Most people dream of buying a house in the metropolitan cities. Buying a house in the metropolitan cities can be beneficial as they have much better perks than other regions. A person living in the metropolitan city has access to many things like better job opportunities, education and high standard of living. Due to the high realty rates in the country, buying a house in the metropolitan cities can go beyond the affordability of many.
People who desire to buy houses in the metropolitan cities would have to manage a high amount of money. As the housing rates in the metropolitan cities can reach up to INR 1 crore, which might not be affordable for a person coming from a middle-class background. For the people who fall short on finances but still wish to buy a house in such localities, a Home Loan can be helpful in buying a house in these areas.
People often fail to plan the Home Loans when they apply for the one. Since the price of the flats in the metropolitan cities are high, the Equated Monthly Instalments (EMIs) will also be high. Different metropolitan cities in India have different property rates, due to which Home Loan application process in these cities differ accordingly.
Home Loans in Mumbai: Mumbai is one of the popular cities of the country, and is counted among the top 10 cities of the world. The city of Mumbai is the most progressive and wealthiest city in India which contributes 6.6 percent to the country’s GDP. Mumbai has a tough competition against cities like Bangalore, Delhi, Pune, and Hyderabad.
The prices of property in Mumbai fall in the range of lakhs to crores. To avail a Home Loan in Mumbai for a house that has a value of INR 40 lakhs, you need to have a monthly income of INR 40,000 to INR 50,000 per month.
Home Loans in Delhi: The city of Delhi houses approximately 26 million people and is also the capital city of India. Delhi is one of the largest commercial centres in the Northern region of the nation. The city has the highest per capita income with many industries like IT, telecommunications, hotels, banking, tourism, and media. The average prices of property in Delhi can amount from INR 35 lakhs to 1.5 crores. The basic income requirement to buy a house in Delhi is INR 45,000 to INR 50,000 for the instant approval on Home Loan in Delhi. You can also avail the Flexi loan service to pay your loan easily.
To buy a house in these metropolitan cities, you need to have some savings that would help you to pay some part of the loan. The lenders only provide 80 to 85 percent of the property value amount, which means that you will have to manage the down payment for the house with your savings. The loan amount does not cover the charges incurred for the stamp duty and the registration of the house which covers up to 2 to 3 percent of the property value.
Houses in the metropolitan cities cost a lot due to the perks provided and its importance in that region. Hence, if you are planning to buy a house in the metropolitan cities of the country, you need to have a systematic plan to repay the loan.