By Raghu Iyer on Oct 29, 2023 9:16:31 PM
Owning a residential property in Pimpri Chinchwad is always a wise decision for a number of reasons. First and foremost, a residential property in Pimpri Chinchwad not only keeps you in proximity to the Hinjewadi IT Park but also offers you a hassle-free commute to multiple MIDCs that are home to global MNCs. If you are looking for 2 BHK flats in Pune Pimpri Chinchwad or 3 BHK flats in Pune Pimpri Chinchwad, what you must also consider apart from the location advantages of a residential property in Pimpri Chinchwad, is the financial aspect of owning home here. In most cases, homebuyers opt for a home loan while purchasing a residential property in Pimpri Chinchwad. In such cases, you will have to carefully do the down payment and EMI calculations to save yourself from any hassle in the future. In addition, there are several other charges and payment schedules you need to consider as well. In this blog, we will take a look at the progressive payment milestones, the role of the down payment, EMI calculations and additional charges. In addition, we will also take a look at why Kohinoor Shangrila is the best residential property in Pimpri Chinchwad. Read on!
The first major step in owning a residential property in Chinchwad, apart from the negligible booking amount would be the down payment. Let’s first define what a down payment is to make things simple for you.
The down payment is a significant portion of the flat's cost, and it is typically paid at the beginning of the home buying process. It is an upfront amount paid to the developer or seller/
How much down payment do you need to pay for a residential property in Pimpri Chinchwad?
Typically, you will need to pay anywhere between 10% and 20%, depending on your financial analysis for a residential property in Pimpri Chinchwad. In rare cases, financial institutions also offer more than 90% loan facility if your Credit Score is high and you are considered to be a low risk borrower.
If you have already made the down payment for a residential property in Pimpri Chinchwad, the next thing you will have to deal with is the Progressive Payment Milestones.
Progressive payment milestones are nothing but the payment structure as decided by the builder. Now, the Progressive Payment Milestones might vary from project to project but are typically based on the construction status of the residential property in Pimpri Chinchwad. For example, you will need to pay a certain amount, typically around 10%-15% at every step, that is at the time of foundation, plinth, slab, brickwork, and possession.
Getting a home loan could be a tedious process, and one needs to carefully consider the terms and conditions, EMIs, etc to ensure the homebuying experience is free of any hassles. While taking a home loan for 2 BHK flats in Pune Pimpri Chinchwad, you must consider the loan amount, EMIs, interest rate, and loan tenure. Make sure your EMIs are not on the higher side, and you are confident you will be able to EMIs timely in the long run. It is always recommended to use online tools to calculate your EMIs before buying a residential property in Pimpri Chinchwad.
What are the additional charges one needs to consider when buying a residential property in Pimpri Chinchwad?
Hidden Costs and Additional Charges
At times, one might not immediately think about the hidden and additional charges while buying a residential property in Pimpri Chinchwad, and this might turn out to be a big mistake. Typically, the additional charges you need to consider are -
GST (Goods and Services Tax): The GST is levied on the purchase price, and it can significantly impact the total cost of the flat.
Registration and Stamp Duty: These are government charges that vary from state to state. They are associated with the legal registration of the property.
Maintenance Charges: Developers may charge a one-time or monthly fee for the maintenance of common areas and facilities.
Parking Charges: If you require additional parking spaces, there may be extra charges associated with them.
Legal and Documentation Costs: Engaging a lawyer for legal verification of property documents and due diligence is an important step, which obviously isn’t free.
You may always negotiate the payment milestones and align them with your financial goals to ensure a smooth homebuying process of your residential property in Pimpri Chinchwad.
If you are looking for a residential property in Pimpri Chinchwad that is crafted for the elite, take a look at the newly launched tower Tiara at Kohinoor Shangrila. This development of exclusive 2 BHK flats in Pune Pimpri Chinchwad, is studded with 15+ world-class amenities that offer you unmatched indulgence and pamper your every desire. In addition, this residential property in Pimpri Chinchwad. places you closer to your daily needs, so that you enjoy a hassle-free lifestyle. If you are looking for 2 BHK flats in Pune Pimpri Chinchwad, that let you elevate your lifestyle a few notches above the rest, Kohinoor Shangrila Tiara Tower is where you should truly belong.
Project highlights of Kohinoor Shangrila - residential property in Pimpri Chinchwad
Located 300 m. from PCMC Metro Station I Landscaped Podium with 15+ Vibrant Amenities High-rise Homes with Natural Ventilation I Elegantly-designed I Layouts and Designs I Alu-Form Construction Technology (Tower B)