These Are The Top Tips For First-Time Home Buyers in Chennai

 Chennai is extremely very similar to the other big Indian city. A promise of a good standard of living, high-quality education, capital appreciation, budding infrastructure, many career opportunities, safety for ladies and youngsters, and a cultural haven makes it one of the best bets to buy a home in India. But if you're a first-time home-buyer it is often quite a daunting experience with no proper guidance. Read on to understand the highest tips if you're buying a house in Chennai for the first time.

Begin saving a part of your earnings monthly:

The most important thing for you to try to do is to start out saving money as early as possible. Why? the value of property in Chennai is on the increase and having a surplus of money beforehand will mean you'll be ready to book your home at the earliest. you'll need this cash for the deposit of your new home. a couple of belongings you can do to gather a part of your deposit are: save your tax refunds or any bonus you get from your office. you'll also invest in fixed deposits or mutual funds.

You'll afford to wait even if you are sure this home is the one:

Unlike foreign cities like NY and London where the unsold inventory is quite marginal, the very fact is that the amount of unsold units is comparatively high in Chennai. So don't rush to seal the deal. Wait see if you'll get a good discount deal from the developer. Sometimes, all it takes is a little coaxing during a charismatic manner and therefore the builder will come around and drop the worth a touch. If during the time you opt to attend, you get to understand another buyer who is equally keen to buy the house you've got set your sights on then it might be best to travel ahead with the deal and not wait. However, this type of scenario is quite rare.

Keep your emotions aside and be practical:

If you happen to fall crazy with a home that's beyond your budget then the simplest thing to try to do is to let it go. Yes, let it go! don't get emotionally attached to a property you simply visit once or twice. you'll need to weigh the pros and cons before you create such an enormous investment. Home buying for you ought to be a pleasing experience and not a cumbersome one. Do proper research. See factors like how close the home is to the nearby bus stop, railway station, metro, and airport. Factors like proximity to schools, markets, malls, entertainment hubs, etc. are vital ones.

Get a good real estate agent:

While it'll little question save your money if you select to abandoning an agent, it's not a practical idea. Remember that just in case you decide to try to do all the research yourself, the chances of your maiden home buying experience being hassle-free are going to be very low. what percentage times will your boss grant you a half-day or leave simply because you would like to travel and have a glance at the property? Your land agent will act as your eyes, ears, and legs and do all the running around on your behalf. The trick here is to form sure you don’t succumb to any pressure from the agent and ultimately make the ultimate buying decision on your own. Your land agent has got to be someone who has your best interests at the bottom and not a greedy one who is merely concerned about getting his/her commission while not caring about your needs in the least. you'll be ready to undermine this only you spend a good time interacting with a few agents. Ask all of them equivalent questions then see which out of them seems the foremost genuine.

Ask your agent:

Only zeroing in on a good agent isn't enough. Even the best agents won’t be ready to perform consistent with your expectations unless you really tell them what's it exactly that you simply are trying to find. The more specific you're, the better your job will become. for instance, 1BHK near the station isn't getting to get you any good results, however, 1BHK during a quiet area. This successively will save plenty of your time and energy and make the method easy for both you also as your agent.

Indulge in a bit recce through the internet:

Do not leave everything on your agent. Do some research yourself in your free time. the best way to do this would be to use the internet. Read abreast of the areas and localities you've got set your sights on. Details like how is that the traffic there, proximity to hospitals, and other amenities are easy to seek out online. Also, you'll use the internet to read up reviews on a few particular builders your agent recommends. While this is able to appear to be an earthly task, it might be very helpful especially if something slips out of the radar of your agent.

Avail affordable housing schemes + home loan schemes:

In Chennai, you'll avail yourself of the government’s affordable housing scheme PMAY (Pradhan Mantri Awas Yojana). Through this scheme, you'll be ready to buy your dream home at affordable housing rates also get a good deal on a bank’s home equity credit offer. to seek out out which bank within the city features a special tie-up with the scheme for home equity credit applications. Mostly, all major banks have engaged with the govt under this scheme but still, it is best to see. Even under a traditional home equity credit scheme, every bank offers a special rate of interest against the loan amount. it's also important to see what proportion of monthly EMI is going to be deducted from your salary once the method starts. confirm the bank you select doesn't deduct your entire salary amount or doesn't expect a monthly EMI which is above your monthly earnings. you'll even have to see the entire number of years the bank expects you to return the loan amount.

Give preference to a project which has received OC:

While the GST council did announce a slash within the GST amounts for under-construction residential projects to five percent and 1 percent (for affordable housing) from 12 percent and eight percent respectively. you'll be exempted to pay any GST if the house you select to shop for has already received an OC (occupation certificate). Especially if you've got a good budget, this is able to act as a boon to you.

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