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Blogs Real Estate

Key things to help you decide the Best Place to Live

We all have specific needs in our homes. Depending on the stage and type of life we want to live, we need different things from our home and the locality. It is important to understand that while there can be many factors to consider while choosing a home, you must factor in your needs and lifestyle requirements to create a list of things you need to look for. In this article, we will talk about some key things that you need to keep in mind to find the best place to live.

01: Affordability

This is one of the most important aspects of buying a house. Assess your financial commitments and determine your budget. This will help you narrow down the localities and types of houses that you can afford. This can help you look at houses that are within your range and help save time. Also, it will help you prioritize the facilities and amenities that you want to spend on and the ones that you can avoid.

02: Amenities

Think about what amenities you need around you to boost the quality of your life. For example, if you have children or plan to have children, then you might want amenities like good schools, playgrounds, and parks around. On the other hand, if you are working from home, then you might need good cafes, bars, and restaurants around the place you live. Hence, make sure that you know the amenities that are available around and sync with your needs.

03: Commute time

Another important aspect of buying a home is considering the commute time to the office. A long commute time can take away precious hours of the day and tire you before you get home. Hence, if you prefer shorter commutes, then look for a place that is closer to your place of work and other commercial areas of the city. Also, look for locations that are well-connected to most of these parts.

04: Access to public transport

Even if you drive a vehicle, it is important to look for a locality that has easy access to public transport facilities like railway stations, airports, bus stations, and highways.

05: Educational Institutes

Having good educational institutes is an important aspect for young couples who have children or planning children in the near future. However, it is important to remember that if the house is located within walking distance of a highly-rated school, then the price might be inflated. Think about the kind of school you want to admit your child to and choose a house in proximity of a good school.

06: Greenery

Another important aspect that you should not ignore is access to green areas and parks. Greenery is good for relieving the stress and fatigue of our daily lives. A walk in nature is known to have a calming effect on us. Hence, make sure that you look for residential colonies that have green spaces for exercise and socializing.

07: Air quality

Air pollution has become a growing concern in India. Exposure to poor-quality air can have a significant impact on our health. Usually, properties constructed near highways and industrial areas experience poor-quality air compared to those built in greener surroundings. Make sure that you check on the air pollution index before buying the house.

08: Crime rates

The safety of the area is also an essential aspect to consider while buying a house. Make sure that you look at the crime rates of the locality before making a decision. Also, try to spend some time in the area at different times of the day to assess any problems or crimes in the community. Also, while choosing a house, try to look for high-quality construction as it can contribute to the growth in the value of your property over time. In Pune, Sankla Buildcoon understands the needs of home-buyers and offers affordable homes with top-notch construction quality at locations that are central and well-connected. Their residential properties include SATYAM NIRANJANI at Hadapsar, SOMMET at Bhugaon, and AVANI at Mohammadwadi. Choose carefully. Good Luck!
Categories
Blogs Real Estate

How to decide your Home Loan EMI basis your income?

Buying a home is probably one of the most expensive purchases made by most of us. When you decide to buy a house, you need to plan your finances in a manner that can help you manage the pre and post-purchase expenses too. If you are planning to avail of a home loan to buy the house, then the amount of loan you can get will depend on the price of the property and your loan repayment capacity. In this article, we will talk about factors that you should consider while deciding the home loan EMI amount based on your income.


Choosing your home loan EMI based on your income

Your income is an important aspect in determining the home loan amount and EMI. Usually, banks cap the EMI to 40% of the gross monthly income of the applicant. This automatically restricts the home loan amount and EMI. Here are some examples to help you understand:


Example 1:

Ravi decides to buy a house worth Rs.50 lakhs. His gross monthly income is Rs.1 lakh. The bank is offering home loans at an EMI of Rs.1000 per lakh for a home loan for 20 years.

So, considering that the bank caps the home loan EMI at 40% of the gross income, the maximum home loan EMI that Ravi will be required to pay will be Rs.40,000. This translates into a home loan of Rs.40 lakhs – which is 80% of the price of the house. If the bank offers a home loan of up to 70% of the price of the house, then the maximum home loan that he can get will be Rs.35 lakhs.


Example 2:

Ravi decides to buy a house worth Rs.50 lakhs. His gross monthly income is Rs.50,000. The bank is offering home loans at an EMI of Rs.1000 per lakh for a home loan for 20 years.

So, considering that the bank caps the home loan EMI at 40% of the gross income, the maximum home loan EMI that Ravi will be required to pay will be Rs.20,000. This translates into a home loan of Rs.20 lakhs – which is only 40% of the price of the house. Even if the bank offers a home loan of up to 90% of the price of the house, Ravi will not be able to get a home loan of more than Rs.20 lakhs.


Example 3:

Ravi decides to buy a house worth Rs.50 lakhs. His gross monthly income is Rs.2 lakhs. The bank is offering home loans at an EMI of Rs.1000 per lakh for a home loan for 20 years.

So, considering that the bank caps the home loan EMI at 40% of the gross income, the maximum home loan EMI that Ravi will be required to pay will be Rs.80,000. This translates into a home loan of Rs.80 lakhs – which is more than the price of the house. Let’s say that the bank offers home loans for up to 80% of the price of the house. Therefore, Ravi can borrow up to Rs.40 lakhs as a home loan. This is where he can choose the loan amount based on the EMI he is willing to pay.

Factors to consider while choosing the home loan EMI

Here are some factors that you can consider while deciding on the EMI of your home loan:


Monthly expenses: When you are calculating your home loan EMI, make sure that you think about the expenses that you might have to manage in the future like medical expenses, education expenses of your children, etc. Also, make sure that you consider inflation while calculating these expenses.


Fixed and floating interest rates: Home loans are usually available with fixed and floating interest rates. Make sure that you consider the implications of both before deciding.


Existing loans: If you have existing loans like car loans, personal loans, or credit card outstanding dues, then make sure that you factor in the repayment of these loans while choosing the home loan EMI.

Remember, a home loan is a long-term commitment. While your income might increase with time, so will the expenses. Therefore, make sure that you do not overstretch your limits while calculating the maximum home loan EMI that you want to agree on.


Also, while choosing a house, try to look for high-quality construction, good connectivity to important parts of the city, and amenities as it can contribute to the growth in the value of your property over time. In Pune, Sankla Buildcoon understands the needs of home-buyers and offers affordable homes with top-notch construction quality at locations that are central and well-connected. Their residential properties include SATYAM NIRANJANI at Hadapsar, SOMMET at Bhugaon, and AVANI at Mohammadwadi.


Choose the right house and the perfect home loan EMI based on your income and realize your dream of owning a home. Good Luck!