Investing in a residential space can easily be classified as a big-ticket purchase, especially in the wake of skyrocketing property prices across the state. In case you are considering buying a house at some point in your life, it is better to start planning early with the best builders in Chennai.

Property purchase maybe a lifetime decision that involves hefty investments. Though there are many housing loan alternatives to facilitate the acquisition, you still have to save enough to buy the deposit. Moreover, you also have to meet extra expenditures like land tax, stamp tax, and registration charges. While buying your dream house is a privilege, arranging funds for it is often a challenging proposition. In case you begin early, say at the age of 25, you’d be ready to save enough to finance your purchase by the end of 7-10 years.

Choose a bank with low-interest rates with the best builders in Chennai

It has become increasingly easy to avail of a home equity credit today, with almost every bank offering competitive rates and attractive offers. However, it’s important to conduct due diligence and choose the bank with a rock bottom rate of interest. Many people state that various banks offer reduced interest rates for female borrowers. This can vary from 0.01% to 0.15%. While this seems like a little percentage, home loan tenures are usually within the range of 15-25 years, and little differences can add up to substantial savings.

Build A Better Budget

The first step in the saving process is budgeting. If you don’t know where your money goes monthly, it’s impossible to divert money to your deposit.

First, sit down together with your bank statements and every one of your credit card payments. Look at where you’re spending the foremost money. Note how much you spend on necessities like rent, student loan payments, and utilities for the flats in ayapakkam. Then consider what proportion you spend monthly on nonessentials like entertainment, restaurants, etc. A budgeting app can help you automate this process if you’d like to avoid calculating your expenses yourself with the best builders in Chennai.

After you categorize your expenses, search for areas where you’ll cut back. Set a definite (yet realistic) allow for each category and stick with it. Make sure you budget a certain dollar amount to place away for your deposit monthly. Consider your savings a non-optional expense.

Negotiate a deal with your developer

If you’re buying flats in anna nagar in a multi-story project of the best builders in Chennai, chances are high that you get a negotiated deal. If not a cash discount, you strike a deal for free furnishing or home appliances, or anything which can bring down the total cost of buying the property. However, don’t fall for freebies that are of little use to you. For instance, a free smartphone is going to be of little use if you have already got a high-end working handset. However, a car, modular kitchen set, air con are few gifts that will be opted for if you were getting to spend on these in the future.

Avoid not saving enough for a deposit

Many homebuyers don’t give the deposit much importance and thus don’t save enough for it. But what they are not realizing is that not only does this increase the EMI burden, but they’ll find themselves paying more as interest and costs too.