One of life’s most happy moments, home buying is also an elaborate affair. While being busy being busy, it is easy to get caught up in the process of it all. Most of us fail to realise the numerous ways we can save time, money and at times, the buyers remorse. While ongoing residential projects in Whitefield or such areas seem opportune for some, ready to move in homes in Whitefield seem to be the ultimate choice for a few, clearly, home buying is as personal and it is to be done with utmost care.
Some things like choosing the right location, checking for amenities and conveniences, looking at the builder’s track record are downright obvious. However most of us fail to realise there are numerous other things worth knowing while buying a home.
Here are 4 ultimate home buying hacks to make more informed and decisive decisions:
Intuition: It’s quite a popular secret within the realtors – home buyers usually get a good feel for some particular kind of homes under 5 seconds itself. And as they check out the features of such feel good homes, they have already made up in their minds where their sofa is going to be placed, the place for that ‘favourite chair’, the color of curtains et al.
Most people agree that such intuition is the highest form of intelligence while some may want to be as conscientious as possible.
Interest: Demonetization has played a dramatic role in the Indian Banking system. Banks now have a massive surplus of funds with them. RBI has showed all signs of passing the benefits to the consumer – the REPO rates have already come down by 1.5 percent to 6.25 prompting banks to slash the home loan interest rates.
While the country’s largest bank, SBI, is now offering home loans at 8.5%, Bank of Baroda has announced an interest rate of 8.3%,this about 1.5 percent decrease from both the banks. It is to be noted there are two types of interest a borrower can pay:
Fixed rate of interest and floating rate of interest.
A fixed rate of interest means you are bound to pay the same interest rate over the life term of your loan, floating rate of interest enables you pay interest as per the market dynamics, it is a variable interest. Borrowers also have the choice to opt for a part fixed and part floating rate of interest.
A comprehensive analysis to optimise the interest payable may have a substantial impact on your finances in the long run.
CIBIL Score: We all know the key to get any kind of loan is to have a good CIBIL score and it ranges between 300 and 900. Mostly, a CIBIL Score of over 750 enables to borrower to avail the loan in seamless processes and in a more beneficial manner – many banks have the tendency to offer marginal discounts on interest rates to borrowers with excellent CIBIL scores.
Kind and Calm: Having a genial attitude goes a long way in making a connect with the seller. Sellers meet a lot of self absorbed clients on a daily basis who take every chance to point out the tiniest of shortcomings in an apartment. They are sensible people with emotions too. Making the seller believe that you are indeed the right buyer goes a long way when you sit for negotiations.