Frequently Asked Questions
Question about Buying
The answer to this should be arrived at after considering the following variables:
- Do you have a steady source of income from your business or your job? Do you have a steady job for atleast the last 3 years? Is your current employer a steady profitable business or are you working with a startup or a company with a shaky future?
- Do you have a good record of paying your bills and past loans? In short do you have a good credit record?
- Do you have money saved for making a down payment?
- Do you have other expensive outstanding loan repayments and debts?
- Do you have the ability to pay a substantial amount in EMI every month plus other costs?
- If your answer was yes to the above questions then you are ready to buy an upscale property!
The Bank or lending institution will consider your debt-to-income ration which is basically a comparison of your pre-taxable income with housing and non-housing expenses. Non housing expenses will include long term ongoing debts such as car or other legal debts such alimony or child support. The lender will also consider your ability to pay cash for down payment and closing costs, your Credit Score etc. which will all go towards determining the maximum loan amount that can be made available to you.
Actually these two are highly disparate questions. The big advantage with renting is that you will be free of most of the maintenance costs and responsibilities that come with owning a home. But by renting, you lose the chance to build equity, take advantage of tax benefits and insulate yourself from rent increases. Also you may not have the right to decorate as you like without permission and will always be at the mercy of the home owner when it comes to terminating the rental lease. As you can see, owning a home has many advantages. Everytime you make an EMI payment you are building equity and that becomes an investment. By owning a home you are also entitled to tax breaks that will help you in dealing with your new financial responsibilities such as – insurance, real estate taxes and maintenance which can be large and substantial. But when compared to the freedom, stability and the security of owning your own home, the decision to buy a home becomes a worthy decision.
Apart from comparing the homes that you are in the process of shortlisting with your ideal minimum criteria and wish lists, you should also consider the following check points:
Is there enough room for the present and the future as your family grows?
Are there enough bedrooms and bathrooms?
Is the home pleasant, airy and has ample natural light?
Do the pre-installed mechanical and electronics systems and appliances work?
Do you like the floor plan?
Will your furniture fit in the space? Is there enough storage space for all your needs?
Imagine the home in day and night, in good and bad weather. Will you feel happy and secure inside round the year?
Are the property related legal documents clean and clear?
Have you done due diligence on the property?
Carefully consider each and every home that you inspect and ask your real estate agent to highlight the pros and cons of each home from a professional and legal standpoint.
That really depends from person to person. Ideally you must visit as many homes as it takes to help you and your family feel satisfied to choose the one you finally settle upon. On an average, buyers in the market generally see an average of 15 homes before choosing one. Just be sure to clearly communicate with your real estate agent about your preferences, likes and dislikes so that precise homes matching your preferences can be shown to you thereby saving time and effort on both sides.
Professional Home Inspection is a relatively recent concept in India and Gupta & Sen also provides professional home inspectors to our clients once they shortlist a home that they want to buy. A home inspector basically checks the safety parameters of the house focusing especially on the structure, construction and mechanical and electronic systems of the house and will make you aware of repairs needed for faulty installation or construction. The inspector will not evaluate whether or not you are getting a fair value on the house. The inspector only checks and will give an estimate on the repairing cost involved for:
- The Electrical system
- Plumbing & Waste Disposal
- Water Heater
- Insulation & Ventilation
- Water source & quality
- Potential Pest Problem
- The Foundation
- Doors, Windows, Ceilings, Walls, Floors & Roof
- Hi Tech Security Systems, Home Automation Systems Promised by The Developer (if any)
Remember that is a good idea to have a thorough inspection of the house that you intend to buy before you sign on the offer documents because once the deal is closed you have bought the house ‘as is’. If you are in a hurry, you must include an ‘inspection’ clause in the offer during the negotiation phase. An inspection clause will give you an ‘exit’ route if it is discovered after buying the house that the developer or previous owner has reneged on the promises made before buying. The clause will give you the crucial ability to renegotiate the purchase price if serious problems are found which require expensive repairs. An inspection clause can also specify that the seller or developer must fix the problem(s) before you buy the house. Though not mandatory, as the future owner of the house you should be present when during the inspection of the house in order to be better informed about everything and to confirm the discrepancies found if any.
The following are our terms and conditions for commission or brokerage fees:
(a) Where we act on behalf of both the Buyer and the Seller, commission at the rate of 2 % shall be paid to us by each party.
(b) Where we act only for the buyer or the seller, commission @ 2% shall be paid by the party for whom the member acts.
Before we start showing you homes, our real estate agent will discuss our terms and conditions with you and only if you are comfortable with our terms shall we proceed with the showing of properties.
