Nasik is a city which is famous for the temples it has, and hence, is called Haridwar of South. It is known as Haridwar of South as the river Godavari flows through the city. Kumbh Mela, a famous event takes place in Nasik at the Trimbakeshwar temple in every 12 years. It is said that Lord Rama during his vanvas was halted at Nasik before proceeding towards Rameshwaram. Nasik in today’s time is also known for the climate which is usually on the cooler side. Nasik is also known as the Wine/Grape capital of India. Summers are not very hot, and winters are chilly. Industries like ThyssenKrupp, Bosch, Mahindra, ABB, Asian paints, CEAT, Lear, Greaves, and so forth, are setting up their base in Nasik. Also, a hike has been observed in ITES firms and automation companies.
Working professionals who are above the age of 30 or 35 years are usually settled in their life and with their families. If you fall into this category, then it would be wiser if you consider purchasing a retirement home or cottage which can be beneficial for you after retirement. However, with inflation and the rise in prices, it becomes difficult to pay for a part of the land or even a fully furnished retirement home. The price of real estate outside of surrounding metro cities is comparatively low. Even developing towns in the close vicinity of metro cities have low real estate rates. Hence, It is advisable that you invest in these properties as their surroundings make it a perfect place to reside after approximately 40 years of working. Also, a home which is away from city’s pollution and the hustle and bustle; Nasik is a city known for its temples and calm and peaceful environment and weather. This makes the city an excellent choice for a retirement home.
Buying a home for retirement when you are working will burn a hole in your pocket. Hence, it is advisable to take a Home Loan in Nasik. A Home Loan will help you not only in purchasing your retirement home but also in managing your expenses along with paying off your monthly EMI. Also, property or house has capital appreciation; this means your property will be valued more than the cost you bought it at. This is a plus point as if you wish to sell and purchase another home after you have paid the loan amount, you will get more income from selling that house than the price at which you bought it for. Usually, capital appreciation has been 15 to 20% of the cost annually.
The interest rates for Home Loans can increase on a regular basis depending on the real estate market fluctuations. Hence, procrastination will only lead you to take a Home Loan at a higher interest rate. Also, if your lender allows prepayment of your loan amount, then you can prepay it at times when the interest rates drop below the rate at which you had borrowed the loan. When you go to apply for a Home Loan, you will be required to pay a down payment of some amount. Financial institutions do not give you 100% of the loan amount and thus, expect you to give at least 20% of loan amount which is also known as down payment. Moreover, the tenor is the period you borrow the loan for. This is the time frame in which you need to repay the loan. Home Loan repayment is usually made in 15 to 20 years of taking the loan. This tenor can be extended up to 30 years if you request your lender.
If you want to get your Home Loan approved, then you must be an Indian citizen who is salaried and has a work experience of 3 years or more. The minimum age for applying for a Home Loan is 25 and maximum is 58. Additionally, the minimum loan amount is INR 30 lakhs, and the maximum is INR 10 crores. Along with taking a Home Loan, you will get tax benefits on the amount of interest paid and your principal amount.
Therefore, if you are looking for a retirement home, it is advisable that you search for properties in Nasik. Apply for a Home Loan in Nasik and look for a financial institution that gives you the lowest rates of interest on Home Loan. It is important to do a thorough market study before finalising on a Home Loan.