Purchasing a new home is a rather
gigantic financial undertaking. In most cases, payments for your home will not
be done upfront. Your outgoings towards this purchase will be spread over a few
years in the form of a home loan.
If you are purchasing a home in
the upcoming Antriksh Gold project
in Ghaziabad., there is more to consider than just the price list. With a number of costs that you may forget to factor
in, planning is important for your long term financial health.
Consider this when Securing a
Home Loan
When you apply for a home loan
for your new property at Antriksh Gold NH -24, you will usually be able to acquire one at an interest rate between
10 to 12%. However, there are a few other things you need to budget for –
·
Depending on the size of the loan that is
approved, you may be expected to pay a processing fee of about INR 15,000 to
20,000.
·
Every lender will also bundle insurance with the
money loaned to you. This would be an addition of INR 80,000 to 1 lakh
depending on the total loan sanctioned. This is a single premium that will
reflect in the EMIs you pay.
·
Remember that this insurance is not applicable
to your 80C tax deduction and will cause a significant increase in your
premium.
There are several other expenses
that your may incur along the way. It is best to get your papers vetted by a
lawyer to get a realistic picture of the real outgoings you need to plan for
during the purchase of your property.
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