The Mortgage Maze: A Guide to Financing Your New Home in Pune
Buying a home in Pune is a major step that goes beyond just picking the right property. Understanding the financial aspects, like mortgages and home loans, is key to making a smart investment.
This guide will help you learn how mortgages work and provide useful tips to navigate the loan process smoothly. Whether you’re eyeing a cosy 2 BHK or a spacious 3 BHK flat in Pune, having a clear understanding of your financing options will help you make the best decision for your new home.
Understanding Mortgages for Spacious Flats in Pune
To make one of the spacious flats in Pune your home, you need to first understand how to navigate the mortgage maze. Let’s begin by understanding the types of relevant loans you can get:
● Home loans are the most common type of loan in which the home acts as a security against the borrowed sum.
● Gold loans: You can take out a loan against the gold you own to buy affordable homes in Pune.
● Loan against property: You can avail of this type of loan by putting the borrowed sum up against a property you already own.
● Loan against securities: If you have invested in shares, mutual funds, bonds, or debentures, you can get a loan against these securities.
● Loans against FDs: If you have substantial fixed deposits in your account, you can use them to secure a loan.
In order to be eligible to receive loans, you need to meet the following criteria:
● You should be an Indian citizen, a NRI with an Indian passport, a Person of Indian Origin, or an Overseas Citizen of India.
● If you are a salaried applicant, you should be between 23 and 65 years old. If you are self-employed, you should be between 23 and 70 years old.
● Your current income and future readiness may impact loan favorability.
● You should have a good credit score.
● Your debt-to-income ratio should be less than 50%.
While taking out a loan, you also need to consider the down payment requirement for a home loan, which is typically 20% of the property value.
The Loan Process
The process itself is straightforward:
● You will first fill out a loan application and wait for a representative to get in touch with you.
● You will then submit the relevant documents, like KYC, employee ID, salary slips, bank account statements, proof of business, property deeds, etc., depending on the loan type you are applying for.
● Your documents will then be sent for processing and verification.
● Once approved, you will receive a sanction letter, which will give you the details of the loan amount, interest rate, type of interest, and repayment term.
● You will then be required to pay a one-time security fee.
● The lender will then perform a legal and technical check to ensure your authenticity.
● The final agreement will be released once all the checks are done, and this is when your loan will be disbursed.
Helpful Loan Tips for Best 3BHK Flats in Pune
Sometimes you may find that the home loan interest rate is too high. Read the tips below to get the best out of your loans:
● Choose a loan with shorter tenures because interest increases with time.
● Always make regular payments to avoid late payment penalties or defaults on the loan.
● If you think your interest is higher than what others are offering, you can consider refinancing your home using a home loan balance transfer.
● You can also revise your EMI payouts each year based on your financial situation for better planning.
Wrapping Up
Taking out loans is easy; the more challenging part is finding the right 2 BHK flats in Pune that you can call your home. If you want the best of modern, luxurious living in Pune, visit Sonigara Corp’s urban and chic residential properties.
The Presidency and Midtown Homes present modern 3- and 4-BHK properties with over 30 amenities and are close to the best schools and offices in the area. Explore more about Sonigara’s residential properties here.