Business Loan for Traders is intended to help business owners to meet their needs for purchasing goods and services, furnishing, working capital, renovating the business premises, purchasing new equipment, etc.
What are the benefits of business loan for traders?
1. Quick approval
If you are in need of urgent cash flow for buying machinery or equipment, upgrading the existing business property, etc., you can apply for the business loan for traders for up to INR 30 lakh within 48 hours of approval.
2. Flexible Loan Facility
Certain NBFCs offer you doorstep or flexible loan facility, where you have to pay 45% less on EMIs. This can be acquired if you apply for the flexi-loan facility or term loan for business finance.
3. No need for collateral
For a business loan for traders, no collateral is required. This means you don’t have to put your personal or business assets as security for acquiring this loan amount.
4. Preapproved Offers:
Certain banks or NBFCs provide pre-approved offers to the applicants, including reduction of rates from time-to-time and top-up loan.
5. Online Account Access:
When applying online, you can easily access your loan statement, as well as manage your funds anywhere, anytime, through the online customer portal.
Lenders offer business loan catering to the unique requirements of companies. These products differ in the loan amounts disbursed, tenors, interest rates, repayment schedules and various other aspects. These advances can help to overcome the challenges small business owners face, finance their purchases and integrate the necessary equipment to improve their production line. So, if you want to leverage from the existence of business financing schemes in India, below are some suitable options.
Bottom line: Every lender has laid down eligibility rules which they expect every loan applicant to qualify. So. in order to get sufficient business financing, you’ll have to find out what those rules are and make sure you can qualify them.
Also Read: What Are the Different Types of Business Loans in India You Can Go for?
For most of us, when it comes to purchasing a home, our savings do not suffice. This is why we have to resort to financing and in which the best option is home loans as they have been designed keeping in mind the requirements of home buyers.
We keep paying our EMI’s and repaying our debts but there is always better options and improvement in the current system.
We might have taken Home Loan from a lender which at that point of time was providing the lower rate of interest and probably higher quantum, but we must keep an eye over the market and look for banks which are providing better and lucrative schemes for the outstanding balance transfer of the home loan.
What is Balance Transfer?
If due to some reason or the other, you are not satisfied with your existing lender or are getting better terms and conditions with some other lender, then you can change your lender and get your existing home loan transferred from one lender to the other. This entire process is what is known as a home loan balance transfer and provides many benefits, a few of which are as follows -
Home loans are usually of a very long duration and when we opt for them, it is just impossible to foresee the expenses which may crop up in the future. As such when later our expenses increase, we wish that the repayment tenor was a bit longer so that the instalment comes down.
While your existing lender may not allow you this facility, but with a home loan balance transfer facility, you can change your lender and opt for an increased tenor in repaying back the home loan.
Interest Rate Reduction
With any loan, including home loan, there are two types of interest rates which are available. These are - floating rate and fixed rate. In case of floating, the interest rate keeps fluctuating with the market conditions and the benefits of a reduced interest rate are passed on to the end user. In case of fixed however, the interest rate remains fixed throughout the repayment tenor.
It has observed that in the long run, fixed interest rate turns out to be higher than floating interest rate. Many people do not realise this and end up opting for fixed interest rate. However, when they want to change to floating the existing lender does not allow it. Here also a home loan balance transfer can be of immense help as the new lender will once again give you the option of choosing between a fixed and a floating interest rate and you can choose the one which suits you the most.
Read Also: Extending Home Loan Tenor with Balance Transfer Facility
Buying a home of your own is a big financial task, especially if a home loan has been employed for the purpose. In such cases, you’re not only paying the principal cost of the house, you’re also paying a high amount as interest against the loan taken. To give you a gist, you pay exactly double of what you borrow if the foreclosure happens naturally - without any part-prepayments.
