Buying a property, for the first time is not Easy task if this complete then like a dream come true. However, it can be internet surfing at times if the buyer doesn’t make the right choice. It is very essential to ensure proper financial planning before making the investment in a property. From taking loans, there are many factors that the buyer must be aware of. Buyer must try to maximize benefits while purchasing a property.
Some tips to know investing in the property:
- Buying a property is a difficult task so one should have a planned strategy. According to Vijay Kamboj, AVP of Sales, Geetanjali Homestate, “Buyer should have a good credit score to get loan eligibility for buying a property. Purchase of first property require good research and valuation which can give the buyer good returns.”
- “For buying a property, the buyer should focus more on credit tips. The buyer should check the Project location for good returns in case if buying a property on investment purpose. Check the rentals and at least last 3-4 years rate appreciation also before investing your hard-earned money.
- There are various types of loans that can be availed for buying a property. “Everyone is aware about normal home loans that are offered by various banks. While taking a ‘Home Loan’ there is an option where the buyer start their EMI immediately which will save him the pre-EMI interest.
- A buyer looking at buying the property should focus on payment terms, GST offset and higher down payment. The size of property is also critical. Lately, there are lots of options available in the market these days which is a good place for people with a limited budget to learn about property investments.
- Many developers who are offering no GST schemes these days which help in saving taxes. There are many package deals which will also help the buyer in saving taxes. If a salaried person is availing loan then one can even save up to Rs. 2 lakh on interest paid.”