Living in a property that suits comfort and security is every individual’s right. Every house is a special place for everyone and hence, it’s important to choose the right one for yourself. No one should compromise with their dream home. And so, we at Protech Group do everything we can to assist you in having the house of your dreams. From offering you a tour of the properties of your interest with our team of experts to making the possibility of a virtual tour, we have them all.
“The biggest advantage of an online portal is that a customer can get a bird’s eye view of what’s available in a particular belt of the city or even the whole city. The information is segregated in terms of budget, amenities, proximity to the station or a school etc.”
Property hunting can be a tough job, but not when you have the right real estate professionals and an understanding of what needs to be considered. So, without wasting further time, here are some tips we would like to share with you for the right ways to choose the right property:
Know the location of your choice
Location is an important factor when you’re deciding on investing in a property where you will be living in. The choice of location determines the length of your commute to daily important places as well as the community to want to be together with throughout your life. Examine the presence of educational institutions, hospitals and commercial centres in the vicinity before deciding on a purchase. Consider the distance between the nearest police station, fire station, parks and playgrounds. Apart from these, question yourself if you want to stay amidst nature such as a garden area with tree-lined sidewalks for your daily jog and where your children can enjoy their playtime? Would you like to have the luxury of recreational amenities for relaxing weekdays and weekends after a hectic workday?
Prepare a List of Must-Haves
Before you commence your house-hunting journey, prepare a list of the must-haves. Some of these may include spacious rooms, good ventilation, open spaces for the family members’ general health and well-being and so on. Open spaces and good ventilation lower stress levels, promote physical activity and alleviate depression. Apart from these factors, consider what you can and cannot live without to fulfil your daily comfort. Such flexibilities should be present so that you can customize or demand your realtor and look for properties that include the amenities of your requirement.
Presence of Basic Requirements
With the world rapidly changing and needs increasing, there are certain basic amenities that have to be considered. Parking facility, availability of running water, proper security and maintenance of the society are some basic requirements to be considered when choosing a house. These are critical to lead your daily activities smoothly and to safeguard the needs of your loved ones too.
Ensure a Physical Tour Before Purchase
The pandemic has changed the way people viewed the world earlier. Activities and decisions are now taken after carefully examining the health situation outside. Hence, the demand for virtual tours increased highly in every industry, which includes the real estate industry. However, there’s no denying the fact that virtual tours aren’t the same as physical tours to closely examine everything, especially when purchasing a house. You get a solid idea of the family dynamics. You can examine the flow of the home’s layout by spending time during an open house visit. Even if you aren’t planning on buying anytime soon, going to a few open houses help you match your internet findings to reality. Simultaneously, you get the sense of how much interest a house is getting and how keen individuals are to buy it.
Get Pre-Approved
Tracking down every house you see on the internet is exciting, but it may be discouraging if you don’t know your budget or what kind of finance, you’re eligible for. Hence, pre-approval offers to give you an idea of how much a bank is willing to lend you. Additionally, this also works positively to show sellers that you are serious about buying their property and this further assists in choosing the property as per your budget.
Search Pre-Market Home Listings
Some homes are deemed pre-market because they are not yet listed for sale on multiple listing service (MLS) platforms. Finding a home before it goes on the market could mean less buyer competition. You might catch wind of someone preparing a home for sale and be able to negotiate a sale before it is formally advertised. Traditional MLS sites may not list pre-market homes, yet many pre-market homes are listed on Protech Group.
We hope that these simple, yet important tips will prove fruitful for your home hunting journey. These are some crucial tips that everyone should know before buying a new property, be it residential or commercial. And remember, don’t get discouraged in the phase of searching for your right place as good things take time
Have you been contemplating matching the look of your kitchen to the rest of the house? The internet can surely give you a lot of ideas. The only problem is it has too many of that. You may be very eager to learn some quick tips on how to instantly give your kitchen a makeover. If your last search on Google, Pinterest, or Instagram about home decor baffled you, our article will be a breath of fresh air to you. Read this article till the end to learn a few simple home decor tips that can help you out.
