With rental values moving upwards in main localities of Mumbai as well as Navi Mumbai and Thane, a modern day home seeker is paying rent which will be equivalent to monthly EMIs. With lending rates decreasing buyers are more open for real estate investment. This is evident from queries received on Open House, the discussion forum on Magicbricks. Some of these queries are: -
“I want to buy a property having an installment of Rs 35k near Mumbai, either in Vashi or Navi Mumbai,” asks Kishore Awasthy, one of the local businessmen based in Mumbai
“Can I get a 2-3 BHK flat in Mumbai (Mira Road) with an EMI of Rs 35,000-40,000 with 80 per cent loan,” asks Tushee Shah, a software engineer.
Before looking for properties that are affordable for a monthly EMI of Rs 35,000, here are some basics you need to understand-
How is EMI calculated?
EMI or Equated Monthly Installment is a component which consists of both the interest & the principal amount. It is calculated on the following parameters:
- Loan amount
- Tenure of loan
- Interest rate
You can reduce your EMIs by increasing the loan tenure. However, this will result in increment in the interest amount to be paid to the ba
nk and liability for a longer duration.
You can also calculate it as shown:Usually banks and financial institutions lend 80-85 per cent of the cost of the property. This may vary as per your fixed source of income and payback capacity. These days some Non-Banking Financial Corporations (NBFCs) are offering up to 95 per cent of the cost of the property to lure buyers. However, in this way, buyers end-up paying more interest as the loan tenure and loan amount will be more. Other than this, there are some registered financial institutions which offer home loan at discounted interest rates, if you are earning upto Rs 2 lakh per annum.
Popular localities you can afford within Rs 35K
If your loan amount is Rs 30 lakh, then you can afford in beyond Thane region or in the newer areas of Navi Mumbai. Some of the popular localities where you can search for your dream home are Badlapur, Kalyan, Bhiwandi, Dombivli in Thane and Ulwe, Panvel, Kharghar in Navi Mumbai. Take a look
However, properties available here are currently under-construction and would be offered for possession in the next two years. Moreover, at present, these localities do not have basic infrastructure which make them unfit for living .
Source - Magicbricks News
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