What Makes You Eligible to Buy a Property in Mumbai?

With nearly 27 million residents, Mumbai is one of the most populated cities in India. The city's beauty, enterprising spirit, and rich culture make it the dream city for most people, and owning a residential property in Mumbai is the ultimate dream for most Mumbaikars. The home-buying process, however, has been mired by a number of difficult decisions and challenging processes that require expert guidance. Blox, India's leading consumer-centric home-buying platform, is helping homebuyers sort through most of these challenges and smoothen out the home-buying experience.

1. Legal Eligibility

Unlike several states in northeastern India and other Union Territories, any Indian citizen can freely buy a residential property in Mumbai. Non-residents or citizens from different parts of the country can also invest in real estate in the financial capital of India. There are no legal roadblocks to buying into an under-construction or ready-to-move project in Mumbai or the city's suburbs.

2. Financial Eligibility

If you are a salaried employee, a self-employed professional, or an entrepreneur, your housing finance eligibility will be determined by the bank or lender based on your monthly income and credit score. In Mumbai, most lenders expect a down payment of 20% to be put up by the home buyer, and the remainder is extended as a home loan. Therefore, you may want to use the EMI calculators available on most bank websites to check your comfort levels pertaining to the monthly repayment amount. You can also seek expert guidance from the Blox relationship manager when it comes to obtaining the necessary documents and the application process.

3. Settling on a Location

One of the major decisions to be made when you decide to buy a property is finding the right location. Factors like connectivity, quality of life, proximity of schools, colleges, hospitals, and malls, and real estate prices in the locality can influence this decision. Blox helps you view and compare the various projects listed by verified developers in Mumbai and the neighbouring suburbs. If you are not sure yet, it may be a good idea to talk to your dedicated relationship manager and discuss the pros and cons of various residential localities before settling on one.

4. Ready-to-Move Vs Under Construction

The next important decision to make is the stage of construction in which you would like to invest. Typically, under-construction projects are available at prices between 10-30% less than ready-to-move apartments. In addition, payment is flexible in these cases, which helps you pay as the construction progresses. On the flip side, it also means that you will need to continue living in rented or leased properties till the project is completed and you receive the completion certificate. All properties listed on Blox are RERA registered, offering you complete protection against delivery delays.

5. Documentation

One of the most common challenges homebuyers face is the verification of titles, and permits, and handling a host of legal documents. With the expert guidance of the Blox relationship manager, this is no longer a hassle for homebuyers, though. Find help in navigating your way through perplexing documentation processes.

Home-buying can be a wonderful and smooth experience with a tech-led approach and the expert guidance of your relationship manager. All you need to do is find the area that is a right fit for you and your family, settle on a project with the amenities and facilities that you seek, and complete the home-buying process in 7 clicks.