In such circumstances, all home loan subscribers should be aware of and should make the most of income tax rebates available. Again, the said can be done only if people are aware. Hence, below are the income tax benefits for home loan subscribers which are available:-
Tax benefits for first time owners: Apart from the tax benefits on interest and principal component available under 80C and 24B respectively, first time home-owners get an additional rebate of Rs 50, 000 a year. Though there are different terms which you must be aware of.
Tax benefits on interest component: As mentioned above, existing home loan subscribers can claim up to Rs 1.5 lakh as tax rebate on the principal amount paid towards home loan under section 80C of the Indian Income Tax laws.
Tax benefits on principal component: In addition, housing loan subscribers can also claim up to Rs 2 lakhs as deductions under section 24B on the interest component paid every year against the loan.
Read all the terms and conditions before filing your ITR.
Reference Read: Maximise Your Income Tax Benefit on Home Loans
To buy a property, you can easily apply for a home loan but you also need to be careful while choosing your EMI amount to keep the repayment process easy and stress-free. Here are some important factors that may help you calculate the home loan EMIs within your budget:
- Interest Rate
When calculating the EMI amount, you need to consider the interest rate. You must ensure that the interest rate is lower and it meets all your home loan eligibility criteria, along with your good credit score. Secondly, you must pay attention to the interest rate type. If a home loan is on a floating interest rate, it is likely to change with market fluctuations. This means an increase in the interest will lead to increasing EMIs. However, the fixed rate of interest is not affected by market fluctuations.
- Home Loan Tenor
The longer the house loan tenor, the lower will be the EMIs. The shorter tenor means higher EMIs. You need to consider this fact based on your repayment capability. Using the home loan EMI calculator, you can easily forecast the ideal tenor as per your financial capability.
- Prepayment on Home Loan
You must check your prepayment charges before applying for the loan, as prepayment can help you lower the EMIs.
Read Also: Choose Wisely Your Emi Amount While Availing Home Loan
Life’s getting busier with every passing day, and so people are left with very less time to maintain the work-life balance. Amidst this time crisis, it certainly not possible to take out sufficient time on crucial instances such as when needs a loan. No one has the time to stand in endless queues outside banks and NBFCs to talk about and then apply for a loan. This conundrum or catch 22 gave birth to ‘finance app’ - an app that would let potential loan applicants to checkout their options and then apply for the most suitable debt product on the go.
What is a Finance App?
A finance app, as the name suggest, is nothing but a mobile application that lets you apply and avail credit schemes offered by the parent organisation. For instance, someone planning to take a loan can use a finance app to check out the different credit schemes offered by a particular lender, register and then apply if the scheme fits the bill.
Advantages of finance app?
For a trading business or any other business, managing working capital is absolutely crucial, as an adequate amount of cash should be there at all times to meet short-term business commitments.
Following are some effective tips to help you manage working capital efficiently:
For making the payment receivables period short, a business must have a good collection system. The invoices must be generated on time to avoid any inefficiency or delays for receiving the payment.
You must reassess your credit terms and contracts with debtors to ensure that you are not expanding a window for them to pay for goods or services. Debt must be collected on time; otherwise, it could have a negative impact on the working capital.
By making working capital a priority, businesses can surely make some strategic and good investment decisions for operations and other work processes. There must be enough operating liquidity to prevent any huge effect on the company’s cash flow.
Read Also: 5 Tips to Manage Working Capital for Your Trading Business
Nothing is certain in business. A business owner has to face several financial crisis and drops and often face a situation to raise funds. This has increased demand for a business loan at the time of external fund requirement. In order to have enough capital and liquidity for a business, loans for business is the best option. Before applying, it is necessary to know the factors that affect loan eligibility and Business loan interest rate.
Factors that influence the interest rate for a business loan
Size, type, plan and vintage of business: A lender offers the business loan consider the type, size, vintage and plan of the applicant’s business. All these factors reflect business growth in future and credibility to repay.
low-interest rate and less loan amount mostly have a high-interest rate.
