A lot of people prefer
investing in property today mainly because it is considered as one of the
lucrative investments and there aren’t any risks involved. Well, the property
rates are already sky high and no wonder they are on a rise constantly. In Mumbai, the property prices have
witnessed an enormous increase compared to a few years back.
Needles to say,
affordability of a house is subject to the amount of money you have. However,
it also depends largely on the area the property is located in. As far as
Mumbai is concerned, there is a vast range of flats that comes in a range of
prices. A flat in the Mumbai city
will surely be much more expensive than its counterpart in the suburban areas.
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| Courtesy: Net |
If your family has more
members in it, you should look for better accommodation. An ideal flat size for
a family of 6 members will be a 4 BHK flat. Based on your income, you may or
may not be able to own the same. Today, a 4 BHK residential apartments in Mumbai
can be anywhere around Rs. 3 crores in Thane or Kandavali, whereas Rs. 19
crores in Malabar Hill. However, if you choose to buy a 4 BHK flat in the
suburbs, you may possibly buy for a less cost. Again, you should consider the
different bills and various other payments necessary to live in a flat in a
suburb.
Not all families can afford 4 BHK residential flats in Mumbai
as their income level is not that high. In such situations, one can always opt
for home loans. These loans help you purchase a house without procuring the
whole amount all at once. Banks provide you with the facility of EMIs (Equated
Monthly Installments). Fortunately, to bring about growth and development of
the country, the RBI has cut down the repo rate for home loans in the recent
times, eventually motivating more and more people to invest in property. If you
can manage bank loans properly, you can certainly take full advantage of these
loans.
