Unlike buying a phone or a car, which you know you might replace in the next 2-5 years, buying a home is a life-long commitment. It’s where you rest your roots, start a family, and live all the little and big moments that become lasting memories. No wonder you want to ensure that you don’t settle for anything but the home that speaks to your heart. When you begin your home-buying journey though, you may realize the cost of buying and owning a home; and thus, your home loan is not just restricted to its purchase price.
While charges for brokerage and stamp duty are often considered, maintenance charges often tend to go under the radar. The maintenance charge is a fixed charge that has to be paid every month to the society you’re living in. These charges are for the maintenance of common amenities and infrastructure of the building like elevators, lobbies, terraces, water tanks, electricity and water supply, fire safety and more. These charges differ depending upon society and its facilities.
Several factors go into the calculation of the maintenance charge, but often, in India, most real estate developers usually charge between Rs. 2 and Rs. 25 per square foot. In Mumbai, however, the maintenance charges are on the rise, sometimes hitting Rs. 1 lakh/month! Maintenance charges upwards of Rs. 10 is now the trend in the city. In such a scenario, hunting for the best deals becomes essential. Here is a list of some of the best properties in Mumbai with low maintenance charges for you.
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Conveniently located in the hub of Goregaon East, two kilometers from Oberoi Mall, Satellite Elegance offers luxurious living at its best. From a gymnasium and a large clubhouse to a banquet hall and a jogging and strolling track, Satellite Elegance has it all. Thanks to its earthquake-resistant structure, 3-tier security system and fingerprint access software, it’s also a safe place to live in.
The maintenance charges are Rs. 6/sq. ft. per month. For the kind of amenities offered, such an offer in Mumbai is truly an incredible one! 1 BHK and 2 BHK homes are available from upwards of Rs. 92.8 lakh and Rs 1.36 crore, respectively. Opting for a housing loan to buy an apartment here is a wise decision to make.
Transcon Triumph has the IGCB’s (Indian Green Building Council) Platinum Rating Green Building certification, which means the apartments here are eco-friendly. Another major advantage is that it’s located in Lokhandwala Complex, close to all the major highways of Mumbai and is only five minutes away from the D.N Nagar Metro Station. When it comes to amenities, you’ll find that it ticks off all things on your checklist, from a meditation area to a swimming pool.
The apartments here begin from Rs. 2.80 crore and go up to Rs. 8 crores. The maintenance charges per month are Rs. 8/sq. ft. Considering the prime location and offerings, the charges are reasonable.
Housing finance is the right option to consider to buy an apartment here.
A part of Hiranandani’s magnificent architecture, Regent Hill is in Powai. If you want quality experiences to be close to you, Regent Hill is the place to be. It’s within 10 minutes of some of the best cafes, restaurants and malls, and the world-class Hiranandani Foundation School. When it comes to the amenities, it has everything you could ask for, from a clubhouse to outdoor tennis courts!
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If you see yourself being a part of this gated community, you will do well to use a EMI calculator and work out the home loan amount you can afford. The price of these tastefully designed apartments starts from Rs. 1.16 crore. The monthly maintenance charges are Rs. 7/ sq. ft.
Do you already see yourself living in one of these apartments? You can consider Tata Capital’s home loans that come with attractive home loan interest rates. Remember to check your basic home loan eligibility before applying for a loan. Also, consider the maintenance charges as a part of your investment since it’s a long-term recurring expense.