Investment by Women
Women’s day just got over and all that everyone was talking about was how women have become more independent in today’s society. Today a woman doesn’t let her marital status decide what she wants to do in her career or life. Buying a home also is similar as owning a house is a sign of security.
There are many residential flats in Chennai and the choice for a woman is wide. Be it a budget flat or luxury flats in Chennai, women have few added advantages while buying a property. Here are few points to be noted by women while buying a property.
Down payment/Initial Costs
First-time home buyers tend to take time to get a sizable down payment together. One must, however, keep in mind that a property purchase involves several other initial expenses such as stamp duty and registration costs, utilities connection charges, insurance, and taxes.
Anyone keen on a property purchase should first figure out the monthly mortgage and whether they will be able to afford it. Online mortgage calculators can be helpful, but they will only tell you the value of the principal and associated interests. There are other monthly expenses involved in home ownership, and these include insurances, taxes, maintenance charges and utilities charges.
When it comes to choosing the right lender, do not go by the recommendations of friends or relatives alone. Do extensive research on the several different lending institutions. Ideally, you should get pre-approval for a home loan where the interest rate is the most competitive. Remember that as a woman, you are entitled to ask for a lower rate of interest on a home loan — be sure to insist on this benefit.
If you are married, the ideal scenario is to take a joint loan with your spouse. This is also the arrangement that banks prefer most, since it reduces their risk.
Make sure the developer has a strong reputation on the market by doing multiple checks. It is highly advisable to patronise only established developers with a readily verifiable track record for timely completions and 100 per cent adherence to the agreements they make with their customers.