Also referred to as ‘the city of Nawabs,’ Lucknow is a city that blends culture and modernity seamlessly. The capital of Uttar Pradesh is filled with nostalgia, warmth, and an age-old charm. This city is also known for its rapid infrastructural and economic growth in the past decade. No wonder Lucknow has become a desirable location for buying property today.
Are you planning to buy property in Lucknow? Here are some things you must keep in mind.
Steps to buying a property in Lucknow
Here are a few things you must consider before buying a property in Lucknow.
1. Your budget
Fixing a budget should be your primary step when buying a property in Lucknow. This will help you determine a suitable property within your purchasing power. It will also help you decide whether you require a home loan or can finance the purchase yourself. Also, remember to keep track of the additional charges such as brokerage fees, property tax, legal fees, stamp duty, and more as they can add up to a considerable sum.
Additional Read: How to Plan the Right Budget When You Buy a New Home?
2. Type of property
You must be clear about the type of property you wish to buy and the purpose of purchase. Have a clear idea of whether you need to move into a big place with your family or buy a house just for yourself. This will help you narrow down the choices and find a place that is worth investing in.
3. Credibility of builder
Another thing to consider when buying a property is the builder’s credibility. You must run background checks and find out as much as you can about the builder and their previous work before investing in a property. After all, the builder’s reputation, along with past successes and failures, could affect your current purchase. Moreover, it could boost your home loan eligibility when applying for housing finance.
When buying property, it is significant to choose a location that checks the right boxes and fulfils all your needs. If you wish to live away from the city’s hustle and bustle, a quiet suburban locality will work well. Whereas, if you need a property closer to your workplace, then a flat in the heart of the city might be the better choice. Some other factors to consider are safety, hygiene, connectivity, and proximity to important places like schools, hospitals, etc.
5. Housing finance
If you are struggling to finance your property purchase in a city like Lucknow, don’t be disheartened. Availing of a loan can help you buy the house of your choice without exhausting your savings. In fact, many lenders now provide housing finance solutions at affordable home loan interest rates, ensuring your buying journey remains hassle-free!
Additional Read: Five Real Estate Rules All Home Buyers Must Know
The bottom line
Finding the right property in a big city like Lucknow can seem like a humungous task. However, once you find your dream abode, don’t hesitate to seek financial assistance. Tata Capital’s housing finance schemes are tailor-made as per your convenience. With minimum documentation and fast processing loans, you can purchase your desired property with ease. Get in touch with us or log in to our website to use the home loan EMI calculatorand other free services.