A Guide For First-time Homebuyers: Mumbai vs Thane

All our lives we yearn to own a house. But when that moment comes, we find ourselves under-prepared and look for suggestions from our friends and family members. But such practice might confuse you even more, thus, it is better to have some basic knowledge about real estate once you start looking for options.

One of the most common questions that may revolve around your mind would be which city would offer you better investment opportunities and will also help you and your family lead a much more comfortable lifestyle. When it comes to finding a promising area in Maharashtra, many would consider Mumbai or Thane. Since both options are quite enticing, we are going to offer you insights into both real estate markets and help you make a prudent decision. So, if you are a first-time homebuyer, read on:

Do Some Research

We usually carry out some research before buying any new equipment or vehicle. And when it comes to buying a house, you should carry out extensive research as it is an investment of a lifetime. This may include an overview of the real estate market and learning about the new trends. This will help you end the debate of Mumbai vs Thane and pick a location that would be the most lucrative in terms of finances as well as convenience.

Talking about Mumbai, the real estate market here is extremely strong. Being the financial capital of India, the city can offer a plethora of amazing options. However, one should also know that owning a place in the city of dreams will be a financial challenge. Moreover, the scarcity of land here further adds up to the property prices.

Coming to Thane – the city of lakes is a rapidly evolving city, which makes it an equally viable investment option for homebuyers and investors. And since there is a lot of scope for development here, the property prices are quite affordable as well.

Compare Your Options

Once you get a brief idea about both the real estate markets, you should also compare different options in each city. You should compare Mumbai vs Thane with regard to your budget, amenities, lifestyle, and convenience. For this, you need to be sure about all that you need and desire. This will help you shortlist your options and see which city can cater best to your requirements and preferences.

Mumbai is a city that offers its residents impeccable connectivity. The city boasts of a network of roadways that connects it to the rest of India. Even its public transport is unbeatable. The city is also quite well-planned and offers an amazing balance between residential and commercial spaces that are offered by some of the top builders in the country.

On the other hand, Thane has evolved significantly and developed into a flourishing metropolitan city in India. The city is also known for its abundant greenery and nature which is coupled with its excellent industrial framework which makes it a sought-after option for many.   

Arrange Funds

As a first-time homebuyer, there is a huge probability that you may require a home loan to achieve this massive financial milestone. And since only one out of four home loans are approved. You need to be sure that yours gets approved. For this, you need to keep a check on your credit score. Thus, it is important to maintain a healthy credit score that will help you considerably while applying for home loan.

Banks and financial institutions typically consider 650 as the minimum CIBIL score. This is a prerequisite for a home loan. However, to increase your chances of getting a home loan approved, the credit score should range somewhere between 650 and 749. Other than your credit score, lenders inquire about financial details and only then approve your home loan. 

Conclusion

Buying a home is a huge milestone, and if it is your first one, it can be quite overwhelming as well. There are a bunch of technicalities involved that can make the process complex. We hope that this information will not only make the entire home-buying process a lot more smooth and hassle-free but will also help you decide between Mumbai vs Thane and make the right decision for your first home purchase.