenity, recognizing these shortcomings, real estate developers introduced gated communities to the public. 

Ordinary apartments and houses are located on the side of the road and disturb the tranquility with the sounds of the bells. 

From a security standpoint, such homes are far from safe. However, most of the time we spend happily at home as we like. It is safe to say, that supply was low and demand was high for today's generation.

What is gated community special?

Smart Property Investment: Gated communities are the establishment of residential areas in a designated area with strong security, large barricades, and arrangements such as electrical fencing. 

Many people are inclined to buy such houses as there are many facilities in these communities which are important for safety.

High Security system for gated community

Security is primarily concerned with gated communities. 

  • No one can enter into the premises of gated community without permission from the concerned property owner or outsider can not breach access unless permitted. 
  • Details of every outsider entering into the gated community premises whether milk-boy, paper boy, home servant etc., arriving are recorded by the security personnel. 
  • The installation of CCTV cameras and strong fencing will reduce the incidence of unethical activities. There will be control over the speed of vehicles on internal roads within the community. 
  • This reduces the risk of accidents. 
  • It should be noted that the problem of air pollution is not as big as there are trees in lots of space.

Good gated community amenities time pass environment

Adults work hard all day in the office and children wrestle with books at school where the ideal environment is for them to come home and relax. 

  • Gated communities do not have that problem. 
  • There are community clubs for adults to relax. 
  • Facilities like gym and swimming pool are in sight to increase body endurance. 
  • Children can be left free in the park and adults can do their chores here. 
  • The children are accompanied by lots of friends. 
  • Small playgrounds have slide and swing arrangements for them to play nicely. 
  • All the women in the community get to have kitty parties together. 
  • Good good contacts are formed.

Special Facilities in gated community

Special attractions include clean surroundings, filtered drinking water, 24 hour water supply, generators, gas pipelines, fire prevention equipment, spacious interior roads, flexible parking space, children's playgrounds and parks.

Before buying or house investment in gated community! Check these things

Buying a home in a gated community can be a bit daunting compared to outsourcing. However in a gated‌ community all the houses are almost the same so the prices are likely to be the same.

  • Find out how much maintenance charges are levied in the name of security.
  • Find out if water and gas bills are being paid at a reasonable rate or in high demand.
  • Inquire about the terms of use of the swimming pool, gym, and children's parks, and the fees to be paid for them.
  • If there are stores, markets, etc. in the gated community, they should consider whether they are giving equal to the external prices or not.
  • Internal roads come under the purview of the private sector so it remains to be seen whether any of them will be charged.
  • Gated communities are ideal for those who want to live in a safe, pleasant environment no matter how high the cost.

Restrictions on gated communities

  • Some gated communities are away from the city so commuting takes time.
  • Home visitors can dutifully sign at the security and send a phone call from the owner when it arrives, which can be annoying.
  • Prices are likely to rise further if the demand for flats for sale after a gated community is built is high.

Read: Buying land for investment purposes

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