The commission will have to be paid to us at the time of execution of the:
(a) Deed of Transfer or
(b) Agreement for sale or
(c) Completion of the transaction or
(d) Possession of the said property
Whichever is earlier. For more comprehensive information on our brokerage rates
It’s easy to check your home loan eligibility using Magicbricks Home Loan Eligibility Calculator. To calculate your eligibility, you will have to enter the amount you wish to borrow, your monthly net income, existing loan commitments (if any), tenure, and rate of interest. Upon entering all these details, you will be able to see how much you are eligible to borrow.
Yes, having a co-applicant increases your chances of getting a home loan. However, most lenders also require the co-applicant to have a certain minimum income. Remember, if you sign as a co-applicant of a home loan, you are equally responsible for repaying the loan along with the primary applicant.
Here are some tips that could help you improve your home loan eligibility:
Increase your credit score: You can improve your credit score by continuously repaying your debt obligations on time. Never delay any repayment.
Add a co-applicant: If you are not eligible for a home loan for some reason, you can add a co-applicant to improve your eligibility. When you have a co-applicant, the risk and responsibility are shared by all the applicants together.
Down payment: Making a higher down payment can also help you get a home loan.
Most lenders allow any person to be a co-applicant who is not a minor and who has a certain type of relationship with the primary applicant as defined in the terms and conditions. Co-applicants can be brothers, husband and wife, mother and son, father and son, etc. In addition, the co-applicant must also meet the minimum income requirement.
Question about renting
Now that you’ve narrowed down on the city of your choice, the cost of living in Navi Mumbai for a bachelor is something to consider before relocating. It’s always good practice to measure up your expenses and budgets to have better savings. The cost of living index in Navi Mumbai is 25.21, which translates to a higher index when compared to 5.77 for Bengaluru. Here’s a quick rundown of the cost of living and the average breakdown to survive in Navi Mumbai.
Daily commute
Navi Mumbai might be blessed with incredible connectivity throughout the entire city with the metro and local transit line, but it’s always a good idea to look for a place that is less than 5 km away from your workplace. Especially since Mumbai is always jostling with people all round the clock, it’s ideal to find housing options that are easily accessible, convenient and tick all the right boxes.
Area and locality
Navi Mumbai is one of the most crowded cities with localities ranging from a local chawl to sophisticated gated communities. It all depends on your budget and adaptability to adjust to your surroundings. Look for an apartment that is preferably closer to work. Be prepared for smaller spaces though!
It’s hard to rent a house in Mumbai without brokerage and paying an exorbitant amount. Brokers might be the real-estate ninjas, but the rent is often more than the cost of living in Mumbai per month!
While searching for houses on the internet might return a thousand results, you can also consider different options to narrow your search down. We’ve put together a list of all the platforms and forums that will help you get a head-start. Get on, then!
Facebook groups and pages:
If you’re a regular user of Facebook, you’ll find yourself familiar with Facebook groups and pages. If you aren’t already part of these groups on Facebook, sign up and don’t forget to turn on post notifications to stay on track with upcoming posts.
The cost of renting a house and the average cost of living in Mumbai may differ from person-to-person, but the location of your house is something that will set the tone and lifestyle for your entire monthly budget. Mumbai might be a single city but the real estate is scattered and broken down over numerous parts. Thus, it makes sense to stay close to your office to cut down on commute time and expenses. However, housing rental will be higher if you’re closer to central Mumbai. If you’re prepared to travel, there’s a better chance of getting a decent 1BHK for around ₹15-20k in an average locality like Thane or Vasai.
Here’s a list of places with approximate rentals as per region and budget to give you an edge on your house-hunting!
As per apartment range
Here’s a basic idea of apartment rent and sizes in Mumbai. Keep in mind though, moving in a 1BHK in Central Mumbai might be more expensive than renting a 2BHK in Navi Mumbai.
- 1BHK – ₹20-25k
- 2BHK – ₹30-40k
- 3BHK – ₹40-60k
As per budget
Mumbai is for everyone. From 5k and above, you’ll find plenty of housing accommodations that will cater to all budgets. PGs, Chawls, apartments or gated communities; choose wisely!
- ₹40k and above – Borivali, Andheri, Bandra
- ₹30k and above – Jogeshwari, Goregaon, Malad
- ₹20k and above – Ghatkopar, Dadar, Sion, Mulund
- ₹10k and above – Thane, Dombivili, Kalyan, Nerul, Koperkhaine
- ₹5k and above – Kalyan, Dombivli, Ambarnath,Badlapur, Ulhasnagar
The Mumbai local train line network is one of the best-connected train lines in the country. If you’re looking to know Mumbai better, there’s nothing like understanding the local train route. To understand home rentals better, we’ve categorized the following as per the demographics of the train routes to affordable housing options around.
