Your credit score has a significant impact on the apartment buying process. It's a measure of your creditworthiness. The first thing a bank or financial institution does when evaluating your loan application is to take a peek at your credit score. They use this score to ascertain that you are eligible to apply. So, what kind of credit score is required to purchase an apartment? It isn't a three digit number that you earn every time you spend on something. It is far more. It is crucial to understand how your credit score will impact your interest rate, loan amount, and down payment. A credit score of 750 or above is generally considered good & can provide you with many benefits, such as faster loan approvals, lower interest rates, and so on. Let's take a look at the major factors that affect your credit score.
Approvals of Loans: Your credit score may play a role in getting a loan approved. A credit score of 700 or above is considered to be a good score to get a home loan easily. If your score isn't up to par, you should communicate with your bank to find out how you can improve it.
Loan Amount: If you have a bad credit score, your credit limit will almost certainly be less than the amount you asked for. For example, if you need Rs. 35 lakhs for a home loan, your low credit score may prevent the bank from approving this amount. As a result, if you want to be eligible for a larger loan, you'll need to work on improving your credit score.
Loan Interest Rate: The other factor that is influenced by your credit score is the mortgage interest rate. So, banks will probably give you a lower loan interest rate if you have a relatively high credit score. And despite the small rate difference, the monthly EMI will be significantly lower.
Increased Down Payment: When buying a home, a lower credit score can result in a higher down payment and a countless number of visits and calls to the bank. A good credit score helps to verify that the purchaser has the potential for repaying the loan. According to the guidelines issued by the Reserve Bank of India (RBI), a home buyer can get 80% of the property value as home loan. But, if you have a low credit score, the bank may sanction only a lower amount and you need to find additional down payment to buy a new home.
Of course, there is no need to panic if you have a low credit score. Before you apply for a home loan, raise it by making timely payments. Banks or creditors are more likely to believe you can repay a loan if you can pay your bills on time because you seem financially secure and responsible. This will make the home-buying process go more smoothly. Here are some suggestions for raising your credit score.
Hence, make a concerted effort to raise your credit score. Once you discover your dream apartment, working to improve your credit score will certainly help you to flourish financially. If you have good credit, let's not let the possibility of higher credit norms deter you from purchasing right now. So, be a wise buyer & keep all of these crucial points about your credit score & how it affects your apartment buying process in mind. Your dream is almost certain to become a reality very soon.
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Whether you plan to buy an apartment in the coming months or years, the benefits of monitoring your credit score & working to improve it will help in the long run. Banks will check your credit score when you apply for a home loan to see if you are a responsible borrower. If you have a good credit score and are looking for a reliable and trustworthy builder in Kerala, Varma Homes is the right choice for you. You can trust us because we are Kerala's leading real estate builder. We provide high-end amenities in all of our apartment projects in major Kerala cities, such as Ernakulam, Thrissur, Trivandrum, and Kozhikode allowing many apartment buyers to realize their long-held dream of owning a home. Search our website for detailed information on all of our residential apartment projects and pick the best one.