CIBIL Score: Credit score is the primary factors that a lender considers in a business loan. A good credit score lowers the interest rates for such loans. It is necessary to improve the CIBIL score before applying for this loan.
Loan tenor and annual revenue: Business loan interest rate gets lower with higher loan tenor and increases with short loan tenor. High annual revenue of the business also lowers the interest rate.
Read Also: What are the Factors that Affect Your Business Loan Interest Rate?
Have you bought your dream home by availing home loans? Is your home loan breaking you? Then it is the right time that you opt for home loan balance transfer. First of all, you can ask your own lender to decrease the interest rate according to the market condition. But after the reduction you still find your home loan unmanageable then you should approach other lenders for a balance transfer. Switching your loan from current lender to a new lender is called as balance transfer thereby reducing the EMIs. But it involves transfer charges which include the following:
Apart from the above, there might be some other charges which might vary from one lender to another.
Normally, you should go for home loan balance transfer during the first half of your loan tenor because during this period you might not have paid heavy EMIs. Check that after the transfer you get enough savings. If not, it is not advisable to go for a balance transfer.
Now-a-days, apart from banks, many NBFCs are also accepting balance transfer. You need to research and select the best option available for the balance transfer just like you must have done for availing the loan. They also have home loan balance transfer calculator available in their website through which you can calculate the savings you will make through this balance transfer. It involves minimal documents verification as you are already paying the EMIs with the current lender. If you are suffering from the huge burden of home loan EMIs, then it is the right time to opt for home loan balance transfer.
Read Also: All You Need to Know About Home Loan Transfer
Pradhan Mantri Awas Yojana (URBAN) scheme offers the housing solution for
constructing, purchasing, extending or renovating houses that cater to Lower Income
Group (LIG), Economical Weaker Section (EWS) and Middle Income Group (MIG).
Features of Pradhan Mantri Awas Yojana:
Eligibility for PMAY scheme:
The beneficiary household under the Pradhan Mantri Awas Yojana scheme will
comprise husband, wife and their unmarried children. Any adult (unmarried or married
member) will be treated as a separate household under the MIG category.
If you’re even a little aware of the policies the current government has been updating ever since it came into action, you might remember the PMAY and PMAY CLSS scheme introduced way back in 2015 by our beloved Narendra Modi. Back then, the scheme was available only for the EWS and LIG - the two sections which qualify as the economically weaker section of the society in rural India. However, later the benefits of the two schemes were extended for the urban poor as well, namely, people belonging to the MIG 1 & 2 categories.
How would It Help?
After the scheme was reintroduced post modifications, anyone and everyone earning less than 18 lakhs per annum became eligible for Pradhan Mantri Yojana interest subsidy and the PMAY CLSS subsidy on loan amount.
On the other hand,
Collectively, the two schemes helped over a majority of economically-deprived Indians in owning their first home. As per the statistics, PMAY CLSS was availed by approximately 1.65 lakh people. On the other hand, 54.95 lakh houses were sanctioned in the last three years under the PMAY campaign and over 15% percent within that have been completed so far. Over 8.55 lakh houses have been completed till August 21, 2018, and it's still going on.
Read Also: Subsidy on Interest Rates – How They can Help You Buy Your Home
Talking about how can the subsidies help you, the two schemes are still valid for a few months. If you haven’t bought your first house yet and would like to do that, now is the time to do that and avail the benefits.
While loan means to borrow money from a lender against any security or asset, this term is disbursed for specific purposes. The loan has two variants, demand loan and term loan. Let’s find out the difference between the two:
The term loan is referred to a loan with a fixed tenure and it must be repaid on the fixed maturity date by the borrower. On the other hand, the demand loan can be demanded by the borrower from a bank or any financial institution. It has to be paid within a short duration of just one to seven days.
The term loan is acquired for a long duration from one year to 20 years, so won’t have any effect on the working capital. But the demand loan is for a short time and may affect the working capital for a small period.
