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A Guide for First-Time Homebuyers in Kerala
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A Guide for First-Time Homebuyers in Kerala

By ABAD Admin,

Being a first-time homebuyer can be intimidating. Owning a home today is much easier compared to a few decades ago as the Kerala real estate sector is growing. Homebuyers in Kerala have many choices today. However, first-time homebuyers in Kerala should tread the path carefully. It may seem easy but there are many loopholes.

We have formulated a checklist to ease the process of buying a home in Kerala.

1. Budget

The first step is to understand your finances. The budget is a major factor influencing your home-buying decision. After deducting your expenses and financial commitments from your income you can arrive at the budget for your home. Add in your savings to know your total budget for your home. In case you plan to take a home loan, you must have the down payment ready. You also need to make provision for the monthly EMI payments from your income. Other expenses like stamp duty and registration must be accounted for and arranged for. Once the funds are arranged, you can move to the next step.

2. Location

Once the budget is decided, you can look for locations that matching with suitable 2 and 3 BHK flats in Kochi. The location should be well-connected and convenient. You should be able to travel to your workplace and other major hubs in the city. It should have good social infrastructure like educational institutes, healthcare, and entertainment facilities.

3. Amenities

Most residential projects in Kerala today offer amenities like a swimming pool, fitness center, and children’s play area. Amongst the projects that you shortlist, look for projects that fit your budget and provide these amenities so that you can have a comfortable and relaxing lifestyle.   Choose a project that encourages community living so that you can remain connected and have an active social life.

4. Safety and Security

The residential project should be in a safe neighborhood with zero crime rate. The building should be well guarded by security, personnel, and security equipment like CCTV cameras. This will make sure that antisocial elements stay away from the premises and vulnerable members of your family are protected.

5. Legalities

Before finalizing the purchase make sure that the project has all the legal documents. It is best to hire a professional like a real estate lawyer who can make sure that all the documents, permissions, and certificates are in place. These documents are important

These are some of the important considerations for first time homebuyers in Kerala.

Easy Ways to Know How To Pay Home Loan Faster
CategoriesFeatured

Easy Ways To Know How To Pay Home Loan Faster

By ABAD Admin,

Every homeowner wants to pay off their home loan as soon as possible, as a lot depends on it. The home is a security for their family, and one cannot be slack about it. The sooner the loan is paid, the more secure the owner and his family will feel. Using the right strategies, home loans for flats in Kochi can be paid faster, potentially saving thousands of rupees and reducing the financial stress.

Let us consult our home loan guide to discuss these strategies so borrowers can pay their home loan faster.

1. Increasing the EMI Payments

One of the smart ways to reduce the loan is to pay more EMI annually. This is an option offered by many lenders these days to borrowers who can afford it. Even a small increase in the EMI payments can reduce the payments significantly. Another option is to make extra payments or switch to bi-weekly payments. This too can reduce the EMI in the long run.

2. Short Loan Tenure

The loan tenure and EMI payments are inversely proportional. If the loan tenure is long, then the EMI payments will be reduced but the interest component will be higher. On the other hand, by opting for a shorter tenure, borrowers may have to pay slightly more EMI, but the interest payment will be lower, and the loan will get paid sooner.

3. Pre-Payments

The RBI has removed prepayment penalties on floating-rate home loans, making prepayments easier. Making lump sum payments can result in significant savings. Use salary hikes, bonus payments and incentives to make prepayments to help you pay the home loans sooner.

4. Home Loan Balance Transfer

If you find a lender offering a lower rate of interest, then you can transfer the balance of your home loans to reduce the overall interest. Make sure that the processing fees and hidden costs are factored in the overall cost of transfer. You can make the transfer only if you qualify for the home loan with the new lender.

5. Lumpsum Payments

If you receive large windfall gains, use it to pay towards the home loan. An inheritance, gift deed, large bonus or an unexpected financial gain can be used to reduce the EMI burden. A large payment can reduce the overall loan amount, reducing the EMI.

Paying home loan faster requires strategy and planning. Sticking to the plan and making payments on time will help you save lakhs. Some builders in Kochi work with their homebuyers, helping them to repay their loans faster.

Top Amenities to Look for in Residential Properties in Kerala
CategoriesFeatured Kerala Real Estate

Top Amenities to Look for in Residential Properties in Kerala

By ABAD Admin,

Amenities have become an important criterion to consider when looking for new projects in Kerala. The increasing demand for housing has pushed builders in Kerala to offer the best amenities and facilities in their residential properties. Amenities define the quality of life residents can enjoy. Fitness, well-being, rejuvenation, and social life now hinge upon the quality of amenities provided.

It is for this reason that we discuss the top amenities to look for in residential projects in Kerala.

1. Basic Amenities

Water supply, power supply, and maintenance are basic amenities that cannot be compromised. These facilities do not fall into the category of “amenities” in the discussion. Yet, making sure that there is a 24-hour water supply, power supply, and maintenance is essential. Ample parking space is another important amenity that residents should check before they purchase their home.

2. Health and Well-being

Amenities that allow residents to be fit – physically and mentally are essential in today’s world where one does not have the time to avail these outside. Swimming pools, fitness centers or gymnasiums, children’s play areas, and open grounds and parks are spaces where one can take care of their physical and mental well-being. Open spaces also refresh the mind and provide open space for children to play. This is particularly important today when most children and adults spend time addicted to their mobile screens.

3. Safety and Security

A security system that prevents harmful entities in every form from reaching the homes is as vital as any other amenity. This includes a CCTV surveillance system, personnel guarding the premises, entrance and exit protocols etc will protect vulnerable members from danger. The security agency should be vigilant to notice unusual activities that may be harmful to the residents.

4. Leisure Amenities

Lounges, cafes, recreational halls, and open podiums are parts of the project where members can relax with their families and entertain guests. A social life is vital for recharging batteries which are drained by daily routines and meeting work commitments. These amenities are also useful to host events or occasions so that members can save on costs and have a convenient avenue for celebration.

Apart from the amenities discussed above, most flats in Kochi enjoy new and innovative amenities. Luxury projects in Kerala offer barbecue areas, temples, sports amenities, restaurants, spas, etc. These amenities may come at a premium price but promise to provide the ultimate experience. Amenities also provide a means to develop communities and groups within the project. Through interactions and common experiences, members can form bonds that bring them closer and induce a sense of belonging.