Buying your first home? Things to know

  • Buying your first home? Things to know
    10Sep 2022

    Over the past few years, the pandemic has fuelled a home-buying frenzy with remote work, and leaving large urban areas to live in different parts of the country is becoming more mainstream. 31% of all home purchases since 2020 have been made by first-time homebuyers, says a study.

    Projects like Hiranandani Fortune City, Panvel are being sought-after by many first-time home buyers. Created on the philosophy of Live, Work, and Play, the township is home to a fine range of residential segments. From trendy studios and 1 BHK apartments to luxurious 3BHK apartments, the apartments are designed to suit the needs and budgets of homebuyers.

    Building generational wealth or creating an investment, whatever the reasons for buying a home, find out why buying a home at Hiranandani Fortune City this year makes sense.

    Good year to buy a new home

    2022 will be an easier time for prospective homebuyers, say top economists. During the second COVID wave, all real-estate segments suffered a great deal. However, the story began to change in the latter half of the year. Inventory overhang started falling, and the homebuyer's sentiment began to move up. Property registrations began to increase. The sector is likely to carry this sentiment well into 2022.

    Favorable financial options

    Another important factor is the budget and availability of ready finance. Affordable housing options are given a boost as the government has extended the scheme to prospective buyers. At the same time, home loan interest rates are also attractive. Along with the EMI, another advantage is that a lower interest rate increases the eligibility level of a customer. For example, if you are eligible for a loan for which the EMI should be up to Rs 50,000, then, if at an interest rate of 8% you can take a loan of Rs 60 lakh, at a lower rate of 6.7% the loan amount can go up to Rs 66 lakh.

    Choose your preferred location

    Location is a huge factor in choosing a home. One's work opportunities, lifestyle changes, and day-to-day routine are based on where one lives. With many cities becoming crowded and expensive, areas like Panvel are being favored by first-time homebuyers. There are banks, restaurants, malls, retail avenues, and more. Most of the top builders have come up with projects in this location. One project that stands tall in the region is Hiranandani Fortune City. Adorned by tall residential towers, landscaped podiums, a fine range of amenities, and surrounded by a reserve forest for a breath of fresh air is located on the Old Mumbai-Pune Highway. The township is well connected via the Mumbai-Pune Expressway, the Sion-Panvel Highway, and the soon-to-be operational Panvel-Karjat rail corridor. The upcoming sea link bridge, water taxis, and the new airport will further enhance the connectivity to the township.

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