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Tata Capital > Blog > Loan for Home > Things to Consider Before Buying a House in Mumbai

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Things to Consider Before Buying a House in Mumbai

Things to Consider Before Buying a House in Mumbai

Buying a house is one of the biggest financial decisions you might ever make. And if you're buying a house in Mumbai, that's a different story altogether. Given the city's highly volatile real estate market, ever-changing prices, and other complexities, it is easy to get lost in the house hunt. But rest assured, here is a quick guide to streamline your search. 

5 things to consider when purchasing a home in Mumbai

1. Make a list of your expectations

Firstly, get all your expectations regarding your future house straight. Assess your financial goals, current lifestyle, and future family needs. Then, decide on a budget, amount of floor area needed, locality, amenities, etc. Doing so will give you a fair idea of the kind of property you should be looking out for.

Once you have all this in the bag, the next logical step is to compare and shortlist the most suitable home loan options for financing your purchase.

2. Locality

Choosing the right locality is especially important as it will dictate how efficient your general living experience will be. Proximity to schools, hospitals, supermarkets, workplaces, social and entertainment options will improve accessibility and convenience. Also, check access to public transport and understand the traffic flow to ensure seamless connectivity with the rest of the city.

Additional Read: Hurdles to the Growth of Real Estate Industry in Mumbai

3. Check the pedigree of the developer

Do a complete background check on your builder. Research on their success with previous projects, check their industry rating and examine the quality of building materials before you buy flat in Mumbai. Since lenders generally perform rigorous background checks before disbursing any financial aid, this can ensure seamless loan processing for you.

4. Security

Safety should be the utmost concern irrespective of where you decide to live. With increasing rates of burglary and theft, make sure that you reside in a safe locality. Advanced alarm systems, security cameras, smoke detectors, and round-the-clock security are some features you should expect your builder to offer. Your safety should be their priority.

5. Legal matters

Check to see if the property has been authorized by the Government of Maharashtra and has received all NOCs. Perform an ordered check of all the property documents so that you don’t land in trouble later. Here is a list of things you should check before making the purchase.

  • Examine the property card and city survey card.
  • Check for hidden charges.
  • If the property belongs to a cooperative housing society, communicate, and clarify the terms with the society.
  • Check for any disputes in court records.

Additional Read: 5 Things You Need to Know About the Mumbai Luxury Housing Market

Over to you

With flat prices in Mumbai almost always following an upward trend, choosing a house that fits your budget and meets all your expectations has become vital. With Tata Capital’s online home loans in Mumbai facility, you can fund the purchase of your dream home in a matter of a few clicks.

Visit our website to know more about our attractive home loan interest rates and loan eligibility criteria. Choose from a wide range of tenure options and repayment plans to avail a loan that is best suited to your needs and repayment capacity.

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