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.
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.
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.
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 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 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.
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: How to Buy a House in Jaipur at an Affordable Price
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’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 loans, 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!