It's a well known fact today that property in India is selling like hot cakes.
As more and more investors are ready to invest in the metropolitan cities of India and particularly in Mumbai and surrounding areas, here's a list of things you need to keep in mind before investing in the property of your choice in Mumbai city.
Market Study: First, start the search for your dream home with a study of the real estate market in the city.
Do not directly zero in on one locality.
There is probably more than one place in the city that suits your needs.
So start studying the market.
Know the advantages and advantages of each and every area that fits within your budget.
Check Loan Eligibility: Checking your loan eligibility is the best possible second step in your hunt for the right property.
There are at least 25 different lending institutions that will be willing you offer you a loan.
Be sure to check which lending institution can give you the best interest rates and repayment options.
Some banks may have a high initial processing charge but a considerable low interest rate.
Work out to see what is cheaper for you in the long run and shortlist a couple of options.
Zero in on the location: Once you know your loan eligibility, you will now have a rough idea about how much you can afford on the property.
It's however entirely up to you whether you want to use your fully buying potential on the property you're about to buy.
This completely depends on what your motive on buying the property is.
Now, depending on your motive and your loan eligibility, visit a few properties that fit within your budget and interest framework and finalise on the property of your choice.
For investment purposes, Virar and Vasai in the suburbs of Mumbai are great options.
Checking Documentation: If you're not too experienced in real estate, it's probably a good idea to take the help of a practising lawyer to help you check the potential property documents.
This will give you peace of mind in the long run, and you won't have to run into property related troubles.
There are probably more things that you might want to consider although these are the most important among all others.
Once you get to know from the lawyer that the property has a clear title and there are no litigation, act fast in order to close in on the deal.
That's it, you now made a wise decision!