Central line
The Central line starts at Chhatrapati Shivaji Terminus or CST (Victoria Terminus) and converges into two different ends to Kasara (towards Nashik) and Khopoli (towards Pune). The rent decreases from Kurla towards Thane. Look for a place in Thane, Kalyan, Dahisar, or Virar for the convenience of accommodation, food, and connectivity. If you’re working around in the CST area, opt for Sanpada or Vashi.
Western line
The Western line starts at Churchgate and follows the city’s west coast to Dahanu Road (towards Ahmedabad). The rent decreases Andheri towards Harbour. Look for places in Sion, Vikhroli, and Ghatkopar for ideal and affordable housing options. If you’re working around Andheri or Powai, opt for Airoli that connects to the Eastern Express Highway by road.
Harbour line
Like the Central line, the Harbour line starts at Chhatrapati Shivaji Terminus (Victoria Terminus) and branches off at Wadala Road, and runs to Andheri and Panvel through Navi Mumbai. Except for Chembur, most options at Harbour line are affordable.
Navi Mumbai
While Navi Mumbai doesn’t have a central train station, you can still travel from Churchgate to Navi Mumbai via the Harbour line from Andheri. If you’re looking for housing options in Navi Mumbai, you’ll find suitable and affordable options in Ghansoli, Nerul, Panvel and Kamothe.
Western Mumbai and South Mumbai
Also known as SoBo (South Bombay), South Bombay consists of areas like Fort, Colaba, Malabar Hill, Nariman Point, Marine Lines, Mahalaxmi, and Tardeo to name a few. While SoBo has a certain old-world charm, the neighborhoods are posh, costly and will set you back at least by 1L for an unfurnished 1BHK.
Upcoming places to stay
For a city of dreams that never sleeps, Mumbai is easily one of the most urbanized and populated cities in India. So much so, that there is no place for vertical or horizontal expansion anymore. Enter Navi Mumbai.
Unlike the main city, Navi Mumbai is a strategically-planned city. It’s no surprise that Navi Mumbai is one of India’s emerging office hub spaces. With planned infrastructure, proximity to Pune and Mumbai, and a sought-out establishment of industrial parks; Navi Mumbai is also considerably less polluted and crowded. If you’re working around in MBP Mahape or Airoli Mindspace, opt for housing options in Airoli, Ghansoli or Koparkhairne.
Your answer will undoubtedly be a quick YES to moving into a furnished home, but here’s the catch. With a population that’s forever brimming, houses in Mumbai are not only smaller and expensive but it’s harder to find a fully-furnished apartment that doesn’t burn a hole in your pocket.
While it’s challenging to buy appliances and home furniture all-at-once, renting an unfurnished flat gives you the freedom to decide how your home will look.
Before you move in…
Almost there! You found your dream apartment that fits your budget, has everything you need, and you’re ready to move in too. But wait, don’t forget the last mandatory routine-check.
Inspect the flat
Before you pack your bags and load up the truck, make sure you inspect your new flat thoroughly. If you have a chance, do an apartment walkthrough with the landlord or owner to determine if any issues or niggles in the house need fixing. Yes, it includes that leaky tap too.
Rental agreement
Now that you’re ready to sign the lease on your apartment, don’t forget to pore through the document to avoid nasty surprises or hidden charges from your landlord. Make sure you go through the rent clause, incremental rent clause (if any), repair and damages, maintenance fees and other charges carefully. Ensure that you’ve scoured for specific details in the agreement. If not, feel free to ask the owner.
Society rules and guidelines
Every society has rules and conditions that are imposed to maintain a stress-free residential experience. Some societies might be conservative about having late-night parties, having pets, playing loud music or bringing friends over all the time. Ensure that all your doubts and queries are cleared before moving in, feel free to check for the resident’s manual or simply ask your landlord.
Question about Vastu
The main entrance to a house is not only an entry point for any member to come in but also for the energy. The main door should ideally face North, East or North-East direction. This is because the entry is considered to be the archway to progress in life. Also, it’s equally important to keep the entrance clutter-free and tidy, as this adds positivity to the surrounding.
A bright and happy home is like a dream come true for all. And what makes a home happy is the vibe and vibrancy one adds to it. Well, as per Vastu, there are five elements theory and 16 Mahavastu zones (part of Mahavastu remedies) can help you achieve all this plus a great life. Be it artefacts, colours, plants or any other masterpiece, you can make use of the same to raise your house energy levels.
- Not many people are sure about finding the right direction to which their house should ideally face. Trust us, finding the same is no rocket science and can be easily done using a Vastu compass. In fact, every professional Vastukar carries this device with himself/herself to ascertain the right directions according to Vastu. It’s always recommended to keep the compass on the approximate centre of the space to get the exact direction. When the needle completely rests on the surface, then take the reading. Calculate direction from different positions – front, back and centre instead of coming to point immediately.