Examples of term loan are education loan, vehicle loan and housing loan. The examples of demand loan are overdraft facility and loan against a fixed deposit.
In case of term loan default, a prepayment penalty is implied on the borrower to pay the entire loan amount before repayment date. But there is no such prepayment penalty on the demand loan.
Read Also: What are the Actual Differences Between a Demand Loan and a Term Loan?
Home loan interest keeps increasing and decreasing with time. You get a loan with a lower interest from one financial institution at a given time. However, amidst the tenor of your loan, you come across another loan with much lower interest. In such case, home loan transfer can really save you from paying high interest for your loan. However, it is important to choose the right lender with less rigid terms and conditions.
In this process, the new lender agrees to take over and finance your home loan by paying the outstanding amount to your existing lender. After receiving the pending amount, the current lender is obliged to issue the borrower no dues certificate along with the released documents. The released documents are then submitted to the new lender. After the paperwork is over, the borrower is now supposed to pay EMIs to the new lender. This process is also called refinancing home loan.
The major advantage of home loan transfer is that the borrower is free from paying high interest rates. Instead, the borrower can make his/her EMIs more affordable with lower interest rates. With lower interest rate the borrower can save enough money for other purposes like prepayment of a part of the home loan.
Reference Read: 4 Advantages of a Refinancing Your Home Loan
Working Capital (WC) is essential for the smooth functioning of all the day-to-day activities of a business. It primarily consists of two concepts, Gross Working Capital and Net Working Capital. Before moving on to the two concepts in detail, let us know about WC elaborately.
What do you mean by WC?
It is that part of a business’ capital which meets daily cash requirements. It includes cash-in-hand, bills receivable, bills payable, inventory, short-term investments, marketable securities, etc. As mentioned, Working Capital can be further divided it into Working Capital and net working capital.
Gross Working Capital (GWC): It is a broader term that covers all the current assets of a business. You can say the total amount of current assets without counting the current liabilities is called GWC.
However, this cannot give an accurate picture while calculating the financial position of a business. It is because GWC is the total of available current assets without any deductions for any liabilities. The company may have to meet a lot of current expenses before arriving at the actual assets that will stay with it.
For example, you have borrowed an amount of Rs. 50,000. It increases the current asset of the company. Moreover, it is also a current liability of the company which needs to be paid in the short-term. Thus, the gross calculation of working capital is not an accurate reflection.
Taking a working capital loan is a good way of introducing fresh capital. Financial institutions like Bajaj Finserv offer business loan designed explicitly for WC requirements of business apart from meeting other needs.
You can use this loan to fill up business loan requirements. It will reinvigorate your company to a stable financial position.
So, now with the concept of net working capital cleared, take your business towards growth.
Calculating your home loan EMI before buying a home is an essential prerequisite. This helps people i.e. potential loan applicants improvise their repayment plan as per their repayment capacity which further makes repaying easier. If you believe it makes sense, here’s how you can calculate your monthly EMIs.
1. Manual Calculation: Before the arrival of EMI calculators, bank officials used to manually calculate the applicable EMI themselves. So, if you don’t trust technology and want to take the matter in your own hands, you can use the formula and do it yourself. The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month.
That said, if you do trust technology and want to get done with EMI calculation quickly, below is how you can use a housing loan EMI Calculator.
2. EMI Calculator Formula: Home loan EMI calculator is an online tool and it is quite like your everyday calculator. The only difference is, this particular calculator is pre-equipped with EMI formula.
How to Use Home Loan EMI Calculator?
The simplest way is to navigate to online calculator page and fill in the required details: (1) Loan amount, (2) interest rate, and (3) tenor of investment. Once you are done with sharing these details, click on ‘submit/ calculate’ button and you’ll get the required results along with your repayment schedule.
