Following the COVID-19 pandemic, there has been much flux in the global economy. The Indian markets are not untouched by this phenomenon. Several corporations have announced hiring freezes, salary freezes, and even layoffs.
The loss of employment can be a difficult scenario, particularly if you are faced with a large monthly EMI burden.
If you are employed and are looking to buy a residential property in Mumbai or any other major city and are worried about the long-term implications of taking a home loan, it is a good idea to consider taking an insurance policy on your home loan. Opting for home loan insurance can increase the monthly expenditure in the form of insurance premiums, but it also brings a lot of relief in case of death, disability, or loss of income, affecting the EMI payments on your home loan. Moreover, unlike term insurance, home loan insurance only covers the home loan debt and lasts as long as your home loan tenure. Therefore, the premium on this type of insurance, too, is less than term insurance.
In case of a job loss and financial stress, EMI repayments may become difficult. This is not the time to avoid calls from the lender or cut-off communication. It is best to voluntarily approach the bank or lending institution to work out a mutually agreeable solution. This is also not a good time to remain inflexible in your financial plans. Some restructuring, reallocation, and flexibility can help tide over a rough patch.
Buying a home is a joyous and emotional decision, but it also has a huge and far-reaching financial impact. Most of us opt for home loans because it is a prudent option and comes with several tax benefits. Before opting for a home loan, though, it is important to undertake some research and plan your finances. While repaying the EMI on time is crucial to fulfilling your debt burden and keeping your credit score buoyant, it is also important to save and invest prudently to help you handle any adverse scenarios like the loss of a job.
Mumbai is one of the best places to live. Almost every person dreams of owning a lavish apartment in Mumbai. In this blog, we will delve into some of the most affordable places to live in Mumbai.
Mira Bhayander is a municipal corporation in Maharashtra’s Thane District and has a border with North Mumbai too. Those who have properties under the jurisdiction of the MBMC (Mira Road-Bhayander Municipal Corporation) have to pay their Mira Bhayander property taxes on residential and commercial units, including homes, business establishments and more.
The vibrant city of Mumbai, which serves as India's financial hub, has always been a prime attraction for companies looking to establish themselves at the epicentre of the nation's economic hub. As the city continues its transformation, the commercial real estate scenario in Mumbai is experiencing substantial shifts.