Decide your style
If you have not decided what your new kitchen must look like, think about it for a moment. Do you prefer an intimate setting with cosy, upholstered chairs? Or, do you prefer a more formal set of tables and chairs? This is the best place to start planning for the change.
Add a rug below the dining table
Rugs are a great way to enhance the look of your dining area. It is ideal to have a rug that is 600mm (23.5 inches) wider than the table on all sides.
Add some colours to your walls
Wallpapers are one of the simplest upgrades that can instantly boost the style of your dining area. You can also apply a fresh coat of paint. It is inexpensive and a fabulous way to serve the purpose.
The right kind of lighting
This is necessary because the right ambience can add a lot of personality to the space. Pendant lighting provides a great focal point for the table and elevates the look up a few notches. Design companies are putting new and artistic spins on what is normally expected and finding the one that suits your style isn’t a herculean task anymore.
Add a floral centrepiece
A well-made floral centrepiece can remarkably change the look of your dining area. Your guests will surely be impressed with this statement piece. Especially, when you add this to a specially curated tablescape, depending on the occasion.
Use wall hangings and paintings on the wall
These are another great addition to the plain boring walls. Consider putting some time to do your research on what can be done. The right one will provide a sophisticated balance to the whole room.
Use round tables in small spaces
If your dining room is not separate from the living room, it is best to use a round table. This is apt for small spaces because there will be no sharp edges that would come in the way.
You can go further beyond the recommendations by adding more decor accents such as flowers, bowls of fruits, elegant candles, etc. However, it is all about preferences. Nothing is written in stone. Having an expensive kitchen and creating one that looks expensive is not necessarily the same thing. Hopefully, our post has provided you with some simple and no-fail ideas for refurbishing and transforming the look of your old kitchen. If you were stumped on how to go about it, just start with one of these easy tips. For more useful tips and informative blogs, keep checking this space for more.
“Our perfect companions never have fewer than four feet”- Sidonie Gabrielle Colette
If you have a pet or planning to get one, you must ensure that you are definitely doing these 7 things to ensure pet-friendly homes. Pets need care and monitoring just like small children.
As a pet parent, you must give some extra time and effort to make adjustments around the house. This will make sure that the company of your furry friends brings more joy to you than having to deal with the downsides of increased responsibilities.
Avoiding Rugs and Carpets are one of the most important ways to ensure pet-friendly homes
If you have young pets, it is best to avoid furnishing your home with exquisite rugs and carpets to ensure pet-friendly homes. They may look good but can accumulate a lot of hair and bacteria. Also, it can become a breeding ground for small fleas. It can be very unhygienic in the long run as these will camouflage your pet’s hair.
Avoid open wires to ensure pet-friendly homes
Having open wires around the house can be dangerous to your pets. Especially if they are on their teething stage. Ensure to use cable protectors so that your pets do not chew on them. It is one of the most important steps to ensure pet-friendly homes
Keep fragile items out of reach of your pets to ensure pet-friendly homes
You could lose the most expensive decor piece at any moment as they can knock it over while having a fun time. Nevertheless, keep medicines, expensive items and chemicals tucked away inside cabinets to ensure pet-friendly homes! As pets are adventurous, they might end up discovering these items while sniffling and cause tragic accidents.
Go for easily removable and washable upholstery
Pet hair sticks easily in certain fabrics. It is best to buy sofa covers that can easily be removed and washed occasionally. There are a lot of pet-friendly options which are scratch-proof and don’t absorb odor.
Keeping your dustbins covered with a lid is paramount to ensuring pet-friendly homes
Pets have a strong sense of smell and checking the dustbins out of curiosity may be one of their favorite things to do. That can undoubtedly spread a lot of dirt in the house. Therefore, always keep the dustbin covered with a lid.
Investing in a good vacuum cleaner is necessary to ensure pet-friendly homes
If your pet sheds a lot, it is a great idea to invest in a good vacuum cleaner. Pet hair can cause allergies in some people and it is very difficult to get rid of from your sofa and bed. Nevertheless, you must brush your pet outside the house at least once every two days to reduce the mess.