Reference Read: The Different Methods of Calculating Home Loan EMI
If you have an equipment manufacturing business in Jamshedpur which hasn’t been doing good from some time, there are three things you need to ask yourself:-
The eligibility criteria for business loan in Jamshedpur is quite simple to follow:-
Read Also: Grow Your Equipments Manufacturing Business in Jamshedpur with Bajaj Finserv
Most people in India opt for a home loan when purchasing a property. Despite the financing, many individuals still have to pay a lot of money from their savings in order to fund the margin amount. However, many individuals still find themselves in need of some extra money to meet the expenses of their property. To finance such needs, there is what is known as a Top Up Home Loan.
What is a Top-Up Loan?
This is an additional loan amount that one receives as a loan over and above the existing home loan. Different lenders have different minimum qualifying period for which the existing home loan should run before one become eligible for a top-up loan. Lenders can also insist on the construction of the real estate to be completed before the top-up loan can be availed.
Furthermore, your payment record of the existing home loan must be good for the lender to fund a top-up loan. This is because no lender will sanction additional funds when the existing loan is already at stake.
However, if under any circumstances, your existing lender is not willing to provide you a top-up loan, you can approach another lender for a top-up loan. In such a case, you will have to comply with all the formalities, eligibility criteria and submit a fresh set of documents as per the requirements of the new lender.
Amount of Loan and Period of Repayment
The amount of top-up loan that you stand to receive varies from one lender to the other. However, most of them just calculate your overall loan eligibility by taking into consideration your present income and the current value of your home.
Read Also: Want a Top-up Loan? Here's Everything You should Know
The repayment tenor of the home loan also varies from one lender to the other. Although, most lenders provide a tenure which is the same as the tenor of the home loan. This ensures that both the home loan and the top-up loan are paid on time.
A home that you can call their own is a dream almost every individual fosters. But, this dream becomes possible only if the person has the required repayment capacity and a good CIBIL score. CIBIL score plays a crucial role in almost all credit application approval process. Thus, people have to ensure their credit score is up to the mark in order to get approved easily at the lowest home loan interest rate. If you have a poor credit score, your chances of getting approved goes down. Though you can always postpone your loan application and boost your credit eligibility before re-applying.
If you need some help with the tips to boost your CIBIL score, below are a few you can check.
Quick Tips to Improve your CIBIL Score
Ensure a spotless credit history: First and foremost, your credit history needs to be spot-less. Make it a habit to check your CIBIL score every once a year to keep an eye on wrong remarks in your report. If you identify an error, get them corrected before they affect your score.
A good credit score is inevitable: Secondly, a credit score of 750 and above is an inevitable need. Therefore, there’s no debate on that and hence, avoid late payments, overusing your credit cards etc.
Keep a balanced credit portfolio: Lastly, avoid taking single type of credit scheme - ensure a balance. Taking either secured or just unsecured loans regularly might highlight your credit hungry behavior.
Hopefully, the above mentioned tips will help to enhance your CIBIL score for quick Home Loan approval, and always check your home loan eligibility before applying for it.
PMAY or Pradhan Mantri Awas Yojana is a scheme aimed at providing housing for all at affordable rates along with electricity and water supply. It offers financial support to people with low income and for those belonging to EWS. But apart from all these benefits, first-time buyers can save more with PM Awas Yojana as follows:
Subsidized Interest Rates
When beneficiaries take a loan with a total amount less than Rs.6 Lakh, the government offers a subsidy of 6.5 percent on it. Moreover, the government provides a subsidy of 4 percent and 3 percent on the loan amount up to Rs.9 Lakh and Rs.12 Lakh for those whose household income comes within the bracket of Rs.12 Lakh and Rs.18 Lakh respectively.
Beneficiaries are given ample repayment time which was extended from 15 to 20 years. This enables them to pay a low an affordable EMI.
No Processing Fees
Financial institutions do not charge processing fees for the applications which are filed under CLSS.
