Buying your first property is an emotional milestone, but without financial planning, it can become stressful. Whether you are eyeing a Flat in Manewada or a Plot in Mohgaon, follow this 4-step financial guide tailored for Nagpur buyers.
Step 1: Check Your Eligibility & CIBIL Score Before you visit a site, talk to a bank. A CIBIL score of 750+ gets you the lowest interest rates (currently around 8.35% – 8.50%). A difference of just 0.5% in interest can save you lakhs over a 20-year tenure.
Step 2: The ’20-40-40′ Rule
20% Down Payment: Arrange at least 20% of the property value from your savings.
40% EMI Limit: Your monthly EMI should not exceed 40% of your take-home salary.
40% Future Security: Keep funds aside for registration, stamp duty (approx 7% in Nagpur), and furnishing.
Step 3: Plot Loan vs. Home Loan
Home Loan: Available for flats (like our Manewada project) and construction. You get tax benefits on both principal (80C) and interest (24b).
Plot Loan: Interest rates are slightly higher, and tax benefits are available only if you construct a house on it within 3 years.
Tip: Buying an NMRDA sanctioned plot (like in Oshian Supercity) makes loan approval 10x faster than buying agricultural layout plots.
Step 4: Hidden Costs Don’t forget to budget for:
Stamp Duty & Registration.
GST (if under construction).
Maintenance deposits.
Brokerage (Good news: Shree Hari Realtors offers transparent deals!).
Start Your Journey: We assist our clients with loan paperwork and financial advice. Let’s make your dream home a reality without the stress.