Bangalore known as the silicon city of India. By having offices and development centers of almost all the major IT companies around the world along with variety of industries across the city placed Bangalore to the top in the list of most important cities in the world. Lots of job opportunities with high career growth along with quality of education and the presence well reputed educational institutions attracting people as well as students from all over India and other countries.
Present issues you may face in Bangalore
High cost of living is the major concern families facing inside the Bangalore city. Getting a good accommodation in Bangalore is a real nightmare for all especially middle class families.Day to day increasing rent makes the life of common man totally miserable and in-stabilize all their budgets. Such trend hugely affect people those are especially comes to Bangalore from other states. Lack of law by having no rules to standardize the rent in the city is the major culprit which allows home owners to freely raise the rent whenever and whatever they think. To beat the same, families now started to re-locate to the outskirts of Bangalore city or planning to move at the earliest. However, they are going to face the similar issue there in future if they still moved to another rented home. To beat any such issues, one of the better option to buy a property in Bangalore where it is presently available with a cost that an ordinary man can be able to bear. Fortunately, lots of such options are now available for people to choose. Through investing in property, one have lots of advantages:
Advantage of buying property in Bangalore
1. You are being a property owner in one of the most reputed city.
2. High growth of outskirts turns any property investment as superior investment.
3. You will get property in various ranges that suites to your need and money in hand.
4. Having own home in Bangalore shield you from raising rent costs and related spending
5. Good road connectivity and transportation ensures to reach anywhere in the city.
6. There would not be no outskirts in Bangalore by next 15 to 20 years as the population increasing along with the home requirements.
Disadvantages and things to consider when buying property in Bangalore
1. There are various types of property available in Bangalore in various ranges. However, real estate business in Bangalore booming as a money spinner and there are lots of cheating and malpractices happening in this sector. As a property buyer, give ultimate importance to not getting cheated in anyway.
2. Identifying approved property is a real task. This is required lots of time and effort to fulfill.
3. Buying a property outside city, generally known as green belt area, may not get loans from Banks in Bangalore.
4. Future prospects of the place needs to be identified before investing in a place
How to tackle the issues
1. Contact only well reputed and trustworthy real estate companies or developers who have very good reputation in the market and good operating history in Bangalore.
2. Contact existing customers of such companies and developers to know what they says about the company or developer and their personal experience.
3. Always verify documents with the help of a reputed, matter experienced legal adviser in the city. You may required to give legal fees little more than what ordinary people asking, but a good, experience legal adviser can save you from lots of hidden problems.
4. Selection on place can be done by identifying the future prospects of the area. Find the availability of schools, industrial areas near to the place as well as the connection to major facilities like airports and railway stations.
5. Never be in hurry. Each and every steps to buy a real estate required lots of patience and study. Hurry would probably land you to troubles later. Study well about all the risks before make any move.
Home Loans – How to tackle issues
Most people depends home loans to buy houses in Bangalore. One of the interesting fact is, most of the people willing to buy property but not doing so is because of their fear on home loan and thinking how to re-pay that in case of any possible job loss in the future, which cannot be predictable in the present situations. Here is some of the major tips may help you to build confidence yourself to take loan.
1. If your spouse have a job, apply home loan together. This would help you both to clam tax.
2. Stick to the golden rule, insurance against loan! Lots of reputed companies and some time the loan lending organization itself provides insurance against loan. Through such loan, if the loan taker dies, insurance company would pay the rest premium. In the same way, there are some companies protecting the loan buyers against sudden stop of EMIs through job loss. One needs to be identify this though contacting possible insurance companies. I may later update once I got any information on this and in this thread.
3. Ask to some people who already have home loan and in your similar status. You may possible get some of the best ideas to repay the loan in a perfect way.
What do you think about this article? If you feel I have missed something on any of the above parts or points, feel free to inform me.
Sherin Dev, a financial writer, investor and the founder Investinternals.com and moneywithmoney.net financial blogs. Follow him on Twitter or in Facebook. Any queries on articles, guest posts, contact at investinternals@gmail.com