Since the main aim of Pradhan Mantri Yojana is to provide housing at affordable rates, beneficiaries are exempt from tax to a certain extent. Tax exemptions can be as high as Rs.1.5 Lakh on the principal amount and Rs.2 Lakh on the interest amount.
Preference for Minorities
This scheme gives preference to women, widows, transgender people, differently abled, single-working women, people belonging to scheduled castes, scheduled tribes, and backward classes.
Beneficiaries can now avail for all these additional benefits apart from the standard advantages of the scheme and get housing at affordable rates.
Reference Read: First Time Home Buyers can save more with Pradhan Mantri Awas Yojana
Running a business is never easy, and sometimes it takes years to establish it. The next phase is growing the business which again is extremely challenging. But the fact that you have already established your business is an indication of your ability to develop it further. Here are some tips to grow your small business loan in Alwar.
1. Conduct client surveys
Regular surveys let you acquire thorough knowledge about the market. Unless you know where your service lacks from the customer’s point of view, you will never be able to expand or improve your business.
2. Create marketing strategies
You cannot reach a bigger audience and grow your business without coming up with efficient and innovative marketing strategies; along with full-proof plans. Set goals and ensure that you have all the resources to reach that goal. You can manage this cost by availing for an online business finance
3. Knowledge of emerging technology
One of the best ways to grow any business is to incorporate the latest technologies. You can double your profit and reduce the effort you put in by being up-to-date with the emerging technologies and knowing which ones will help your business grow.
Your business works mainly because of the employees, and having a good communication lien with them allows the flow of new ideas and upcoming opportunities.
5. Think of efficient sources of finance
Growing your business also means needing additional finance. Many NBFCs offer a business loan in Alwar. This business loan doesn’t require much documentation and has easy-to-meet eligibility criteria.
These are five tips to grow your business in Alwar. Make sure that you consider these points and approach an NBFC offering a business loan with customized facilities for your business.
Read Also: How to Grow Your Electrical Business in Alwar
Exactly a decade ago, home loan interest weren’t exactly the same as they are now: buying a home using a loan was quite an expensive task with people having barely enough to afford their livelihood comfortably. This goes without saying for people who even thought about buying a property in 2008 - the year of Great Recession when Indian trade sector had almost collapsed, and people were losing their jobs. On contrary to that, home loan interest rates are much lower. In fact, the interest rates are the lowest compared to the previous decade or even previous year.
Besides, housing loans offered these days are in accordance with MCLR lending system which dictates banks and NBFCs to offer the lowest rates possible. Therefore, there are chances people who took a home loan before (when the rates were soaring high) would be in the lookout for tips and tricks to reduce their obligations. For them, the Indian banking and finance sector has home loan balance transfer which, as the name makes it look like, allows existing subscribers to switch their loan from their existing lender to a new one.
How does this process takes place and what are the benefits?
Once you apply for balance transfer, your new lender will talk to your existing lender and get your loan foreclosed. The foreclosure amount so paid by your new lender becomes your principal debt and you’ll be repaying that including the applicable interest on that amount. Doing this will instantly reduce the payable interest component and hence, your overall liability.
Reference URL: Revise your Home Loan with Balance Transfer
There are a number of states in India which offer a variety of benefits to women home buyers. This is being done to encourage more number of women to become the owners of their own homes. Thus, if you are married, it will be more profitable for you, if you purchase property in the name of your wife.
Apart from enjoying the lowest housing loan interest rates, there are a number of other benefits which can be enjoyed. There are a number of benefits of buying a property in the name of your wife, a few of which are as follows -
Lower Interest Rates
Most borrowers do not know about this but women actually enjoy a lower interest rate. The extent to which the interest rates for home loans are subsidized varies from one lender to the other, but usually varies from 0.005% to 0.1%. These figures may look small but in the long run when your expenses can rise, these lower interest rates can greatly aid in planning your finances better repay back your loan more easily.
