How to Build a House in Mumbai - Step by Step Guide | Kotak Mahindra Bank - Home Loan Stories

Named the city of dreams, the metro city Mumbai has an ocean of opportunities. Not only is it touristy and beautiful, but nestles several work opportunities for all professions. Naturally, many people wish to own a house in Mumbai. However, as compared to other cities of India, real estate prices in Mumbai are exorbitantly high. Coupled with issues like space shortage and fast-paced life, it can be no less than a nightmare to buy a home in Mumbai.

However, worry not, for here is a guide to help you have your own dwelling in the dream city.

Following are some tips that can help you buy a home in Mumbai.

 

  • Envision your house

Before you start searching for house properties, it would be best to envision your dream house. Where you want it to be, should it be sea facing or in a quiet locality? How many bedrooms should it have? Do you want to have an apartment or a bungalow? What amenities do you want? Should it be close to work? Should it be in a green environment?

While deciding the location, ensure to look for a locality that is near to social amenities like a police station, hospitals, schools, bus stand, railway station, etc. Once you can envision what your home should look like, it would be much easier to narrow down the options.

 

  • Decide on a budget

Decide on how much you wish to spend on your home. There are many affordable housing schemes in Maharashtra that can help you have a house within your budget. You can hire a broker to help you through the process. Real estate brokers are experienced in handling the builders and developers and even negotiating the prices. If you are new to Mumbai, it makes more sense to take the assistance of brokers as they are well versed with the real estate market and can guide you better to look for an affordable house.

 

  • Do adequate research

In a place like Mumbai, there can be several builders with housing projects. Therefore, do background checks and the necessary research. Ensure that the builder that you choose is MahaRERA registered and approved by the appropriate authorities. You must ensure that the raw material used by the builder is of high quality and as per industry standards. In addition, the builder must have a good industry standing and reputation. You can read customer reviews and even visit the project site to finalise the purchase. 

 

  • Look for financing options

Lastly, when you have found your dream house, it's time to arrange funds for it. Instead of paying from your pockets, you can avail a home loan to finance your home. Look for different options and choose a lender that offers an attractive home loan interest rate.

 

You would probably buy a house once in your lifetime. Therefore, you must do adequate research and find the one that is the most suitable for you and your family. Make sure to check your affordability by calculating your EMI through a home loan EMI calculator. Once you check your affordability, all you need to do is arrange the requisite documents and apply for home loan. 

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.