Avoid potentially toxic indoor plants to ensure pet-friendly homes
You must keep in mind that certain indoor and balcony plants are potentially toxic to your paw buddies. Lilies, Oleander, Tulips, and Chrysanthemum could be life-threatening too. Therefore, do some research and ensure that only pet-friendly plants are introduced into the house.
Hopefully, these tips will help you get started in welcoming your pet home or introducing your pets to your new home. For more helpful tips and information, keep checking out this space soon.
About Protech Group:
We at Protech make constant endeavors to help build better properties in both the residential and commercial sectors in Guwahati.
If you too are looking for commercial and residential properties in Guwahati, Assam,Protech Groupis your solution. Our years of experience in the real estate industry and understanding of the market allow us to introduce you to the best in the city.
To know more, you can connect with our experts today byclicking here.We also hope that you enjoyed this read. Don’t forget to check out our blog again soon.
Have you been contemplating matching the look of your dining room to the rest of the house? The internet can surely give you a lot of ideas. The only problem is it has too many of that. You may be very eager to learn some quick tips on how to instantly give your dining room a pretty makeover.
If your last search on Google, Pinterest, or Instagram about dining room home decor baffled you, our article will be a breath of fresh air to you. Read till the end to learn a few simple home decor tips for your dining room that can help you out.
Decide your preferred style for the dining room
If you have not decided what your new dining room must look like, think about it for a moment. Do you prefer an intimate setting with cosy, upholstered chairs? Or, do you prefer a more formal set of tables and chairs? This is the best place to start planning for the change.
Add a rug below the dining table to give a sophisticated look to the dining room
Rugs are a great way to enhance the look of your dining room. It is ideal to have a rug that is 600mm (23.5 inches) wider than the table on all sides.
Add some colours to your walls to avoid a dull and boring dining room
Wallpapers are one of the simplest upgrades that can instantly boost the style of your dining room. You can also apply a fresh coat of paint. It is inexpensive and a fabulous way to serve the purpose.
The right kind of lighting is neceassary for a spectacular dining room
This is necessary because the right ambience can add a lot of personality to the space. Pendant lighting provides a great focal point for the table and elevates the look up a few notches.
Design companies are putting new and artistic spins on what is normally expected and finding the one that suits your style isn’t a herculean task anymore.
Add a floral centrepiece to the dining room
A well-made floral centrepiece can remarkably change the look of your dining room. Your guests will surely be impressed with this statement piece. Especially, when you add this to a specially curated tablescape, depending on the occasion.
Use wall hangings and paintings on the wall of the dining room for an interesting look
These are another great addition to the plain boring walls. Consider putting some time to do your research on what can be done. The right one will provide a sophisticated balance to the whole room.
Use round tables in small spaces to avoid inconvenience in your dining room
If your dining room is not separate from the living room, it is best to use a round table. This is apt for small spaces because there will be no sharp edges that would come in the way.
You can go further beyond the recommendations by adding more decor accents such as flowers, bowls of fruits, elegant candles, etc. However, it is all about preferences. Nothing is written in stone. Having an expensive kitchen and creating one that looks expensive is not necessarily the same thing.
Hopefully, our post has provided you with some simple and no-fail ideas for refurbishing and transforming the look of your old kitchen. If you were stumped on how to go about it, just start with one of these easy tips. For more useful tips and informative blogs, keep checking this space for more.
About Protech Group:
We at Protech make constant endeavors to help build better properties in both the residential and commercial sectors in Guwahati.
If you too are looking for commercial and residential properties in Guwahati, Assam,Protech Groupis your solution. Our years of experience in the real estate industry and understanding of the market allow us to introduce you to the best in the city.
To know more, you can connect with our experts today byclicking here.We also hope that you enjoyed this read. Don’t forget to check out our blog again soon.
Like any other business, the real estate sector is also looking forward to many path-breaking announcements in Budget 2022. Every year, the announcement of the Union Budget gives rise to a lot of discussions on media.