Access Higher Value Loans
Another added benefit of women applying for home loans is that they get access to higher value home loan more easily. This is because the eligibility criteria is less strict for them. Thus, irrespective of the lender, be it a conventional financier or an NBFC (Non-Banking Financial Company), women can look forward to higher value loans.
Reference Read: Affordable Home Loan Rates for Women - Know the Benefits
A commercial loan comes in handy for urgent business fund requirements – it’s not rocket science. However, the big deal is to obtain the loan easily, swiftly and economically. Thankfully, there are lenders to take care of your loan requirements, helping you to focus solely on business lines. Take for instance Bajaj Finserv, India’ leading and most diversified Non-Banking Financial Company (NBFC) with a solid record of reliability, efficiency and customer satisfaction.
While banks and other financial institutions deny business loans to start-ups due to their short history, Bajaj Finserv is flexible with its policies. Any start-up operating legally for the past three years is eligible for Bajaj Finserv business loans up to 30 lakhs. However, an income tax return for the previous 12 months is mandatory. The NBFC also provides hassle-free unsecured loans where the need to pledge collateral or produce guarantor is eliminated outright.
Bajaj Finserv is keen on creating convenience and time saving for customers, which speaks for an easy, simple and efficient loaning process of commercial loan. The only requisite is an application backed by identification documents. The application is approved immediately and the loan amount is deposited in the applicant’s bank account in 72 hours or less. The loaning experts walk each customer through the entire process and are happy to answer his/her queries.
The account management is also convenient and time efficient, thanks to Bajaj Finserv online custom web portal that keeps the client on top of due EMIs. When it comes to interest rates, Bajaj Finserv offers customers a clear advantage. The interest rates are lower at this NBFC vis-à-vis any financial service provider in India, making it the go-to option for commercial loans.
Also Read: Where to Get a Commercial Loan for Business at a Low Rate?
For decades, self-employed professionals or start-up founders have been struggling to secure sufficient business funding through banks and NBFCs. One of the primary reasons which can be attributed as the root cause of this problem can be the uncertainty and lack of stability associated with self-employed professionals. As known to all, self-employed individuals don’t have a stable income nor certainty. Thus, their repayment capacity always comes with a question mark.
However, with the dawn of NBFCs, the problem is no longer insoluble. A self-employed individual or a business owner can turn to personal loan to start a business and meet their various cash needs. The only question is whether they should or not? If you have the same question, let’s find an answer together.
Planning to settle down in Pune? Finding the right location might not be enough. You may want to scour different societies such as Ganga Legend in Bavdhan and choose the one that suits your budget and expectations. Here's how you can do that.
Availability of Amenities: The first and foremost is the amenities offered! Since most of us stuck with the 9 to 5 work are likely not to go out to enjoy our weekends, having a pool or a gym inside your society would be great. If you are on the same page, look for such amenities while buying a flat in Pune.
Maintenance Cost: India has a plethora of housing options starting from regular 2BHKs to luxury and super luxury homes. Now, each one of these properties come with an additional, probably life-long charge known as maintenance cost. The more luxuries you seek in your home, more will be the maintenance cost.
Power Back-up: Power cuts might be a frequent phenomenon in some cities but not in Pune. That said, you must never take chances and ensure the residential society you choose to live in offers 24X7 power back-up.
Safety: Also, make sure the flat you buy comes with on-premises security staff and other safety parameters such as CCTV cameras etc.
Parking Space: All of us owning a car or a bike are aware of the physical and mental turmoil one has to go through finding parking space. This goes without saying for metro-residents wherein carjacking is very common. Thus, having a parking space within the premises of your residential society is a must.
Read Also: How to Find the Best Society to Buy a Flat in Pune
Bottom Line: Last but not least, make sure the flat you’re buying is RERA-verified. It makes it easier for you to get a home loan for financing your purchase.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.