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5 Tips For First Time House Buyers in Mumbai

January 23, 2020 by radiusdevelopers  


When thinking about Mumbai is the first city that comes to mind. In addition to its rich history, the large number of industries makes it the commercial capital of the state. The overall high rate of development of the city has resulted in a real estate boom, attracting many first time house purchasers. For those planning to make a similar investment here, we have listed down some tips that’ll make the process easier:

Research Well: In Mumbai, the prices of real estate depend on the level of development in the area. Areas like Mazgaon, BKC and Santacruz are well developed where rates can be relatively high. Do your research carefully and select the location depending on your budget as it will help you to decide whether you should go for a 2BHK or 3 BHK Flats in Mumbai. Simultaneously, check the facilities available in that area such as proximity to schools, colleges, hospitals, market areas and so on. Don’t forget to consider the project’s proximity to your place of work as it will help save a lot of time.

Check The Developer’s Credentials: Many real estate developers such as Radius Developers have developed luxurious 4 BHK Flat in Mumbai. These reputed Builders in Mumbai strictly abide by the Real Estate (Regulation and Development) Act 2016 (RERA). This act has been formulated by the Government of India keeping the interests of the buyers in mind. Choose your developer carefully and always ensure that they adhere to the provisions of RERA.

Determine Your Financing Options: First-time house buyers may require financial assistance in the form of house loans. Banks and housing finance institutions are available all over Mumbai to help in this regard. You should figure out your house loan eligibility and explore the various banks that you can avail a loan from. Taking a bank loan is also advantageous, as they do most of the hard work, such as verifying the title of the property, ensuring that developers adhere to RERA guidelines and so on.

Tax Saving Options: Availing a house loan entitles you to various income tax concessions under the Income Tax Act 1961. Ensure you consider those before purchasing the house of your dreams.

Be Aware Of The Overheads: It is essential to remember that expenses are incurred in addition to the agreement value when you purchase a house such as registration and stamp duty, brokerage and maintenance. All of these expenses can increase your house acquisition costs. We have discussed some crucial tips for first time house buyers in Mumbai. Take advantage of these tips and invest wisely in a long-term asset your home. There is a wide array of new Residential Projects in BKC to choose from, make a wise choice!