HOW MUCH CAN YOU REALLY AFFORD TO BUY AN APARTMENT IN MARATHAHALLI?

by Ashwin P. Blogger Enthusiast

What do you really mean by affordable housing? Well, the word affordable housing is directly associated with fulfilling the housing needs of the middle-class income households of the society.

A house is one of the basic human needs, “Roti, Kapda Aur Makan” has always been a man’s top priorities in life. We run throughout the day, a 9 to 5 job, sometimes adding up a part-time job also to our routine, just to fulfill our family’s basic necessities. A house of your own is every man’s dream.

Nuclear family culture

Earlier we had big homes, big families. The culture of joint family has somehow decreased over a period of time. The present generation prefers a nuclear family and loves their independence. Most of them rent out a house as buying a house are a distant dream for many. Also, there are times when one has to relocate to another city for different reasons such as better job opportunity, higher studies, business, etc. We are currently in an era where real estate is at its all-time high. And owning an apartment is not that easy.

How much can you afford?

There are many mortgage calculators available online which will tell you that an approximate of 35% of your income can be easily given into mortgage charges but affordability isn’t fixed like Newton’s laws, it changes according to every other individual.

To know how much house you can afford it is important to ask yourself the following questions:

1.    What is my current monthly income?

a.    This can vary with promotions and a change of job.

2.    What are my basic living expenses?

a.    The answer to this question changes variably according to each individual.

3.    What is my fixed monthly cost?

a.    Approximate electricity bills, telephone recharge, fuel charges, grocery bill and many more such things will be included here.

4.    How much I put in investments and savings?

a.    Here we can include Sips of mutual funds (if any), Mediclaim (if any), saving for the future, vacation or any such things.

5.    What will it take to maintain my new home?

a.    Sometimes it is easier to buy a new apartment but difficult to maintain it. Consider the maintenance expenses that you might have to pay once the house it brought.

After considering all the above points it’s only you who can decide how much can you really afford. Not to forget the property taxes, insurance, and many such hidden charges. Make sure you are comfortable with your financial decisions, as at the end it’s only you who has to bear the expenses.

Renting vs Buying

Have you ever wondered that how much of your hard earned salary goes out in the rent that you pay to the landlord? Instead, if you plan to purchase your own flat would be cheaper. Must be wondering what am I talking? How can buying be cheaper than renting? Well if you don’t believe me simply check out at Marathahalli. There are many luxurious 2BHK and 3BHK Apartments for sale in Marathahalli outer ring road – Bangalore.  These apartments are fully furnished, with all the facilities like Gym, pool, multipurpose hall, swimming pool, outdoor children’s play area, health club, table tennis, etc. at very affordable pocket-friendly rates. There are numerous EMI options available from various leading banks in the country.

Now if you compare between renting and buying you will see that there is absolutely no difference in the two instead of paying the rent to your landlord per month you are paying the same as EMI to the bank against the loan of your apartment. So that is where the difference is, the biggest and the main difference comes at the end of some years. Say you have taken the home loan for a duration of 10 years, then at the end of 10 years when you have finished paying all your EMIs the home becomes yours officially and you its proud owner, whereas on the other hand the same does not apply to a rented house, even if you spend 20 years where the house still belongs to the landlord.

So what are you waiting for there are many Apartments for sale in Marathahalli outer ring road – Bangalore. If you are really looking forward to owning a house which is within the city limits while being affordable at the same time. Go ahead and give yourself and your family a gift of a lifetime.

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Created on Aug 23rd 2018 04:36. Viewed 433 times.

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