Lifestyle in the city of Kochi is rapidly changing because of the urban developments and the increase in income of people. And the changing lifestyle of Kochiates has now increased the price for housing and land. The massive development in realty sector over a decade is being witnessed in Kochi. The sector has shown a huge growth, as the builders in Cochincame up with new projects targeting the salaried sections and high net worth individuals, including NRIs. Also, banks have reduced the interest rates on home loans. And the PMAY (Pradhan Mantri Awas Yojana) scheme has also helped the home seekers to own apartments and save up to 2.67 lakhs. Know more at: https://goo.gl/mk6pKJ Nowadays, there is a huge demand for flats and apartments in Kochi from professionals and businessmen who are moving into the city. Considering the investment and business potential, it is ideal for even those who are not permanent residents of the city to have an apartment or a flat in Kochi. The easy accessibility through road, rail, water and air transportation channels makes Kochi the most preferred city to live in. Now with the latest extension of Kochi Metro, most of the places within the city is easily commutable without getting trapped in the irksome traffic blocks. It is also useful to have a living space in Kochi which is proximate to the state’s best hospitals, shopping malls, business centres, educational institutes and airport. We at Varma Homes embrace the uniqueness of the city and if you are in search of an exceptional living space in Kochi, Varma Homes offers you the finest of it. We have selected peaceful yet easily reachable locations for our new apartments in Kochi. It is sure that our flats in Kochi with luxury amenities cater to the urban style of living. Our residential projects in Kochi are built to bring you all the benefits of Kochi’s latest developments. Varma Homes, the top builders in Kochi always bring you the premium living spaces. Varma Regent, the compact apartments are being built at Edappally. It is one of the new apartment projects in Cochin from the best home builders in Kochi located at Ponekkara. Being on its last phase of completion, Varma Homes guarantees the project accomplishment by the end of December. If you are looking forward to buying affordable apartments in Edappally, pay a visit to Varma Regent’s sample apartments. Regent is the best option for all those who wish to buy apartments in Edappally. Only a few units are left, most of the units are already sold out. For more details, contact us today. Call +91 9645 88 33 33Read More
The trends and ideologies of having a home in gone modern in Thrissur. The orthodox nature of the city which was famous of its culture and artistic thoughts have now transformed to a fast growing city with pepping in of new commercial ventures in various domains. There is a high boom in the construction industry with the demand for developing residential spaces. A city which largely had a lot of individual homes have now changed to apartments which gives comfort, luxury and security. Varma homes, the most trusted builder in Kerala has now diversified to the city of Thrissur with the new project in Poochatty, Varma's Spectrum. Poochatty is an easily accessible location, which is just a drive in from the national highway that connects Thrissur to the rest of the world. A quick road access to the Cochin International Airport is definitely a major attraction for people who have a busy travel life. The location where the construction of this luxury apartment has all the major add on's as it's a fast developing part of Thrissur. The Bhavans Vidya Mandir School, managed by the much famous Bharatiya Vidya Bhavan group of educational institutions is a foot step away from Varma's Spectrum, the best builders in Thrissur. Life in Thrissur is literally a life with festivals. A life centered around the bliss of Vadakkumnathan temple, hosting art an cultural spaces and also to the much famous Thrissur Pooram which showcases massive drum ensembles, procession of pachyderms and fireworks. This project is curated by Varma Homes, the builder with a royal lineage. With tremendous domain experience and a dozen of projects in hand, Varma Homes is the most trusted builders of Kerala. Just pay 10% of the total cost as a booking right now and own Varma's Spectrum, Thrissur.Read More
Real estate Industry is beholding an intensifying growth with positive revolution due to the improved transparency in the industry. Several Government reforms and the implementation of RERA have made the investment in realty market secured and easy. Real estate Builders are more careful than ever when it comes to construction quality and timely completion. Given the ever-rising number of builders and real estate projects, it is often a difficult task to pick one. The reason for which you purchase would assume a crucial part of the decision-making process. Some purchase a home for immediate occupation and some purchase for an investment choice. While most of the home buyers prefer to opt for ongoing projects, let’s take a look at a few of the benefits of investing in an ongoing apartment project: Price Discounts Offered: This is unquestionably the main benefits for apartment buyers with regards to booking ongoing projects in prime locations. The