Urban Skyline Phase 2 is one of the newest luxury projects in Ravet, Pune, that brings spacious 3 BHK homes and enthralling views along with over 70 amenities. The purchase of a 3 BHK home calls for a crucial decision, and proper financial planning will make it a relatively simpler process. Here are some basic financial tips from which you can buy your dream home at Urban Skyline Phase 2 Ravet.
Create a Budget
Before you begin searching for homes, let’s budget. First and foremost, how much you can spend on the new house has to be discussed. All savings, income sources, and costs like down payment, registration charges, and monthly EMIs of your loan have to be taken into consideration. If you clearly fix the budget before starting your home search, you can automatically choose the home within your financial capacity.
Save for the Down Payment
For most house purchases, a down payment is a requirement. This is typically the amount the buyer has to pay which falls within a range of 10-20% of the cost of the property. Start saving well in advance for this payment also. You can set apart a certain amount every month from your salary or any other source of income.
Check Your Home Loan Options
There are a number of banks and finance houses that provide home loans under various interest rates. Compare them and choose the best option available. Compare and look for some which have low interest rates, flexible repayment terms, and benefits attached to the loan. As far as Urban Skyline Phase 2 is concerned, you can talk to the sales team of the project. These project sales teams may have tie-ups with certain banks for better deals to the buyers.
Calculate Your EMI
Calculate how much EMI you could comfortably use every month. You may calculate the amount you will ultimately pay with the help of free online EMI calculators, subject to your loan amount and interest rate. Ensure that your EMI does not exceed 30-40% of your monthly income so you do not find managing your monthly expenses to be worrying.
Plan Other Expenses
Except for the home, there are costs like registration charges, maintenance fees, and furnishing costs, which you will incur. List down all these extra costs and plan for them. It is very good to have some additional savings to avoid any such costs from eating into your budget.
6. Seek Government Schemes and Tax Benefits
There are several plans provided by the government for first-time homebuyers under which people can get help in acquiring a home. The most popular one is Pradhan Mantri Awas Yojana, where the government assists the buyer who is a first-time homeowner for constructing a home. Check if you are eligible for any of those; that will reduce the financial pressure. Apart from that, you can also be relieved when it comes to your home loan because there is a tax benefit on that as well.
Keep an Emergency Fund
Life is unpredictable and full of unexpected expenses. Maintain an emergency corpus which can cover at least 3-6 months of your EMI payments. This will give you peace of mind and will make sure that your finances aren’t affected in case of difficult situations.
Seek Professional Help
If you are not sure of financial planning, you may consult a financial advisor. They help guide you on how best to manage your money, decide on the best loan, and plan for the future.
Proper planning and zero savings will help you end up buying a 3 BHK home at Urban Skyline Phase 2 in Ravet, Pune with your family without any hassle. So, follow these tips and make informed decisions to secure your dream home for you and your family.
