2022 has been a tumultuous year despite us being a few short months into it. There are global level changes and the lockdowns have been lifted and there is a lot of uncertainty around. For those of you planning to become homeowners now, the question arises if the year will be in your favour. You must be asking yourself if this is the right time to invest in luxury apartments in Chennai.
Let us give you a breakdown of the real estate market expectations for the year 2022, and you can make your own informed decision.
Be realistic in your requirements
The first step is to analyse and see how viable your expectations are against your budget. Figure out a budget and stick to it. You will be prompted to stretch it, but remember your budget comes from how much you can afford to pay towards the home loan EMI each month. So regardless of your temptations, always stay true to your budget. There is a chance that the house you were set on like that luxury flats in TNagar could come at a slightly higher price or at a better deal than you imagined.
Choose a reputed developer:
The right developer matters a lot when buying a home. You want a credible developer with plenty of industry experience. Check their previous projects and talk to the residents there to figure out if the homes live up to the brand. Luxury apartments in Chennai offered by established developers come with premium amenities at affordable rates. They are also more financially stable and are prepared for contingencies, meaning the projects won’t get delayed. You can rest assured you will get what you were promised.
Benefit from the reduced interest rates:
The Reserve Bank introduced a reduction in home loan interest rates over the pandemic to sustain customers in real estate. This has continued into 2022. So even if the property values go up, you can still secure a home loan at reduced interest rates. There is no prediction on how long this would continue, and it is better to take advantage of it at the earliest possible.
Explore Pre-approved loans
If you are a reliable and credible customer of your bank then you can try for a pre-approved bank loan. This is more of a check of your eligibility for one. The pre-approved loans are sanctioned to those that the banks think have a sound financial background. They have certain criteria for an individual to be eligible for one. They assess your financial records, credit score, and your history with previous loans and payments. Simultaneously they assess the property that you are looking for and determine the value of the home loan.
Try to supplement your income
The home loan will only cover 80-90% of the purchase. The remaining 10-20% must be given upfront to the developer as a down payment. You must have this amount ready in hand. If you are looking to invest in luxury apartments in Chennai, then this can be a sizeable amount. Besides that, you should be able to meet the monthly EMI payments. If you don’t have savings each month left after your regular expenses, then it might get difficult to make the payments on time. So try to supplement your income and cut down on wasteful expenditure to meet these additional financial commitments with ease.
Lifestyle Housing is a reputed developer of luxury properties. We have new residential projects in TNagar, Chennai with a great location, premium amenities, and more. They are great for first-time homebuyers for a comfortable life.