Are you wondering how to buy own house in Chennai?
This is the most important step of your life, and it’s the one that you should always strive for! Owning your own house is a great feeling, and it’s definitely worth it! So, let’s dive into this journey of yours and see how you can finally become a homeowner in Chennai!
Owning your own house is more than just about finding a roof over your head; it’s a proud feeling close to none. No matter which stage of life you are at, buying a house is the biggest investment you will ever make. In fact, a survey by BankBazaar of salaried people revealed how owning a home was their most important life goal.
On paper, this sounds like a cakewalk – find a house you like, make the payments, and you have your new home all ready for you!
However, the reality of the process involves many more factors than you think. Every stage, beginning from the planning part to finally executing it, is a process that requires your time, efforts, and, well, money. Through this blog, we will help you figure out how to buy own house in Chennai and assist you in making the right decisions.
Read on to know more!
Benefits of Buying Your Own House in Chennai
Chennai is a great city to settle in. It is filled with opportunities in the IT sector and is home to the top educational institutions like IIT and SRM. Moreover, with top-quality roads that have over 8-10 lanes, and metro connectivity to all areas, commuting will be the least of your worries! This culture-rich city is a great place for one to call their home! There are many benefits of buying your own house:
– Live your life free of rent woes.
– If you decide to rent out your home, you can get a constant inflow of additional income.
– There comes emotional security with having your own house for you to live in.
– There is no worry or anxiety associated with the potential of the landlord terminating the lease agreement prematurely if you own your own house.
– Instead of paying rent, which is purely a cost, you might pay the EMI on your home loan, which would help you create your own asset over time.
Buying a home for yourself is definitely worth it! Now let’s find out how to buy house in Chennai!
How To Buy Your Dream House In Chennai
Before you buy your dream house, there are many factors you should keep in mind! Here’s a guide on how to buy own house in Chennai:
1. Understand Your Needs And Distinguish Them From Your Wants
The first thing you should do while deciding how to buy house in Chennai is to make a list of things you would want in your new house. Now, try putting them into two different categories, needs and wants. This will help you understand what your necessities are (for example, water supply, a good neighbourhood) and what are the things you want (for example, a swimming pool or a gym).
This will help you prioritise your demands, and guide you to pick an apartment without making any compromises from your needs.
2. Do Your Own Research
Next, you should perform thorough research and keep your questions ready before you approach your real estate agent or land promoter. Check which area can offer you the most land value, if any upcoming projects are set to announce in those areas, who are the most trusted real estate companies, etc.
Knowing these things will aid you to make an informed decision and offer some clarity for the process ahead of you.
3. Keep Your Budget In Mind At All Times
When you’re planning to buy a house, you may have to start categorising your expenses and cut down some of them wherever possible. Even small lifestyle changes will help make a big difference while buying your new home.
Additionally, once you begin your journey to buy your own home, you’ll realise that there are so many options available, most of which will be more than your budget. While it’s natural to go a little over or below your budget, don’t give in to temptations and go for a property that exceeds your budget.
4. Check The Locality
The location of your house will matter a lot more than you think it will. Check if the locality you pick has all the amenities you may require. For instance, if you’re moving with your family, check if there are reputed schools/colleges, hospitals, or entertainment centres close by. Remember to also check if the respective area is well-connected to the other major areas of the city.
5. Compare All The Home Loans
To limit down your possibilities, compare house loans on third-party websites in addition to researching the type of home you want to buy. If you choose a floating rate loan, interest rates start at 8% + p.a. and are usually pegged to the bank’s MCLR (Marginal Cost of Funds Based Lending Rate). Fixed interest rates begin at 9% plus p.a.
Other factors to consider include processing fees (0.25 per cent to 1% of the loan amount), pre-closure fees (up to 5% on fixed-rate loans), and late payment fees. When you compare all components of a home loan package, you may get a better idea of how much it will cost you to borrow.
6. Check The Legal Aspects
Buying a house also involves many legalities that you should keep an eye out for. For the next step in how to buy house in Chennai, you should double-check that everything on offer is genuine and follows all legal and procedural requirements. Is the floor plan and flat layout in place? Is this a RERA-approved property? Before you lock down a property, you must cross this item off your list to avoid a slew of problems that could develop if you don’t.
7. Start Investing
Unfortunately, just saving won’t be enough for you to buy a house unless you start investing too. Don’t keep your saved amount in the bank; invest, so you get a larger amount of money to pay for your house loans or EMIs. Mutual funds and SIPs are a great way to start your investing journey and get maximum returns.
8. Be Prepared For Extra Expenses.
Apart from buying your house, there will be many other expenses (furnishings, renovations, etc.) lined up in front of you before you know it. Set aside an amount for these expenses, so you do not face any troubles later.
Most importantly, be actively involved in the entire process and have all the documents ready on (or before) time. Read up on everything that is required beforehand, and start getting all your documents prepared!
That was our guide on how to buy house in Chennai! With these pointers in mind, you’re sure to undergo a smooth process and prepare for the move-in day! Just the thought of it makes you happy, doesn’t it?
If you’re looking for a home in Chennai, check out Tulive by GK Shetty! They have a range of premium apartments in the best locations in Chennai. With a reputation second to none, you will be assured of going through a smooth process with them. You can check out their website to know more: www.tulivegkshetty.com
Did this guide on how to buy own house in Chennai help you? Let us know in the comments below!