Purchasing the dream home is a significant milestone in one’s life. If you are planning to buy a home for yourself or your family in Bangalore, you must conduct a careful analysis of your finances and assets to achieve this dream. Remember, buying apartments in Electronic City Bangalore is a lifetime investment with around 20 to 35% of the total cost as a down payment.
You also need to make arrangements for other additional costs required while buying a house like property tax, registration charge, and stamp duty to avoid financial burden. Continue reading to get a brief idea about how to save enough money to purchase your dream home in Bangalore.
5 Tips to Follow Before Buying Apartments in Electronic City Bangalore
Though the trick is to start saving early, here are 5 additional tips to follow that will help you save enough money for the down payment.
Tip 1: Calculate Your Budget
The first and foremost thing you should do after you have made up your mind to buy 2 & 3 BHK flats in Electronic City, is to make a detailed analysis of your budget. Conduct in-depth research regarding your monthly in-hand salary (also include the salary of your spouse). The next step should be to calculate all the necessary expenses like credit card bills, loan repayments (if any), entertainment expenses like movies or eating out, groceries and utilities, etc.
Cut down on any expenses that you feel are unnecessary. Determine a fixed budget for each type of expense and stick to it to increase your disposable income.
Tip 2: Passive Income
To buy the best apartments in Electronic City Bangalore, start any kind of part-time gig to boost your income from other sources. Opt for moonlighting practices! Search for online jobs like teaching or editing that will provide you with more extra income. However, always remember that your health comes above anything else. Don’t do any extra work for more money at the cost of your physical and mental health.
You can also buy apartments in Electronic City and put them up for rent to generate an extra revenue channel.
Tip 3: Check Governmental Schemes
Verify whether your dream house is covered under the Credit Linked Subsidy Scheme (CLSS) by the Pradhan Mantri Awas Yojana (PMAY). With the help of this government scheme, you can be eligible for a subsidy on your loan repayment. At Mahendra Homes, our apartments in Bangalore are eligible under this scheme subject to a few conditions.
Tip 4: Avoid Impulsive Purchases
If you are not a good financial planner and are prone to impulse shopping like e-commerce or home deliveries, consider cutting down on them. Even if you are a bachelor and prefer takeouts, try cooking yourself at least 2 to 3 times a week. This will not only ensure huge financial savings but also various health benefits.
Tip 5: Start Investing
To buy a flat in Electronic City Bangalore, investing in various high-yield bonds or shares is the best alternative to other types of passive income. You can either invest in governmental bonds, sovereign gold bonds, fixed deposits, or public provident funds as per your feasibility.
Important note: If you are not sure about what type of investment should be the best choice for you, consult an advisor before investing.
How We Provide Dream Flats in Electronic City Bangalore?
Looking for affordable apartments in Electronic City for ease of access to your office?
Schedule a site inspection today with Mahendra Aarya.
Benefits of buying our apartments either for investment purposes or for residential purposes:
- Easy loan approval facility
- Huge referral incentives
- 82% open space with no interlinking walls
- 50+ amenities
- Easy access to schools, hospitals, and offices
Achieve your dream of buying apartments in Electronic City Bangalore with Mahendra Aarya and unlock a comfortable lifestyle for your family.
