In this day and age of 7 digit monthly pay-packages and low rates of interest on home loans, it has become easier to fulfill the dream of becoming a home owner. And if want to purchase a home in Mumbai with a spacious bedrooms, higher floors with spectacular garden views and beautiful patios, you can consider the new residential projects in Thane. You may be tempted to invest into a property if the realtor is offering lucrative schemes and additional discounts and might want to make the most of the opportunity. But the smart thing to do is to purchase a property that is under construction as opposed to one which is ready. The under construction projects in Thane are a fantastic option that you can consider. When you buy such a property you must consider the aspects that can help maximize gains on your under-construction property. Here’s what you should do.
Begin by asking the right questions
Before taking out a huge loan, you need to ask yourself if you have any other investments and the average return you are getting on them. Also ask yourself why you choose an under-construction property that can take a couple of years before it is ready for occupation. Consider the loan amount viz a viz other monthly expenses and see if it is worth it.
Make your negotiations clear at the very beginning
The first step is to negotiate a deal with the builder or the real estate company on the premium and floor-rise facing rates. If possible, you may even strike a bargain. If this aspect does not work, you might want to consider coming down 4/5 floors in order to save some lacs. This works great when you decide to sell your apartment in the later years.
Research about lenders who’ve approved the property
Do not forget to check which lenders have approved the property, especially the apartment and floor that you have chosen. Approach the banker or mortgage advisor directly instead of asking the builder as he may not necessarily have accurate knowledge of the status. Your payment may get stuck if your property is not approved.
Ensure that the CC for the floor you choose is received
New residential projects in Thane are known for high-rise floors. You will also have to check if Commencement Certificate or CC has been received on the tower, phase and floor. You should know that banks or financial institutions do not disburse loans if the CC is not in place.
Opt for restructured payment schedules as opposed to a standard one
You can consider restructuring your payment schedule instead of sticking to a standard one. Always consider a schedule that meets your requirements. This further helps in avoiding any interest-bearing borrowings like loans from parents, banks and relatives.