Myths Not To Believe While Buying A Home
Bangalore is a wonderful place to live in, especially after its success in IT, and its amazing climate all year round. And with multiple approved plots in Bangalore offered at low interest rates, it is a wise choice to invest in a property at this time. Investing in a property is a lifetime decision, and it is necessary that you choose the right one. So, here are some myths that you should avoid for landing a great property at proper rates.
You Need 20% Down Payment
A figure of 20% down payment is an ideal figure but there is no such hard and fast rule. One can get away by opting for a smaller down payment amount, at times as low as 3.5%. In addition, now there are some banks even providing a loan so that you cover the down payment amount but only to the applicant with very good credit score and low debt to income ratios.
Choose the Lender With Lowest Interest Rates
It is better to choose a reputed home loan lender than a cheap one. Normally very cheap rates can be a reason to be skeptical about. In addition, there might be other hidden charges which can cost you more in the future. With reputed lenders, you can be assured that the process will be transparent and legal. In addition, such lenders also have a specific flow of how things work and a turnaround time, which will be a factor of relief in the future.
A 30-Year Loan Is The Best Deal
This concept is totally wrong. The more duration of a loan means a higher interest amount you are paying to the lender. For example, you are planning to buy your property in the beautiful NBR green valley plots in Hosur Bagalur road because of its convenience and good pricing rates. But taking a 30 years loan and paying off extra money in form of interest doesn’t do justice to the takeaway pricing at which you bought the plot at first place. So, try taking the loan for an as low period as possible, and save much more on the interest amount.
Real Estate Is The Best Way Of Investment
Real estate is surely a good way of investment and most profitable if you are staying in it. There are many factors that actually makes and breaks the deal of real investment like location, amenities, future market, etc. The appreciation rate at current is good, but you cannot guarantee anything in the future. So, you can also look for other options if your only goal is for investment by taking a loan and even not staying at that place. But if you are looking for a place to live in and great investment options, then be sure you choose the right property like villa plots in Sarjapur; these are some of the best examples of good investments and better locations. These are some things to keep in mind while buying a property.