Money plants are actually good for your space. And, what’s more interesting to know is that adding a money plant in a blue vase can increase your money flow. It should always be placed inside the house so only prosperity and good luck enter your home. This plant also helps in keeping away all the obstacles relating to financial growth. Do not grow them outside, in the garden instead indoors only, as recommended by most Vastu experts.
Here’s a list of places with approximate rentals as per region and budget to give you an edge on your house-hunting!
As per apartment range
Here’s a basic idea of apartment rent and sizes in Mumbai. Keep in mind though, moving in a 1BHK in Central Mumbai might be more expensive than renting a 2BHK in Navi Mumbai.
- 1BHK – ₹20-25k
- 2BHK – ₹30-40k
- 3BHK – ₹40-60k
As per budget
Mumbai is for everyone. From 5k and above, you’ll find plenty of housing accommodations that will cater to all budgets. PGs, Chawls, apartments or gated communities; choose wisely!
- ₹40k and above – Borivali, Andheri, Bandra
- ₹30k and above – Jogeshwari, Goregaon, Malad
- ₹20k and above – Ghatkopar, Dadar, Sion, Mulund
- ₹10k and above – Thane, Dombivili, Kalyan, Nerul, Koperkhaine
- ₹5k and above – Kalyan, Dombivli, Ambarnath,Badlapur, Ulhasnagar
The Mumbai local train line network is one of the best-connected train lines in the country. If you’re looking to know Mumbai better, there’s nothing like understanding the local train route. To understand home rentals better, we’ve categorized the following as per the demographics of the train routes to affordable housing options around.
Central line
The Central line starts at Chhatrapati Shivaji Terminus or CST (Victoria Terminus) and converges into two different ends to Kasara (towards Nashik) and Khopoli (towards Pune). The rent decreases from Kurla towards Thane. Look for a place in Thane, Kalyan, Dahisar, or Virar for the convenience of accommodation, food, and connectivity. If you’re working around in the CST area, opt for Sanpada or Vashi.
Western line
The Western line starts at Churchgate and follows the city’s west coast to Dahanu Road (towards Ahmedabad). The rent decreases Andheri towards Harbour. Look for places in Sion, Vikhroli, and Ghatkopar for ideal and affordable housing options. If you’re working around Andheri or Powai, opt for Airoli that connects to the Eastern Express Highway by road.
Harbour line
Like the Central line, the Harbour line starts at Chhatrapati Shivaji Terminus (Victoria Terminus) and branches off at Wadala Road, and runs to Andheri and Panvel through Navi Mumbai. Except for Chembur, most options at Harbour line are affordable.
Navi Mumbai
While Navi Mumbai doesn’t have a central train station, you can still travel from Churchgate to Navi Mumbai via the Harbour line from Andheri. If you’re looking for housing options in Navi Mumbai, you’ll find suitable and affordable options in Ghansoli, Nerul, Panvel and Kamothe.
Western Mumbai and South Mumbai
Also known as SoBo (South Bombay), South Bombay consists of areas like Fort, Colaba, Malabar Hill, Nariman Point, Marine Lines, Mahalaxmi, and Tardeo to name a few. While SoBo has a certain old-world charm, the neighborhoods are posh, costly and will set you back at least by 1L for an unfurnished 1BHK.
Upcoming places to stay
For a city of dreams that never sleeps, Mumbai is easily one of the most urbanized and populated cities in India. So much so, that there is no place for vertical or horizontal expansion anymore. Enter Navi Mumbai.
Unlike the main city, Navi Mumbai is a strategically-planned city. It’s no surprise that Navi Mumbai is one of India’s emerging office hub spaces. With planned infrastructure, proximity to Pune and Mumbai, and a sought-out establishment of industrial parks; Navi Mumbai is also considerably less polluted and crowded. If you’re working around in MBP Mahape or Airoli Mindspace, opt for housing options in Airoli, Ghansoli or Koparkhairne.
Most people opt for ready to move in apartments rather than going for under-construction properties. If you are opting for it too, here are a few things you must make a note of Entrance – check for enough space left around the building, Kitchen – ideally should be South-East facing; Sunlight and Cross ventilation – Natural sunlight and enough channels for cross ventilation is very important; Water-storage tank – ideally placed North-East side so it gets and absorbs maximum sunlight.
In an ideal scenario, toilets/ bathrooms/ restrooms should face the South-West or South direction. This is because, the direction of the wind usually blows from North-East to South-West, so if it’s placed in the former direction, it will adulterate or contaminate the air flowing in other rooms.
For any reason, if your home is not Vastu-compliant, try bringing home these beauties: Plants – create a soothing ambience; Paintings – sceneries offer calmness and add a balanced rhythm to your life; Mirrors – vital in adding positivity to the household; Fountains – attract good energy flows and remove all hurdles.