key intention is to grab the potential home buyers, to steady the cash flow and to make the credibility. So, if you book ongoing projects in the heart locations of the city, you make certain to get incredible offers or discounts. Most of the builders offer price discount on the final property estimation for the individuals who book an apartment on the ongoing stage. Many Options to Pick From- During the ongoing stage, only few of the apartment in the property may be reserved. This gives you better adaptability in picking a home of your decision. Be it regarding the Vaastu consistency, the floor plan decisions, floor number or closeness to any of the apartment facilities, you can pick a house to coordinate all of your necessities. However, once the ongoing stage is finished and there are more purchasers, you would have restricted options. Great Investment- If you can wait for a couple of years to move in ongoing apartment projects of the reliable builder, then it will be definitely a great investment. Particularly due to the appreciation value of the ongoing project. If you pick one out of a likely area, you make certain to get noteworthy appreciation costs when the construction work is completely done. Choose Varma Homes, The Best Builder in Kerala For Your Dream Home! Looking to book an ongoing apartment project in Kochi, the hub spot of real estate market in Kerala. Compared to other cities, it is the best place to settle down with family or as a bachelor, here you find Kochi as affordable to live, more convenient and accessible. Being the leading and the most reliable builder in Kerala, you can trust Varma Homes for your dream home! We have our ongoing projects in top locations of Kochi, Trivandrum and Thrissur. We build luxury homes with all the high-end facilities. We have a devoted group of experienced and profoundly skilled experts who are focused on realizing your dream home with a high value on your investment. If you are looking to have your dream come true home in Kochi, then come and feel the lavishness in our extravagance ongoing apartment project in the city of Kochi like Thiruvankulam & Tripunithura. Here are our 2 & 3 BHK Luxury Apartments with all the modern amenities. Located in the prime regions of the city, which are crafted with the finest care to detail and provide home buyers with an opportunity to experience a lifestyle that echoes the ethos of the city. Booking is now open for the projects Varma Padipura (Ready To Occupy) & Varma Bougain Heights (Work in Progress) with extra add on benefits. New projects are launching soon in Kochi at the locations – Vyttila, Vennala and Elamakkara. And more projects are also coming in the cities of Thrissur and Trivandrum as well. So, book your dream apartment in Kochi with us, great experiences are just around the corner!!!Read More
Kerala is renowned for having an abundance of natural beauty thanks to its many palm-lined beaches, beautiful lakes, and the mysterious and deep Western Ghats. However, Kerala also draws folks wishing to buy a house and start a family as well as tourists. Although Trivandrum is the state's capital, it is still regarded as a youthful city that is expanding quickly in both horizontal and vertical directions. It is a wonderful spot to invest.Everyone strives to achieve the key milestone of home ownership. And it becomes a notable accomplishment while purchasing a flat in Trivandrum. Despite being the capital of Kerala, Trivandrum is still expanding both vertically and horizontally. There is a tonne of residential developments underway throughout the city, which gives home buyers a tonne of options since the real estate market is booming!With miles of tranquil beaches, several lakes, and eco-tourism in the enigmatic Western Ghats, Trivandrum is renowned for its natural beauty. However, prospective homebuyers are attracted to Trivandrum just as much as tourists are. Given all the city has to offer, it is understandable that those looking to purchase apartments choose Trivandrum.Since it became the capital of the Kingdom of Travancore in 1795, this historically significant city, with roots dating back to the tenth century, has been linked to the aristocracy. Trivandrum's continuous status as the nation's capital even after independence has resulted in great infrastructure being in place as well. In addition to having some of the best multi specialty hospitals in the country, the city is also highly renowned for its top-notch educational institutions and medical travel.In addition to all of this, Trivandrum is home to Technopark, one of the biggest IT centres in the nation, which employs over 60,000 techies from throughout the nation. The need for new residences in Trivandrum is also being fuelled by this rebellious population, and developers are responding by offering a large number of flats for sale in prime Trivandrum locations. Over the past few years, the nation has experienced a number of revolutionary developments, including the installation of RERA, GST, and demonetization.And when the current pandemic finally brought an end to these ups and downs, a complete shift in attitudes occurred in the minds of individuals who were still debating whether to buy a property. Here's a closer look at some of the elements that make it a good time to purchase