If you are thinking to buy an apartment sooner or later in your life, begin saving at the earliest. The longer you try to save up for your deposit, the costlier your house is going to be. So it’s significant to start planning as early as possible. Here are some tips to keep in mind ahead of buying your first apartment to get the best deal.
The primary step in the funds saving method is budgeting. Decide what sum you can comfortably pay for. Heed at wherever your cash goes to each month & where you are paying the most sums of money. Note down the amount you spend on necessities such as utilities, rent, student loan payments etc. Then think through the amount you go through every month in the items like restaurants, entertainment, shopping & so on. Once you classify your expenditures, search for sections where you can cut back. Set a definite budget for every classification & stick to it & ensure you budget a particular amount to add on for your down payment each month.
Sounds crazy? However, actually starting a side hustle is one of the best saving tips for buying an apartment. Sometimes to earn extra income, there are several ways such as getting a second job, working extra hours or overtime, or beginning some kind of side hustle.
If you are planning to take a mortgage loan for buying your first apartment, but you already have additional debts like credit cards, personal loans, car loans or student loans they could definitely reduce the amount you can put into a home loan. So take time to pay off your debt before you head down for applying for a home loan. Look at closely how much you owe on your student loans, credit cards, personal loans or car loans & generate a plan to tackle it. This will not only help alleviate some of the financial pressure yet additionally help you secure a better mortgage rate.
It is vital to direct some part of your revenue towards investment through Systematic Investment Plans (SIPs). For instance, if you begin to invest 25,000 a month via SIP with a modest return of 10% for just 3 years you can get Rs.10.53lakhs. In this manner, you can easily save for your down payment without nerve-wracking about lifestyle changes. Also, there are some other investment options for the short term: equity-based mutual funds, ELSS etc.
Where does most of your monthly income go? On rent, groceries, dining out, shopping, entertainment? Start analysing this. Categorise your expenses and determine how you’re spending your money and then make a budget. If you want to save for your dream apartment, start cost-cutting, avoid wasteful spends, clear your debts and may be try to expand your income pool.
If you are living on rent, to save for your apartment buying, you may consider shifting to a smaller house for the time being. In case you are single, think about living with family or companions for a year. Any sort of savings will assist you with getting close to realizing your dream about purchasing your own home.
When you’re ready, you can begin the apartment purchasing process. But before that, you have to find a reliable builder. If you're looking for owning your dream apartment in Kerala, then here is your right choice- Varma Homes, the most trusted builder in Kerala. Varma Homes is one of the best residential builders in Kerala, who have residential projects in several locations of Kerala like Kochi, Tripunithura, Thrissur, Kozhikode & Trivandrum. We fulfil your dream of a home with our unique designs with guaranteed quality checks of process & materials to ensure you a perfect home in reality. So get started with buying your dream home with us!
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. Pay attention to your credit report. Analyze it &, if necessary, point out any errors. Correct them as soon as possible. Concentrate on your mortgage. If you want to take out other loans, such as for travel or furniture, you should put them off. Examine your co-applicants payment records. Their credit score must also be within acceptable limits. To be financially sound & avoid having to pay extra interest, pay your credit card bills on time. Spend only what you have available on your credit card. Pay your EMIs on time & if you default on them, your credit score will suffer. You will be considered disloyal for a home loan. 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.In a nutshell, 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.Read More
If you are thinking of buying a home this festive season, it’s high time that you make your move. Christmas is an ideal time to buy properties. At the end-of-year, the vendors get to the point where they just want to sell. That's indeed a good news for potential home buyers, as it will be very easy to negotiate the prices for new homes. Contrary to popular belief, go against the trend and house hunt when the others aren't looking, as people are mostly on holidays - that's in the month of December and January. Lesser people looking for new home means lesser competition, which equals greater flexibility in negotiations and also a better chance for securing a bargain. The festive season can also be the optimal time to sell. Most buyers plan to move into their new homes before the New Year begins. Buyers looking for properties during the holidays are usually serious about purchasing and this could lead to a quick sale. Holidays will possibly increase settlement times and also agreement conditions. It’s another great advantage of buying new homes at this time of year, as the settlement will often be in January or February. If you're looking for an area that has an increased holiday population, the competition among the buyers may increase. And this could lead to offers that are higher than the home seekers’ original seeking price. However, demand can vary from area to area. The outer cities and more urban areas are most preferred by the residents. Varma Kottaram – is yet another luxury apartment project of Varma Homes in Tripunithura located between the Kalikotta palace & Sree Poornathrayeesa Temple. The new new luxury apartments is a G+4 apartment project having 24 units of 2 BHK and 3 BHK flats. The luxury flats in Tripunithura are well equipped with all the modern amenities which are made worth for its price. Varma Homes, the best builders in Cochin offering new luxury flats, budget-friendly apartments and residential projects in Ernakulam, Thrissur and Trivandrum always bring the best for you. If you are looking forward to buy flats in Tripunithura, then contact us today. Call +91 9645 88 33 33 for more details.Read More
