Aurangabad is a fast developing city in Maharashtra which, of late, has become a favorable investment destination for people looking for affordable homes. When shifting base to Aurangabad, an individual faces two choices- rent a place or buy a home of one’s own. With renting a place, an individual can evade a major investment of buying a home but at the end, there is no asset which he/she can call one’s own.
Buying a home in Aurangabad requires a small initial payment in the form of the down payment which amounts to about 15-20% of the total cost of the property. The remaining 80-85% of the cost is covered through the proceeds of a Home Loan in Aurangabad.
Getting a Home Loan is very easy these days with the entire Home Loan application and approval process going online. Hence, you can apply for a Home Loan and get approval on the same from the comfort of your home.
Before applying for a Home Loan, the following aspects have to be kept in mind-
Down Payment- You will have to keep aside a portion of your savings to pay the down payment.
Debt to Income Ratio- Your monthly expenses and liabilities with respect to your earnings is an important factor which decides your Home Loan eligibility.
Maintenance Expenses- Purchasing a house involves maintenance charges, new furniture, fixtures and appliances.
Getting a Home Loan in Aurangabad
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.