Looking to buy apartments in banglore?
Confused on what to buy, where to buy, how to buy?
Here are 5 tips on what all to look for when you are planning to buy your first apartment in bangalore.
Tip number 1: Plan your budget
You should have set your budget in mind before starting your apartment shopping. Setting your budget range is super crucial to filter out a lot of properties before hand. Suppose your looking for apartments between 60-80 lakhs, you will need to think about the 20% down payment which you need to pay while getting a loan, as well as the monthly EMI's you will have to pay once you get the possession of the flat. Read the article till the end to know how to divide your salary to calculate your monthly EMI.
Tip number 2: Location
Bangalore is infamous for its traffic jams. You might spend 1 to 2 hours in traffic to drive just 10 kilometres! Location is super important because you don't want to waste your life waiting in traffic, right? When looking out for properties, always look for distance from your work location. If its taking too long to reach your work location, then you might have to think again. Now, since Banglore has out stretched its reach through metro’s, you can think of travelling to office via metro, which reduces your travel time by a bigger extent.
Tip number 3: RERA approved projects
RERA is the real estate regulatory authority in India. They keep a watchful eye over all the real estate progresses happening across the country. You can find all the details about the property in the RERA website if it is registered with RERA. It's super important for properties to be registered with RERA as this shows the credibility of the property. You will get all the details about the property right from the occupancy certificate, site layout, land area, building permit number, apartment types, construction materials, amenities provided, technical specification document and more.
Tip number 4: Size of the property
Which apartment type you are planning to buy is crucial especially if you are planning to buy for a long term use. Bachelors and investors often prefer to buy 1BHK flats, while a person with family prefer to buy 2BHK and above. Narrowing down the exact type you want filters out most of your cases. Of course, nowadays flat come with 2.5, 3.5 BHK which adds a tinge to the existing types. Also, you need to decide if you want a single storey apartment, societies, villas, standalone houses, etc.
Tip number 5: A grade builder
Who doesn’t want apartment by reputed builders like Brigade, Prestige, Sobha who have already made a name for themselves. Though these apartments comes with a hefty price tag, future problems like resale, maintenance, society problems will be not a headache. There is no proper definition for a A grade builder, but the builders who has created a name for themselves with on time deliveries and good constructions often come into this category.
Bonus Tip: EMI calculation
Your EMI should not be more than 30% of your salary. Keeping this in mind, you will have to calculate how much you can afford for a 15-20 year loan. For example, if you are having a salary of 1 lakh, you can pay upto a maximum of 30,000 per month for EMI. Suppose you are paying this amount as EMI for the next 20 years, with the current interest rate of 8.5%, you will be eligible for a loan amount of only 23 lakhs. And remember, the total amount you will be paying at the end of 20 years with interest will be around 48Lakhs. Surprised, right. This, my friends is how banks and lenders become richer and richer everyday.
If you want to know more about finances, make sure to check out my website where you can get topics related to our day to day financial problems via blogs, vlogs, podcasts, E-books and more.
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