Everybody desires to own their home someday, and this critical decision is dependent on both the heart and the mind. While there might be an emotional factor involved in purchasing a home, practical considerations should also be taken into account. The first thing to consider is whether buying a home or renting one is a more practical option for you.
Once you have made your decision, then you can go about looking for your dream home and purchasing it. Here are some tricks that will help you save more on the purchase of your home:
Female Borrowers’ Discount – Many financial organizations give discounts on home loans to women. Ranging from 0.05% to 1%, these discounts can result in savings of thousands of rupees.
Invest and Buy Later – Instead of availing of a loan, you can invest your money, watch it grow, and then purchase a house later. As you increase your investment amount gradually, you can watch your nest egg grow substantially as time passes.
Tax Benefits – The Government of India has provided several tax benefits that are available on home loans. These include sections 80c, 24b, 80EE, and 80 EEA that will result in up to rupees 2 lakh savings.
Under-Construction Properties – Builders usually have several early-bird offers and discounts on under-construction properties. Investing in a property at this stage will assure the investor of large savings.
Negotiation – Purchasing a house is an expensive proposition, and negotiations are vital to get the best deal. Do negotiate to get the biggest discount that the builder can offer.
Large sums of hard-earned money are spent on the purchase of a house. For many of us, this can result in years of repayment of loans. This is why finding ways to save money and investing smartly will reap great dividends in the future.
Tata Carnatica prelaunch residential township at Devanahalli, North Bangalore.