It is no doubt that basic psychology and human behaviour have an impact on the trends of even buying a home. To help you beat the process and make an impractical decision, here are some of the common mistakes and misconceptions to avoid-
Understand Buybacks Can Be Dicey
Even for a developer, getting a loan approved from a bank is no easy feat. Hence, they often use buyers as a mode of borrowing from the banks by offering a guaranteed rate of return that is often as much as 20-24%. These documents indicate that the developer is in dire need of money but also state that these offers are applicable on those premises that will rise more than the rate allotted in the future. Hence, the customer will choose to sell to the market directly instead of waiting for the developer to fulfil his commitment. The consumer is protected as even if the rate rises slower than expected, the developer must meet with the promises or face the courts of law.
Factoring In Tax Gains Beforehand
Tax deductions can be availed on interest as well as the principal sum on the home loan repaid in most cases. Although they have a cap on the amount, you also need to understand how the entire system works as there are a number of catches and loopholes.
In the event of rented properties being in question for deduction, it is applicable in full. As you will be taken through the road map, you will understand flipping on loan bought properties is not a favourable solution.
Don’t be lured by Special Offers
You will come across a number of advertisements and promotional material when looking for a house to rent. To help expedite sales, free parking slots and waivers on certain charges are often found too. However, do not get carried away with such attractive packaging schemes. You do not want to be lured to a trap. Even if you are looking for a 2 BHK flat in Lucknow for sale, make sure you compare the prices as well as the other factors before picking on one to make the most of the situation.
When looking for a home, ensure you are very clear on what you are looking for. If you wish to find an NRI real estate investment in Lucknow, list all the factors you desire. This will help you from betting confused and focusing on what is important.