Things to consider before booking your apartments in Cochin Are you dreaming to own an apartment in prime locales of Kochi? There is no shortage of rich housing choices in a metropolitan city, and Kochi is not exempt to that norm. Though, those who have searched for an apartment in Kerala's economic capital, Kochi might have understood that it’s not at all an easy chore. Purchasing an apartment in Cochin need to have a big deal of thinking and evaluation of various factors before fulfilling it. So, when you are planning to buy an apartment in Cochin, you always need to put some additional care and effort. When you decide to invest your hard earned cash on buying an apartment, consider these 9 factors before you jump into the final decision. 1. The Reputation of the Builder Yes, the reputation of builders plays a role. Purchasing an apartment from the reputed builder, to some degree, assures that all their promises will be fulfilled. Through their previous projects, you get to identify to what point they stand on their promises and what quality they deal with. 2. Excellent Connectivity It is another key thing to check before purchasing an apartment in Kochi. If your apartment is well connected with hospitals, retail shops, bus stops, medical stores, accessibility to the city, ATM, schools and your workplace then the whole thing will become more comfortable for you. 3. Essential Clearances Most importantly, you do not want to get jammed in some project where the mandatory clearances are not settled. So before you take a big step, check thoroughly significant legal documents and clearances. 4 Amenities Should Meet Your Expectations You need to check that the apartments you have shortlisted meet all your expectations about the amenities available in the area also. Like your apartment should be in a loop of short distances from Your Work Place, Shopping Malls, Educational Institutions, Hospitals, Parks and so forth. The cost of your selected apartment usually depends on the amenities provided, land cost, location, construction quality, used materials, possession date and nature of the project. 5. Safety & Security A natural disaster and its concerns can change your life, and result in the need for you to move on to another property. So always look at the high-performance apartment building that is a bit safe from all natural calamities and designed to adopt strategies for disaster resistance. The installations of safety features such as emergency alarms, exits, earthquake-resistant materials, basement flood pumps, fire hoses and extinguishers in apartments enable homeowners to get bigger protection from such unprecedented events. When choosing an apartment for you to ensure that the apartment has the right security arrangement like the facilities to block all unwanted salesperson, suspicious strangers and beggars. Although the family goes out of the city for some days your home is going to be secure and safe. 6. Discover the Essence of Luxury Living Close To Nature Stays on the soothing natural environment in the heart of the city are more comforting and peaceful. So discover apartments that have serene park views or that is within walking distance of green grass, bushes and trees. Altogether, the atmosphere stimuli your mood, so it is best to be in an abode where you have the least stress and you will find your sense of peace returning. 7. Future Valuation Property investment is sensible only it brings redoubled returns in future. You would possibly be shopping for an apartment to reside, you never know when you need to own a new apartment with a lot of facilities and sell the current one. So when it comes up to purchase an apartment consider the future valuation of the property. Kochi with its increasing traffic, pollution and frantic life, most of the people are looking for a residential zone that is in close proximity with IT HUB, open gates to nature and heaps of luxury to pamper them. To fulfil their dreams, Varma Homes, one of the most prominent builders in Cochin offers you luxury apartments in the prime locations of Queen of the Arabian Sea. Our major ready to occupy apartments in Cochin like Varma Regent and Varma Maalika has already received an awe-inspiring response from the public. We invite you to join our fast growing community of satisfied clients where you can meet the unmatched quality of living spaces and all the essentials for practical living. Now we are come up with a new prestigious project “Varma Bougain Heights Purple “at the central location of Chottanikara which is the perfect blend of serenity and accessibility. So make your first move, take a visit to our new project where words are not enough to define the splendour of Bougain Heights. You need to experience it, invest in this compact apartment and get guaranteed returns. Above all, enhancing the quality of life and constructing happiness are the key aspirations for Varma Homes. You can discover and experience all these factors for the peaceful living in all the houses of Varma Homes. So why are you wasting your valuable time in search of a luxurious, comfortable and elegant apartment in Kochi? Varma Homes is your best choice. Give us a call to book the fanciest most exclusive apartments in Cochin. We’d love to help you!Read More
If you have any plan to sell your apartment in a couple of years, then maintaining your apartment in a good condition is very essential. As it is significant to not only get a good value for the possessions but also to boost the life of the same. Let’s check out some simple ways to add more value to your home on a budget. Pick the right locality- The most thing is ensuring that your apartment fetches a good worth starts right from the point of purchase itself. Select for a locality that is fully packed on with facilities and accessibilities for a smooth and peaceful living. The clean and well-maintained neighborhoods boost the value of your apartment. Do thorough research and select for an area that bids good appreciation value. This is the first step in confirming that your property has a good worth at the time of sale. Ensure proper maintenance- Make the slightest of the repairs of the apartment as early as possible is the simplest method to enhance the value of a home. Any damage or even small cracks is best-taken care at the earliest. Negligence of these minor damages will lead to bigger damages to the apartment complex and which may take more time and money to correct. Upgrade the home based on the necessities- If