apartments in Trivandrum:Tangible AssetThis is the ideal time to invest in real estate due to a recovering economy and employment stability. Most people learned the value of having material possessions and a place to call home during the pandemic. Additionally, they started to pay closer attention to their family's security and started to invest in reliable assets. Purchasing a flat will also provide you with solid investment returns because rental incomes are expected to stabilise.Home loansThe banks are currently offering the lowest interest rates on house loans ever, making this the ideal time to purchase apartments in Trivandrum. Most banks now provide home loans with interest rates as low as 7% as a result of RBI's numerous repo rate reductions. Before applying, make sure to check your CBIL score. CIBIL scores between 750 and 800 entitle you to very reasonable EMIs for the duration of your loan.Perks A significant amount of merchandise accumulated during the pandemic with few serious purchasers in between. The majority of folks preferred the wait-and-see strategy. Builders need money to continue forward with other projects, but because sales have stagnated, the majority of builders are providing incentives to get customers to commit. As a result, homeowners now have more negotiating power and a large number of "ready-to-move-in homes" are offered at "under-construction" prices.Buyer's Market You can easily get quality properties at the rates of those in the affordable segment. This is due to the buyer's market we are currently seeing, where strong projects may not provide substantial discounts but may instead include free amenities like parking or more favourable repayment terms.Market BoomA boom in the property market and its pricing is anticipated soon since Technopark will need additional high-quality residences to accommodate the well-travelled personnel of upcoming MNCs.All this makes the current time to be the right time to buy luxury flats in Trivandrum. Come be a part of the Varma Homes family today and invest in a flat in Trivandrum - while the time is still right!Read More
Trivandrum, also known as Thiruvananthapuram, is the capital city of Kerala, a southern state in India. Known for its rich cultural heritage and scenic beauty, Trivandrum has become a popular destination for tourists and investors alike. Property investment in Trivandrum has been on the rise in recent years, and there are several reasons why.High Rental YieldTrivandrum has a high rental yield, making it an attractive destination for property investors. The rental yield in Trivandrum is around 5-7%, which is higher than many other cities in India. This means that property investors can expect a good return on their investment in Trivandrum.Growing IT IndustryThe IT industry is one of the fastest-growing sectors in Trivandrum. The city has several IT parks, including the Technopark, which is the largest IT park in the country. The growth of the IT industry has led to an increase in demand for residential and commercial properties in Trivandrum.Infrastructure DevelopmentTrivandrum has seen significant infrastructure development in recent years. The city has an international airport, a well-connected road network, and a proposed metro rail system. These developments have improved connectivity and accessibility, making Trivandrum an attractive destination for property investors.Tourist DestinationTrivandrum is a popular tourist destination, with several beaches, historic monuments, and cultural sites. The city attracts a large number of tourists every year, which has led to an increase in demand for holiday homes and rental properties. Property investors can expect good returns on their investment by catering to the tourist market.Education HubTrivandrum is home to several prestigious educational institutions, including the Indian Institute of Technology (IIT) and the Indian Institute of Space Science and Technology (IIST). The presence of these institutions has led to an increase in demand for student accommodation and rental properties.LifestyleFast increase in the number of shopping malls & centres, multiplexes, international food chains and other commercial hubs, has led to more activity in the city, lending it a multicultural cosmopolitan lifestyle.Affordable Property PricesCompared to other major cities in India, Trivandrum has relatively affordable property prices. This makes it an attractive destination for property investors who are looking for good returns on their investment without having to spend a lot of money upfront.In conclusion, Trivandrum is a city that offers a great investment opportunity for property investors. With its high rental yield, growing IT industry, infrastructure development, tourist destinations, educational institutions, safe and secure environment, and affordable property prices, Trivandrum has everything that property investors are looking for in a destination.Varma Homes offers a team of specialists that are well-versed in the real estate business, including current trends, price, and regulatory requirements. You may obtain helpful information and advice on several elements of the real estate process by consulting with us, such as discovering suitable houses, negotiating transactions, and managing legal requirements.Read More