Finance Minister (FM) Nirmala Sitharaman presented the Union Budget 2022-23 to Parliament on Tuesday 1st, Feb 2022, at 11:00 a.m. It is the 10th Budget under Narendra Modi Ministry and the 4th Budget presented by FM. Also, it is the second Digital Budget that has been declared after the Pandemic. The Union Budget 2022-23 focuses heavily on digitization, urban development, and sustainability
This year’s budget was based on a vision of the next 25 years and it has focused a lot on infrastructural development. It has filled the real estate sector with optimism as the Government has tried to uplift the economy by planning on bringing a paradigm shift towards a usual business approach.
Here are few things that the real estate sector can look out for in Budget 2022-23
Rs 48,000 crore is allocated to the Pradhan Mantri Awas Yojna (PMAY). Placing focus on bringing transparency in the realty sector as well as affordable housing for everyone will play a crucial role in providing a much-needed boost to this industry. Also, it is the main highlight in the budget for the sector.
This allocation will help create opportunities for jobs in all the related sectors. Connectivity has always helped real estate. As road construction gets augmented with the construction of national highways, the industry is likely to benefit.
After a challenging period induced by the pandemic, the real estate sector was hoping for more fiscal and policy support. This will now contribute significantly to the creation of 60 Lakh jobs by the government and the big target of $5 trillion.
This time, urban planning has taken the centre stage too. A high-level committee for urban planners and institutes will be framing policies for development. This will provide an impetus to the real estate sector by helping transform Tier 2 and 3 cities.
Mass transit systems will bridge the gap between the big cities and the small ones. It means that we can expect to see tier 2 and 3 cities becoming important economic growth centres.
Activities in real estate will likely propel the demand for the warehousing and logistics sector too. Establishing a strong logistics network in the country will provide an impetus to the development of infrastructure in the country.
It will positively affect the development of the housing sector in the country. The Emergency Credit Line Guarantee Scheme (ECLGS) extension up to March 2023 will go a long way in supporting the Ministry of Micro, Small, and Medium Enterprises (MSME). Through Ease of Doing Business 2.0, digitization and fintech innovation are encouraged.
Budget 2022 has commendably increased the expenditure to boost demand and investment. Direct real estate measures were focused on providing infrastructure status to Data Centres. Also, there was a profound focus on urban capacity building, digitization of land records, and proposed Special Economic Zone (SEZ) law.
Thus, boosting employment, employing tax exemption, single-window environmental clearances, better coordination between the Centre and State governments for approvals, and uniform registration of deeds will help augment the real estate sector in a significant way.
There were not many provisions for tax savings for people. But the economic growth will lead to increased income that will support retail consumption.
No matter what, it looks like the real estate sector is gearing up for some good changes in the coming months. We all are free to have an opinion, but only the long term effects can tell how effective these measures were.
What did you think of this year’s Budget? Comment down below and keep checking this space to read more informative blogs coming in the future.
We are back with another addition to our “The Art of Vastu Shastra – Radiate Positivity,” series. If you are here for the first time or haven’t read the previous blogs, check them out here. In this blog, we will be focusing on the Vastu of balconies that should be followed to radiate positivity.
Do you love the idea of reading your favourite book or sipping your cup of morning tea on your balcony? Most probably, you answered positively. The significance of balconies differs from person to person. People have different ideas for customizing this special outdoor space. Some people like to make it a private affair while others decorate it to enhance the beauty of their house. But did you know that even balconies should be Vastu compliant? Yes! And here, we will be talking about the 10 most important Vastu rules for balconies.
Balconies should always be constructed in the North, East, or North-East directions. The science behind this is that these directions get the maximum amount of sunlight as compared to others. The South and the West directions should be avoided as they result in a serious imbalance of energy.
It is ideal to have a lower-floor balcony as compared to the main building compound. Also, roofs must always slope towards the North or East directions.
Avoid tall, heavy, or too many potted plants in the balconies as they tend to block the beneficial solar energy from entering the house.
Never cut or extend balconies haphazardly at your whim without considering Vastu rules. This will only lead to serious bad luck.
Balconies must not project out alone in the North or East directions as they cut the vital portion of the house. These directions are related to the brain and inhabitants may therefore suffer from mental disturbances.
Balconies must ideally be square, or rectangle-shaped. They should not be rounded off. Although some modern homes have round balconies, Vastu says that balconies and the walls should always meet at right angles.