you have any plan to renovate or remodel your apartment, first evaluate your present structure with the support of a competent engineer/ builder and then take the help of a good designer to ensure that your structure is upgraded to the best potential form of its self at a viable rate. At times, the structures are so beyond patch-up, it is not wise to renew it, as it can be a useless workout. Examine for damages periodically-Periodically check your apartment for any damages and services gadgets installed and other things to ensure that all are running smoothly. As we all know, prevention is better than cure. It is sensible to keep your apartment in a good working condition than wait for it to be subject to damages to take care of it. It will not only enrich the value of your apartment in terms of its monetary value, but it also enhances its lifespan. Paint your house every once in a while-One of the best ways to add value to your apartment on a budget is by painting it. Choose for simple and soothing colors when you desire to put the house on the niche realty market. Stunning interiors and colors with a heavy character regularly tend to put off purchasers. Make certain to hire capable painters to reach a charming and even coat of paint for your apartment. Being artistic- The inexpensive and the best improvement you can add to your apartment is by placing simple artistic elements. Adding artistic wall paintings, wooden racks to place books, designing walls with creative graffiti, bean bags and so on, these may seem simple, but you would definitely be amazed to see the results. Add greenery- Adding landscape and greenery can truly enrich the value of your home manifold. We all like a touch of nature in our living spaces. So, try to add a small garden to boost the aesthetic charm of your apartment. Even though each home has a personality of its own, and one must try to preserve the same-shaping your home to have a mass charm is the prime factor in enhancing the apartment value. It must hold a similar appeal to various potential buyers who may visit it as the first look and it may vastly define its real worth. Keep these simple tips in mind to ensure that your apartment is much in demand amongst various buyers from diverse walks of life. If you are looking to buy an apartment and enhance it, then do consider our exclusive range of residential projects at prime locations of Kerala like Kochi, Thrissur and Trivandrum. Being the top builders in Kerala you can trust Varma Homes for your dream home. So, contact us today or please visit our website for more information on our latest projects.Read More
With the increasing number of new apartment projects in Cochin which has already set a backdrop for such a promptly emerging city, there is also a strong sense of an honest pride in the minds of every Kochiates for the captivating infrastructural development by the Kochi Metro Rail Project that gave a complete makeover to the city of Kochi. The latest news discloses that Metro is to touch Angamaly in the near future. The existing Metro line will be extended from Aluva to Angamaly. And the greater news is that the Kochi Metro service will soon be extended to Thrissur, which is just 50kms away from Angamaly. Kochi and Thrissur could now be easily connected via a metal belt, which will in turn boost the development of both the districts. The metro connectivity to smaller neighbouring cities will immensely help in their growth and development. Kochi and Thrissur have been closely connected through trade and commerce for several years. And with the Metro Rail service, these twin cities will have greater accessibility to many places including the International Airport that will surely let them to share various growth prospects together. The better international connectivity will greatly pave way for more global companies and cargo-based businesses to expand operations in the Cochin city and even in Thrissur. The enhanced employment opportunities will create a huge boom in the real estate market, making both Kochi and Thrissur the major real estate hotspots and residential hubs. With the predictable flood of people that will shift base to Kochi and Thrissur due to the kind of quality lifestyle that both these cities offer, there will be high demand for luxury apartments in Thrissur and apartments in Kochi. The prime residential areas that are going to be swamped by people’s attention are Thripunithura and Edappally in Kochi and Kottappuram and Poochatti in Thrissur. Since the budding of vast number of 2 bhk flats in Thrissur and flats in Kochi, it’s very much important for you to buy only the ones that live up to your expectations and meet all your needs. When thinking of buying a new home, it’s always best to go with the builder that you trust the most. One of the most promising builders of today, ‘Varma Homes’ have got some wonderful upcoming and ongoing projects in all the major locations of Kochi and Thrissur. The new launch in Thrissur - Varma Spectrum, the luxury apartments at Poochatti is one of the most spellbinding creations of Varma Homes that is highly affordable with all the modern amenities possible. Something else you need to further look at is the compact apartments of Varma Homes in Edappally called Varma Regent, the project handing over ceremony of which is to be held on 15th of January 2018. It is said to be the first project handover of the best builders in Kochi. With an advantage of being located proximate to famous schools, railway station and other well-known places of worship, Varma Maalika, the luxury apartments in Tripunithura is one of the cleverest choices that you can make while looking for luxury flats in Tripunithura. The project handing over ceremony of Maalika is finalized to be held on 1st of February 2018. Varma Kottaram, the luxury apartments in Tripunithura is one of the most desirable living spaces offered by Varma Homes for all the home seekers who look for a royal abode combined with elegance and most modern conveniences. It is one of the prestigious ongoing projects of the top builders in Cochin. The Varma Padipura, luxury apartments of Varma Homes located in Tripunithura is one of the ongoing projects which is crafted to perfection that o?er breathtaking views combined with a lifestyle that is designed for high ?yers. Ensure to make clever and wise decisions on real estate investments while the time is right in the most preferred cities of Kerala like Kochi, Thrissur and also Trivandrum. (To be continued…)Read More