Buy Residential Properties in Bangalore or apartments for sale in Bangalore Sooner rather than later

Oct. 23, 2012 - PRLog -- Buy Residential Properties in Bangalore (http://www.vkcdevelopers.com/residentialpropertiesbangalore.html) or apartments for sale in Bangalore (http://www.vkcdevelopers.com/apartmentsforsaleinbangalore.html) Sooner rather than later.

The earlier you start planning to buy a house, the better it is

Buying a house is major affair for any family as it forms a huge part of life-long savings. Starting early gives an immense advantage as young people have lesser commitments and are in a position to save more for the large outlay that is required to buy a house. Younger people have time to plan ahead on purchasing their first house, be it hunting for the right house or arranging for finances.

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    Starting with a small house they can trade it for a bigger one as the family grows. By the time family grows bigger many EMIs would have been already paid on the smaller house, making it easier and cheaper to get a large house.

VKC Developer offers Residential properties in Bangalore  in the area of Marathalli , Koramangala , Sarjapur etc. with the completed projects called Chourasia Manor Phase 1 , Chourasia Manor Phase 2, Chourasia Heaven located in Outer Ring Road , Marathalli (http://www.vkcdevelopers.com/apartmentsinMarathahallibang...) Area, Bangalore.

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DECIDE ON BUYING A HOUSE
    This first question that comes to mind for a young prospective homeowner before purchase of the house is should he stay in a rented house or purchase one right away as soon as his job is secured. The answer to this question lies in the difference between the rental yields of the property under consideration as against mortgage interest rate.
    The rental yield is calculated from the annual rent outflow as a percent of the property's current capital value. When the gap between the home loan interest rate and rental yield is narrow, it means your rental outgo is closer to what constitutes an EMI. In such a case, it is preferable to buy a house rather than rent it.
    In some cities, while the property values are high, the rental yields are low at 1.5 to 3.5 percent. So, renting a place is more affordable than EMI payments. In major cities like Bangalore, the higher rental yields of 3.5-4.5 percent indicate higher rents. Hence, buying a house makes more sense than renting it.
    Sometimes, a landlord keeps raising the rent every year. In that case, it makes sense to factor it into calculations when taking a renting out or buying decision as in the initial stages the rent is much lower than your possible EMIs, but the gap between the rent and the EMI will be bridged over the years.
PLANNING AHEAD
    An important factor to think about is how to finance the purchase of the house. Planning ahead helps in being financially better-prepared to buy the house - a large financial commitment.
    Homes and financing are closely intertwined. Financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage. Typically, you can only avail a maximum loan of 80-85 percent of the property value through a home loan and 15-20 percent has to be paid directly to the developer. Though EMIs are restricted to 40 percent of salary, they could fluctuate if the loan is taken under a floating interest rate scheme.
FACTOR IN OTHER COSTS
    Apart from the actual cost of the house, there are other costs to be considered to determine the exact amount of expenses the homeowner would incur towards the home loan. Processing fee amounts to 0.5-1 percent of the loan amount, and is charged by most lenders. Administrative fee and legal charge are also charged.
    The homeowner has to pay stamp duty which varies from State to State. Late EMI payment attracts delayed payment charges, which has to be factored into the overall costs also.
    It makes sense for a homeowner to take into consideration the total cost involved, especially when one is working with a tight budget at an early stage of the career. More young people are buying homes at an early stage of their lives nowadays. This is a very good trend as it helps them create a valuable asset early in their lives that can be leveraged later on for higher benefits. The benefits of buying a home today far outweigh the costs.

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For more details pls contact

Bangalore Corporate Office
“Chourasia Height”
#22, Ground Floor, First Cross,
Ashwathnagar, Marathalli,
Bangalore- 560037

Telephone: +91 80 4333 8888

Moblile: +91 96 8619 2716
         +91 96 1119 6999

Email: info@vkcdevelopers.com

Web site: www.vkcdevelopers.com
         www.chourasiagroup.com