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Step by Step Guide to Buying Your Home in Bangalore
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One of the fastest emerging cities of India, Bangalore is blessed with a pleasant climate and many lucrative work opportunities. No wonder it is also one of the most populated cities. Called the Silicon Valley of India, it attracts entrepreneurs and professionals alike that helps boost the real estate industry. So, if you are planning to buy a house in Bangalore, it could prove to be a great choice.
However, it would help if you are aware of the various nuances of buying a property in Bangalore. Here is a small guide to help you with it.
You must set an affordable budget before you set out to hunt for houses. You must have a clear idea of the amount you can comfortably afford and wish to spend on your house. If you avail a home loan, this step is more important, as a viable budget would help you choose the tenure and EMIs. While setting the budget, you must include all the primary and secondary costs. For example, along with the purchase cost of the house, you must also consider expenses like stamp duty, registration charges, parking and maintenance charges, club membership charges, etc.
According to the budget you set, you can narrow down the location you want to buy your house in. Often, the property prices vary with the location. Decide the location of your house. Should it be in the centre of the city or the outskirts? If you need a bungalow or an apartment?
It would be best to look for a house that is close to police stations, hospitals, and schools, colleges, markets, cafes, etc. You would probably live in the house for a long time. So ensure that it is well connected with the city. Also, considering the developing stage of Bangalore, it would be best to consider the future development of the locality you wish to buy a house in.
You must do thorough research about the housing project you are purchasing a house in. Enquire about the builder's earlier projects and make sure that the concerned authorities approve the projects. Ensure that the property plans are approved by the government and have been built in compliance with the by laws and rules. You must carefully verify the legality of the project to avoid facing any hassles later. To know more about the builder, you can read the customer reviews about the project. Lastly, you might also want to check the amenities and facilities that the builder is providing in the house.
Once you finalise the house you wish to buy, it is time to arrange for the funds to purchase it. You can either use your savings or take a housing loan. A home loan is a convenient way to buy a house and is easy to avail. You can check your affordability with a home loan EMI calculator.
With some research, you can find a lender that offers you attractive home loan interest rates to help you buy the dream house at an affordable cost. Once you check your eligibility and arrange for the required documents, you can head over to the Kotak Mahindra Bank website to apply for home loan.
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