Vizag is a beautiful city with the ocean at its feet, it is also known as the Jewel of East Coast. It is also the cleanest city with a GDP of 43 billion making it the tenth largest economic city of the country. With so many things going on for Vizag, it is a highly eligible city for investment in real estate. Here one may argue that buying a home in Vizag is same as anywhere across the major cities in the country so why only Vizag? The city is drenched in history with having the oldest shipyard and the only natural harbor along the east coast of India yet it is tagged as the safest coastal area where property investments have huge returns. The city is also not lacking behind in terms of modernity as it is commissioned to be developed as a smart city and it is also one of the 100 fastest growing cities in the world. As for the similarity in home loans in Vizag with anywhere across the country, well true but then why miss out on a chance to ride into the future?
Whether you are buying a flat or a sea facing bungalow, Vizag actually has cheaper prices which makes the overall interest rates and EMIs that much cheaper. The current home loan interest rates in Vizag are between 8% to 10% with the amount ranging from a minimum of 8 lakhs to a maximum of 3.5 crores. The higher your credit score, the lower will be your interest rate and higher the tenure of the loan repayment, remember this. Keeping a good credit score is important and if you are applying for a loan for the first time, it is a blessing as you can begin with a clean record. The documents required for home loan are your address proof, identity proof, salary slips and bank account statements which are to be submitted to the bank, either physically or online for them to assess your claim. But before you start submitting your documents, you need to do some homework. You need to check all the documents pertaining to the property, like the credibility of the developer and builder, its locational advantages and your budget.
After that, you need to look up online about all the different banks who are offering home loans. There are many sites which does the comparing for you. You then need to check your eligibility with a home loan eligibility calculator that takes into account your age, salary and service duration, the amount you are applying for and your credit score and then gives you the interest rate and EMI options you are eligible for. There is another option of not going to a bank but to take money from financer’s or lenders, but the risks are high and profit for you as a borrower is nil if not plunging into the negative. Banks are the safest option.
When you are surfing through properties before deciding on one, you can even check for the home loan options as supplied by the website of the real estate or on the website of the developer. Preferred banks of the property offer you perk like discounts on down payments and EMIs.
So go ahead and shift to Vizag if you are not already living there and enjoy the amalgamation of old world charm and modern facilities with mouthwatering cuisine and evenings strolling the Ramakrishna Beach.