A balcony must have muted shades such as muted pinks, blues, greens, and earthy tones such as subtle beige, light yellow, etc. They project light and invite beneficial and positive energies to the house.
Avoid using bulky furniture on the balcony. It is best to use light and small seating furniture in the South corner of this space. The West side of the balcony is also considered beneficial as you face the East or the North.
Adding a swing in a balcony is auspicious according to Vastu, along with being a great addition to the overall décor. Place one that faces the North or South directions, and it will transform the look and feel of the area.
It is said that having a North-East facing small-sized fountain on the balcony will invite wealth and abundance into your home. They are in sync with the water element of the direction and hence, are considered auspicious.
We hope that you can take away some of the key points to note while constructing a balcony or while buying a new house. Balconies are important for balancing the energy of the house and constructing a Non-Vastu-compliant one will only drain the wealth and happiness of the residents. It is said that balconies in the South direction attract litigation and fire hazards. That’s glum and depressing. Therefore, it is best to abide by the rules of this ancient Indian Science which is proven to bring good luck, happiness, and prosperity to a home. The Vastu-compliant properties are even priced higher in the real estate market. To read more informative blogs like this one, keep checking this space for more.
The outbreak of the Covid-19 pandemic has been an overwhelming situation for us all. With restrictions and sudden changes to certain personal, professional and social affairs, it has been a difficult ride. Now while we adults have adapted to the situation and are taking every possible precaution to keep ourselves safe, how safe are our children? Moreover, with the third wave-making around across the nation, it is understandable to know if you as parents/guardians are feeling anxious and so are the children.
Unlike adults, children find it difficult to understand the progress a state or country is making. This leads to possible anxieties and hearing negative situations from other people can make them vulnerable to feelings of stress and depression. Apart from this, they should also be aware or at least introduced to a healthy and precautioned living situation to keep safe during the third wave. So, let us check a few quick tips that you as parents can take over to help keep your children safe during the current wave of the Covid-19 pandemic:
Communicate with your children
This is of utmost importance and should be a practice to follow by all parents and children. Have an open and supportive discussion with your family that involves children to help them understand the ongoing situation. Keep the positive points at maximum and the negative points to a minimum, while giving hope to cope and keep going.
Explain the importance of healthy eating
“You are what you eat” is a common phrase we hear when it comes to the significance of eating healthy food. The pandemic has helped millions of people understand the importance of eating healthy and it’s time you make your children learn the same. Show them examples of people who have recovered or kept themselves safe by also incorporating healthy eating to motivate them.
Incorporate physical exercises
Stepping outside when not necessary is definitely still the foremost rule to follow since the outbreak of the pandemic. However, children require exposure to exterior spaces to enhance and maintain their physical and mental health. Allow them time to step outside and play but teach them how to keep safe by wearing masks. Those residing in Protech Homes need not worry much as each residential project comes with special amenities that can be used to incorporate exercises such as swimming pools, walking tracks, yoga centres and more.
There are many points to take into consideration to keep children safe during the Covid-19 third wave. They are discussed, learned and incorporated by everyone such as washing hands, using sanitisers and avoiding crowds. However, the points mentioned above are not very highly discussed and incorporated when it comes to children especially. Hence, we highly suggest that you start communicating, explaining and incorporating the three significant tips mentioned above and help keep your children safe during the third Covid-19 pandemic.
For more such informative reads, don’t forget to check out the Protech blogs section.
While buying or constructing a house, it is very important to ensure that along with the other rooms, the bathroom is also Vastu-compliant. The bathroom is the place to clean up. And hence, it can become the storehouse of negative energy if you are unaware.
Like our previous blogs from the series, “The Art of Vastu Shastra – Radiate Positivity,” we shall learn in this piece how you can take steps to eliminate negativity from your bathroom. While many people know how important it is to have a clean and hygienic bathroom, it is also necessary to check if the Vastu rules are being obeyed. Every space inside a home can emit positivity. All it needs is a little attention.
