Mr. Kishor Pate, CMD –
Amit Enterprises Housing Ltd
A decade ago, an Indian
woman independent and capable enough to buy her own home was a rare case.
However, things have changed today. Latter-day Indian women are very well
educated, have good jobs with excellent career growth prospects, and even hold
important government or corporate leadership posts.
In any case, they
certainly have the ability and confidence to craft their own lives, and are
very much able to fulfill their dream of owning a home regardless of whether
they are married or not. In fact, buying a home is fast beginning to figure as
a bigger priority for many Indian women than marriage.
This is not surprising,
since a self-owned home is correctly seen as the #1 security anchor in India –
and the best foundation from which to make long-term life decisions.
For women who
investigating the market for suitable properties, here are some points to
consider:
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| Mr. Kishor Pate, CMD – Amit Enterprises Housing |
Prepare For The Initial Costs..!
First-time home buyers tend to save a
considerable while to get a sizable down payment together. However, keep in
mind that property purchase involves several other initial investments like
government duties, utilities connection charges, transfer fees in the case of
resale flats, insurance and taxes.
Apart from your down payment on a home (or
your contribution towards a home loan) you need to have an additional fund of
5% to 6% over the base cost of the property available.
Be Confident About Monthly Outgoings..!
Anyone eyeing 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, utilities charges, etc.
For working women,
it is important that all these amounts put together do not exceed 35% to 40% of
their net income. Do not neglect to figure out your overall cost of living
before deciding on how big a home loan you can safely service, and keep in mind
that property is not the only investment you should make towards your ongoing
financial security. You should also put at least 10% of your monthly income
into a retirement plan.
Be Realistic And Maintain Forward Focus..!
Home ownership is a great step ahead in a
woman's life, and towards independence in your retirement age. But your first
home is not necessarily the only home you will ever buy.
Remember that you can
always upgrade in the future if required or desired, so there is absolutely no
need to buy the biggest-possible flat now. Never compromise your current
financial viability by buying a needlessly expensive home.
Shop Around Extensively For Home Loans..!
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 available to you.
Ideally, you should get pre-approved for a home loan the interest rate should
be the most competitive. Remember that as an Indian woman, you are entitled to
ask for a lower rate of interest on a home loan – be sure to insist on this
benefit.
Be Sure Of The Developer's Credibility..!
Every day brings new stories about buyers who
have been hoodwinked by unreliable developers. Either the project has been
unreasonably delayed, has never even taken off or the delivered property (or
amenities and facilities) are grossly different from what was initially
promised.
Do not fall into such a trap - no woman looking for the security of
home ownership should have to deal with such a setback. Make sure the developer
has a strong reputation on the market by doing multiple checks with
reliable agents, the home loan company and also on the Internet.
About The Author...!
Mr. Kishor Pate, Chairman
& Managing Director of Amit
Enterprises Housing Ltd. is the driving force behind one of the most successful real estate
development firms in Pune and beyond.
Apart from its signature luxury homes
towers and premium gated townships, AEHL has also launched highly successful
affordable housing projects like Astonia Classic and Colori in Undri and Astonia Royale in Ambegaon.
For Media Contact
Mr. Jay Kalghatgi
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