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With the expected rise in stamp duty from the coming financial year of 2022, your goal to buy flats in Mumbai this year might need a plan. The homes termed premium or luxurious have sea views and amenities and have a fairly large space. Most homebuyers aspire to own 3 BHK, 4 BHK, 5 BHK luxury flats in Mumbai. While the competition is fierce amongst home buyers to own a home before the coming financial year, there are ways you can win and secure your dream home in a hot market.
Act Early and Save
The earlier you act this year, the more affordable your purchase will be. That’s because experts project mortgage rates will rise as we move deeper into 2022.
That means the longer you wait, the more it will cost you to buy a home. Instead, act early and purchase your home before taxes and charges rise further. Not to mention, the sooner you buy, the sooner you can experience the benefits of continued home value appreciation yourself. Once you own your home, you’ll be able to watch its value rise, giving you the assurance that your investment is a sound one.
Buy Now, Move Later
One of the easiest ways to purchase a home is to plan for a project which is under construction with a guaranteed project completion date. If you’re thinking about buying a home, this news may have come as a bit of a shock. But the truth is, it wasn’t entirely unexpected. Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. If you buy a home while rates are low, your monthly mortgage payment will be locked in at that rate for the life of your loan. So buying now is a great way to protect yourself from rising costs and future rate increases while also securing your payment amount for the long term.
A flat in Mumbai may only sound like a distant dream if you do not plan the move. A project that is seemingly close to completion should be a good buy. Vraj Tiara in Worli is nearing completion with full CC received and offers 3 / 4 / 5 BHK luxurious sea-facing apartments and good connectivity.
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