Below are some rules of Vastu Shastra that must be followed while constructing or designing a bathroom:
Always make sure that the bathroom is located in the North-West direction of the house. Many people have bathrooms in the South-West direction and that causes many ill-effects to the inhabitants. To nullify this effect, you must place a Vastu Pyramid on the outer part of the South-west wall.
Almost every person wishes to have an awesome interior design. While you may also be an aesthete, avoid going too far. Having decorative statues or religious idols inside a bathroom is not allowed according to Vastu.
The best material for a bathroom door is wood. Avoid metal doors as it fosters negativity. It is said to cause adverse health effects.
The most suitable colours for a bathroom are shades of brown, beige, cream, and other earthy shades. The unfavourable colours according to Vastu are black and blue.
Just like the favourable direction of a bathroom concerning the house, there is a favourable direction for the placement of toilet seats concerning the bathroom as well. The northwest direction supports the elimination of waste and therefore, placing the toilet seat in that direction is said to support the elimination of toxins from the body.
Ventilation inside a bathroom is significant. The exhaust fan must be towards the east or North-East direction as it signifies the flow of fresh air and sunlight.
As per Vastu, the washbasin and shower area must be in the East, North or Northeast. Also, the correct direction for the outlet of drainage and water in the bathroom is the same. The bathroom floor must slope in the same direction as the outlet.
If you want to have an attached bathroom, always construct it in the west or north of your bedroom. Also, remember that the bed should not face the bathroom directly.
No matter how little space you have in your home, do not construct a bathroom under the staircase.
Having a mirror inside the bathroom is common. So, ensure you hang it in the right direction. According to Vastu, the North or the East direction is the most ideal. They hold true for the ideal directions of the washbasin.
There must be sufficient air and light inside the bathroom. Because of this, it is also desirable to have a window along with an exhaust fan. Having one of them is good too. But the primary purpose of having both is to keep the place hygienic and bacteria-free.
It is good to construct a bathroom at least a few feet above the ground.
Often, due to limitations in space, people are unable to follow Vastu rules even if they want to. It is also difficult to find apartments that are Vastu-compliant. This is another factor that comes to significance while selling real estate. The properties that are Vastu-compliant sell at a higher price. Let us also keep in mind that many people live in rented spaces. If these problems sound like yours too, then there are simple solutions for you.
Keep your bathroom doors closed at all times to prevent negative energy from spreading inside the house.
Ensure your bathroom is clean and ventilated but always keep the main door closed.
Keep a bowl of sea salt somewhere inside the bathroom. It is highly effective in absorbing all the negative energy.
Hopefully, the above points prompted you to check if the Vastu rules are being followed in your bathroom. If you found the information helpful, make sure to keep checking our blog section to find more such helpful tips for your home and better living.
John Abraham, who has made a name for himself in Bollywood over the past many years, owns a luxurious penthouse in Mumbai that overlooks the beautiful Arabian Sea. Besides being a fabulous actor, did you know that John is also a successful producer and an entrepreneur? Yes! Vicky Donor was the first-ever Bollywood movie that John produced, and it surprisingly turned out to be a great hit in Indian cinemas. Many of us know John as a fitness proponent who has inspired thousands to not only build muscles but to also take fitness seriously. Recently, the actor also picked up a minority stake in Guardian Healthcare, the master franchise partner of the US-based health and nutrition company, GNC, in India.
John Abraham’s House | Villa in the Sky
Photo courtesy: Abraham John Architects
The actor’s sea-facing house is a representative of a wooden rustic treehouse. The duplex apartment in Mumbai is a 4000-square penthouse that is located on the 7th and 8th floors of a residential complex in Bandra West. Called the ‘Villa in the Sky,’ Architectural Digest released that the design team of Abraham John – Alan Abraham, Anca Florescu and Anahita Shivdasani, combined two old apartments into one modern, spacious two-level flat and terrace.
The two apartments have been combined and interlinked with a chic wooden staircase. A floor-to-ceiling window in the living room overlooks the Arabian Sea and accounts to be one of the most attractive features of the property. The actor’s house has been designed with minimalist features and is mostly covered with modern but rustic accents.
