Think You're Ready to Buy A House? Ask These 6 Questions First
Bangalore has witnessed tremendous real estate developments. Bren Northern Lights by Bren properties is strategically located to precision near Jakkur Lake Off Airport road. The project comprises of high-rise buildings so residents can enjoy scenic views of pristine landscaped gardens scattered around the project. With impeccable amenities and floor plans, Bren Northern Lights checks all boxes for a serene living experience. Property investments are long-term in nature.
Residents who are seeking investment opportunities should always be aware of the risks involved while opting to buy a house. Aspects like location of the project, amenities provided, connectivity, proximity to key locations and structural specifications play a pivotal role in effective decision making. Jakkur Road houses some of the prestigious schools, colleges and medical institutions so residents can go about with their everyday activities with relative ease.
With the Bangalore International Airport in close proximity, the overall land appreciation rates increase at a phenomenal rate. Another important aspect about residents flocking to Bangalore is the diverse range of employment offers the city provides in the IT sector. Bren Northern Lights is close to potentialIT tech parks that houses close to 20% of Bangalore’s working population. This is an added advantage for potential investors as they wouldn’t find it tough to look for profitable tenants for long-term gains.
There are points that have to be considered before resident’s plan on property investments. It is an overwhelming experience when one decides to purchase a house as it carries its own sentimental value. Let us now look at some of the crucial factors that help in better decision making for effective house purchase scenarios.
Sufficient funds in the Bank
One has to realize that in order to purchase a home for themselves, they have to make sure they allocate sufficient funds in the bank. It is important that residents plan or devise a budget before going and visiting realtors or projects for their residential requirements. Residents should aim at residential spaces that are priced a little lower than their proposed budget. This helps in effective allocation of resources that are presented in the initial stages. Maintaining healthy savings as essential as that would result in prioritizing crucial expenses in the long-run. Residents or investors should allocate sufficient funds as a downpayment as well. It is often suggested that investors invest more money initially as the down payment. This results in smaller payments on a monthly basis. Saving surplus amount of funds in the bank also results in higher home loans with affordable interest rates that are likely not to waver a lot.
Am I liable to other parties as far as debts are concerned?
Residents should plan to clear their debts as quick as possible. Owing a ton of money to other parties can result in cancellation of home loans as there is no guarantee that residents may repay the money back to the bank. Student loans and credit cared debts are often minimal in nature. This shouldn’t bother banks. However, having excess debts crossing well over 40-50% of your salary may concern financial institutions in providing you home loans. To support such situations, Bren Northern Lights Bangalore has financial advisers at the site and are tied up with reputed financial institutions so residents go through a hassle-free process of booking units or availing home loans.
Steady employment records
Before applying for a home loan, residents should keep in mind that a shift in jobs can turn risky. Financial institutions other than monitoring savings maintained by residents are concerned about where applicants work and their employment records. Starting a new job right before applying a home loan can end up upsetting as banks don’t consider that as viable customers. A stable corporate life is the way to go.
Hold on to things until your home loan is approved
It is important that home loan aspirants hold on till their home loans are approved. Starting a new job or a change in address is completely fine. However, it is crucial that residents hold on till their home loans are approved so there is no misconception in the approval process. Amendments are much effortless and easier after the home loans are approved even considering aspects of repayment procedures.
Post purchase savings
Another important aspect which is as crucial as other factors is the post purchase savings. Residents or investors should plan their savings in such a way that once they have purchased a home, they are left out with surplus savings to take care of the house and turning that into a dream space that they always aspired to have. Situations like these are completely different when compared to scenarios when you live as a tenant. The landlord in that case arranges periodic maintenance services. However, in case of your dream home, residents should be able to forecast and devise financial strategies for a comfortable future.
A healthy credit score results in owning a healthy home
It is important to have a healthy credit score to avail affordable home loans for a better future. Patience is the key. It is always better to wait for your credit score to improve so you avail effective interest rates and even lower monthly payment as far as the home loans are concerned. Bren NorthernLights which is under construction project have considered these factors and have formulated strategies that help residents to improve their credit scores for a sustainable future.