Aspects to Consider Before Buying Flats

Author : kumariankita
Publish Date : 2021-05-06 11:55:37
Aspects to Consider Before Buying Flats

Buying Flats 

If you are planning to buy a flat, you should know so many aspects. Here I have mentioned some safety aspects to consider before buying flats.

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  • Security
  • Loan
  • Pre-EMI
  • Interest rate
  • Pre-Closing


Your abode should be a safe space for your family. Once you've established security for the kingdom, one of the main things you'll want to try is to take your security even further by fixing a monitored security system in your new home. This not only helps you protect your new investment but also gives you peace of mind. Each apartment is phenomenal, similar to your standard of living, so find a security system that fits your needs.


The one thing that causes the most nervousness for new buyers is the home loan. There are a lot of aspects to consider when taking out a loan for buying a flat. Get the home of your dreams by Somya Buildcon; buy 2 bhk flats in Jagatpura Jaipur.


In an excessively usual payment schedule, the bank releases an item of the loan, say 10%, at each stage of the construction. By the time you own it, the bank would have paid the full loan amount to the developer. If the development takes 20 months, you have to pay interest for 20 months on the money the bank has released. As the bank unloads money, the number you have to pay interest on increases. This amount of interest is called Pre-EMI.

The substitute for Pre-EMI is to ask the bank to issue the full loan to the developer within the start-up. Then you will start paying full EMIs to the bank rather than paying pre-EMIs.

Even though reimbursement for full EMI looks bad once you can go by paying a lot less pre-EMI, it's actually better and can prevent the maximum amount of 5 lakhs!

When you pay the builder all of the money beforehand, you get a 4-5% discount. It works for a duration of 1.5 to 2 lakhs, depending on the value of the apartment.

The pre-IMEs you just paid do not count towards your loan; don't reduce your loan. You only pay a convenience fee to the bank. Most buyers choose this selection because they cannot pay the full EMI and rent at the same time.

Interest rate:

You can choose between a variable or a fixed interest rate. Floating rates usually change quarterly, but that's up to the bank. Fixed rates are of two types - fixed for a term and blocked for a full term.

The fixed term is usually 3 years, after which there is a change in speed, depending on the market conditions at that time. There are only a few banks that offer a fixed and fast rate for full tenure. ICICI is one of those banks. Some banks like SBI offer a loan with a fee per unit linked to the fixed deposit rate.

You can change your loan from a fixed rate to a variable rate later and vice versa, but banks normally charge 0.5% of the principal amount outstanding for this. There is a hidden cost here, however. Your interest and major components for EMI would be counted again and you could end up paying more.


Most loans last around 6-7 years when they were initially taken out for 15-20 years. If you get extra cash and want to cancel your loan, banks normally charge you 2% of the remaining loan amount. Some banks don't allow you to try this to any extent.

In ICICI, you don't need to pay any penalty for this if you allow 12 EMI. Also, check if you will be able to pay on your EMI from time to time. Banks usually allow you to make overpayments once every three months or once every six months. If you are planning to buy your dream house, buy 2 or 3 bhk flats in Jagatpura Jaipur.

Category : business

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