It was designed by the Mumbai-based architecture firm, Abraham John. The actor’s house has a hi-tech glass-walled media room that acts as a boundary for the indoors and the outdoors. The luxurious penthouse has a garden terrace and a spacious wooden deck with a skylight.
The living room has low-seating furniture with wooden floors and a volumized rug. But trust us, everything in the house has a homely feel to it. He also has a comfortable seating area which has a glass centre table with wooden frames, perfectly blending with white lounge couches in cream and off-white.
Photo courtesy: Abraham John Architects
The kitchen area is stationed at the southeast corner of the house according to Vastu. Besides the beautiful ceiling spotlight lighting, the room witnesses immense natural lighting. It is a modular kitchen with black walls and a central dining table with long chairs. In front of the kitchen is a wooden cafe table with tree truck chairs and a bench.
Photo courtesy: Abraham John Architects
The balcony area of the house is quite spacious as it has a rustic wooden bench. By the looks of it, natural materials were used as interiors for John’s house.
Owning a home is one of the primary aims in life for most people. Many end up spending a major portion of their income and lifetime savings in building or buying a home. People with a healthy financial background can afford to buy a property with convenience from their income. But a majority of them require taking external assistance initially to do so. While some take the step of borrowing money from informal sources, many others take the reliable step to get a home loan offered by reputed banks.
Borrowing from banks to buy or build property is considered to be the safest and convenient way. However, there can be certain disadvantages as well, one of the most common ones being high interest on home loans. Home loans are one of the biggest liabilities that one can have, and it is important to carefully approach such a hefty commitment. This would go a long way in managing your finances well and prevent you from becoming insolvent. Below are 6 effective and clear-cut strategies to use right from the moment you decide to take a home loan.
Start with a larger down-payment
When it comes to taking any kind of a loan, it is best to pay a larger down payment. It reduces the amount and burden of paying back the money that you haven’t even earned yet. Even if you face a problem at the moment, consider paying more initially. If you generally run on a tight monthly budget, plan your next 2-3 months ahead of time. Reduce your unnecessary expenses and try not to run out of your emergency fund.
Try to avoid taking a loan against a low EMI
When you pay a higher EMI, your interest reduces significantly as compared to a loan taken against a lower EMI. Also, your loan repayment tenure becomes shorter which is always a relief. Often, people opt for a low monthly EMI that will not put pressure on their resources. But the truth is, by the end of their repayment period, they end up paying a lot more than they realise which is quite unfortunate. So, if possible, try and commit to a decent EMI plan which you can afford but also see if you can reduce your loan repayment tenure.
Consider paying more when you can
Often, you may have more money than you normally have. That could be because of lesser expenses during a particular month. So, consider paying more than the EMI amount when you can. It will go a long way in reducing the burden of a home loan on you. Because, on the flip side, there may also be times when you are not able to pay the EMI because of unprecedented expenditures. Try to see what you can do to maintain the balance.
Increase the Interest rate if you can pay more than before
At any point, you may turn out lucky and earn more than before. So, use it to pay more EMI. This will significantly reduce your tenure as well as the overall interest that you’d end up paying otherwise. The goal is to finish repaying your loan as soon as possible. But always track your expenses and don’t commit to an EMI amount that could potentially affect your daily life. Repayment may be your priority but along with that, it is crucial to not put too much burden on your monthly budget.
If there’s an option, make regular prepayments
In the initial few years, you actually pay more towards the interest and less towards the principal amount. Whenever you can, try not to miss any prepayments on due dates. The sooner you finish your prepayments levied towards interest, the better it would be for you.
Transfer home loan balance
If you feel that it would be better to transfer your home loan balance to another bank, go for it. Especially if you are not able to afford the current interest rate and if there is no way that the bank would reduce it, you can always look for another bank charging lesser interest and transfer the loan balance. Doing this will ease your repayment process.
We hope the above tips provided you with some helpful insights and will help in the long run. If you are thinking about taking a home loan, know that it is a serious commitment. If you approach the decision by keeping in mind the above-mentioned points, you will surely make the most out of home loan facilities. Also, ensure you keep checking out our blog to read helpful articles like this one and more.
