As a first time buyer of the home, you should know what are all the major costs include when buying a property in Chennai. Some may say that it cost high and some may confine that it is reasonable. You should know the truth only if you start housing on your own. It is highly recommended that the investor need to have realistic expectations of what they earn and what they afford to. Here is the list of things you should know before estimating the cost of apartments in Chennai.
Before analyzing how much does a house cost in Chennai you should remember the income. Based on the income only banks and financial sources ready to offer a certain amount as a loan. The other factors decide the eligibility of the home loans are business income, interest and monthly salary and capital investment for the home.
CIBIL (Central Information Bureau of India) generates a score for the customers who are looking to get a home loan from banks. Higher credit score will increase the chance of approving the home loan as well as you can easily manage the EMI. CIBIL Score is calculated based on various factors like the credit card bills, salary and so on. Even the CIBIL score affects the interest rate of the home loan. Reputed builders offer Flats for sale in Chennai at the best price. Your bank also considers payment of credit card bills, EMI and loans before approving the home loan.
When calculating the cost of the house, you should also know about your savings. Saving is important because as an investor you should pay down payment as well you have to manage the documentation cost and brokerage fees. You can cut down the brokerage charge by trading apartments in Chennai directly from the builders in Chennai. If you have enough money for apartment purchase then the loan amount will be reduced.
Once you get a home loan from the bank you have to think of the monthly expenses. Check whether you have enough money to pay EMI. You can calculate EMI by subtracting monthly expenses from monthly income. Keep in mind that the cost of the house includes expenses like amenities, parking and interiors. You may plan according to that.