Being the cultural capital of Maharashtra, Pune has developed a lot. The city is the ninth most popular city in the country and also the fastest growing one. The city of Peshawa’s has just not limited to an educational hub but has also grown in the terms of real estate and career development; which is why people from Mumbai and other metropolitan cities are now shifting to Pune. Now, if you are one of those people, you might, of course, have thought about buying an apartment in Pune.
If you have newly moved to the city for career purpose and staying in a rental apartment, then this is the right time to buy a house. A rental house cannot comfort you as much as an owned house can. Plus living in the second best city of the country is something to be proud of. However, investing in the city and its real estate today can be very beneficial in future as Pune is booming in IT sector and also has prestigious colleges and universities.
In case if you are not residing in the city and are looking for the investment in real estate, Pune can still be the best place to invest. Since the city offers job opportunities for people in IT sector, many migrants are staying in the city and looking for places on rent. In such a case, you can easily buy a flat in the city and give it on rent. Furthermore, the rent can be used to pay home loan EMIs.
Talking about investments, the city has properties which fit all pocket sizes. Right from properties ranging INR 5,000 sq.ft. to INR 12,000 sq.ft and more, which means you can buy a house that fits in your budget. Although Pune has affordable housing, it might still get difficult to allocate your funds in real estate if you don’t have a good financial backup. In this case, you can look upon financial institutions for help. Many lenders offer home loans to people who are interested in real estate investments.
Home Loan and its Interest Rate:
Although nearly all financial institutions offer the same loan option, the home loan interest rate charged by them still differs. No two lenders offer the same interest rate on a loan, which means you need to research carefully when selecting the lender.
However, after the demonetization, home loans have become quite affordable as Reserve Bank of India (RBI) has cut down the repo rates on all housing loans. This means you can easily apply for a home loan without worrying about its repayments. Besides this, many lenders offer schemes on home loans during the festive season and on special occasions. You can try and look for such opportunities as you can benefit with best schemes and offers offered by them.[irp]
Benefits of Applying for a Home Loan in Pune:
You can easily refinance your property if you have brought the house in the last 12 months with your own funds.
If you have extra funds in hand, go for refinancing as this will reduce your debt burden. You are free to close the loan any-time during the loan tenure without paying any closing charges.
In case you have a fiscal emergency in future, you can surely avail a top-up loan over your existing home loan account.
If you are planning to settle in Pune or looking for a real estate investment, a home loan can help you carry all the expenses smoothly. However, you can research for lenders and compare the interest rates offered by them in order to get the best deal on your home loan in Pune.