<p>Buying a residential property is a dream for most Indians. For those who live in metro cities like Mumbai, buying a property, however, requires careful financial manoeuvring and careful planning. Here are some of the top&nbsp;<a href="https://blox.xyz/blog/explained-home-loan-process-in-5-simple-steps">home loan</a> ideas&nbsp;to help you buy the home of your dreams on a budget.</p>

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	<h2><b>Floating rate options</b></h2>
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<p><a href="https://blox.xyz/blog/home-loan-interest-rates-understanding-the-fine-print">Home loan interest rates</a> offered by banks and NBFCs often depend on the repo rates set by the RBI. The repo rate has risen from about 4% in 2021 to 6.5% in June 2023. The home loan rates offered by different lenders have consequently risen sharply over the past year. While this has dissuaded many working professionals and the salaried class from buying properties, it has also led developers to offer attractive discounts to incentivise sales. It may be a good idea to use these different discounts and offers while opting for a floating rate of interest which keeps the door open for a reduction in interest rates in the future.</p>

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	<h2><b>Explore pre-payment options</b></h2>
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<p>One of the top&nbsp;<b>home loan ideas</b>&nbsp;prospective homeowners must explore is the pre-payment option. When you seek a home loan, the bank offers you funding on certain terms and conditions. Often, banks do not prefer pre-payment because it depicts a loss of long-term income. If you have a long-standing relationship with your bank or lender, you may be able to negotiate advantageous terms, including zero-fee pre-payment or even foreclosure. If you come into a sum of money in the future, like a bonus or an inheritance, you can explore paying off your loan early.</p>

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	<h2><b>Housing for All by 2024</b></h2>
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<p>The Union Budget announced in February 2023 emphasised the growing support for urbanisation and the development of smart cities. The Pradhan Mantri Awas Yojna that focuses on Housing for All by 2024 has also received a renewed boost, with the government allocating INR 25,103 crore towards urban housing. This makes it a good time for prospective homeowners to seek loans under the PMAY-Urban scheme and make the best of subsidised loans. Remember to check the budget housing criteria before applying for a loan under&nbsp;<b>Budget Scheme 2023</b>.</p>

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<p>One of the&nbsp;<b>home loan ideas</b>&nbsp;that you may wish to explore is joint ownership with a spouse or a parent. If you and your spouse are both working professionals, going in for a joint loan may offer several advantages. It mitigates the lender&#39;s risk of default or delay in payment, making the chances of getting the loan sanctioned much higher. Similarly, with a joint owner, you can negotiate lower interest, longer tenure, lower processing fees, and other advantageous terms with the bank. For those on a budget, this is a great option.</p>

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	<h2><b>Community factor&nbsp;</b></h2>
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<p>Experts agree that the sentiments of the real estate sector are high. This is particularly true in some of the country&rsquo;s largest cities such as Mumbai and Delhi. Explore options like bulk buying with friends and family to build a more robust community and leverage the purchasing power. High investment into the infrastructural development of suburbs and satellite cities is another option to explore. In Mumbai, for example, banks are increasingly willing to extend home loans for property purchases in Navi Mumbai. These are factors that could work to your advantage.</p>

<h3><b>Final Thoughts</b></h3>

<p>Sometimes it may become necessary to get help from the experts. It is also a good idea to consult a financial advisor specialising in home loan products to make the best of available schemes and options.</p>

<p>In the real estate dynamic, picking between a 2 BHK and a 3 BHK home is similar to organising an ensemble of ventures. Every choice presents its own unique advantages and disadvantages thereby making the choice between them a confusing task. To make your task easier, we have curated this detailed blog to help you choose between 2 BHK to 3 BHK as per your requirements. So, without further ado, let&rsquo;s dive straight into the blog.</p>

<p>Vastu is an ancient Indian system of architecture and design that aims to create harmony between humans and nature by balancing the five elements - earth, water, fire, air and space.</p>

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<p>Kicking off 2024 on a high, Mumbai&rsquo;s real estate market is set to experience a reported 5% increase in its residential sector. Nevertheless, Premium properties continue to be a huge draw among homebuyers, courtesy of an increased standard of living among Mumbaikars. Flats in the commercial capital come in all shapes and sizes, from studios to affluent penthouses.</p>

Buying a residential property is a dream for most Indians. For those who live in metro cities like Mumbai, buying a property, however, requires careful financial manoeuvring and careful planning.