9 Amazing Ways to Pay off Loan Early

Do you know we can save plenty of money by pay off loan early?

Before I discuss with you why we need to Pay off Loan early and what are different ways by which we can achieve it, Take a look at Data below:

Pay off loan early

Source image: ICICI Home Loan calculator

What you figure out with the above picture? Above is Loan of 20 Lacks for 20 years.

Well to me, I am paying back double amount to my lender or bank, which hurts right?

So it is always good to become debt free as soon as possible and pay off loan early weather is it Car loan or Home loan.

You can also use any online pay of a loan calculator, just to plan of your balance debt.

We do have some financial goals and it is always better to do some justice with it.

There are some ways I have used personally to pay off loan early than the scheduled tenure and it feels really amazing to be a debt free, isn’t it?

Also Read:  How I Saved 35 Lacks while Buying a House in India

9 Amazing Ways to Pay off Loan Early

1.An Extra Payment with Regular Monthly Payment

Try to do some extra payment in addition to your fix monthly payment. Whatever be the amount make sure you are continuously trying to reduce your loan amount.

I have always done some extra payment for my Car Loan whatever is left after my monthly budget.

9 Amazing Ways to Pay off Loan Early

In that way when we see in long run, we are reducing 6 months to a Year on our loan tenure.

2.Pay Off Loan With Little Magical Extra Payments

There was a time when I made an extra payment as low as 500 bucks apart from regular monthly payment. Whatever little extra amount I find with myself I used to pay off loan for my Car.

9 Amazing Ways to Pay off Loan Early

We know it is not a big amount that makes a big difference but think about 500 bucks for 12 month, you got it right?

This is going to reduce one month at least from your loan tenure.

3.One Extra Large Payment

You can do little extra payments or do a large at one time. It all depends on your financial situation and goals. Both of the cases will help us to pay off loan early.

People having bonuses, incentives and team rewards every year in their working areas. You can use that large amount for your extra loan payments apart from your regular monthly payments.

4.Increase Your Payment With Time

We get some appraisal or hike in our salary each year. See if it is possible to add the extra salary to regular loan payments.

This will reduce loan tenure automatically by paying off more than your previous pay offs.

5.Refinance or Balance Loan Transfer

Why not? If other bank is offering you lower interest rates it is wise to transfer your balance.

This is actually one of best way to save money on interest and pay off loan early.

6.Not to Reduce EMI On Your Extra Payments

If you do any large extra payment, Bank may give you two options. Lower your tenure or reduce EMI.

Best way is to go for reduce tenure, in this way you can pay off loan early than actually it was scheduled.

7.Open RD Account For A Large Extra Payment

This was one of my little favorite trick. You can try it if you have set a target for pay off your loan early at some planned time in future, say after 2 years or 3 years or less.

I opened an RD account with installment of Rs5000 for one year. You can go for 2 year or more depending on your planning.

After maturity I was able to pay an extra-large payment of almost Rs 64,000.

8.Investments under-performing

Consider any under-performing investment having lower interest rates that of you loan and not having a better scope as well, better liquidate it and pay an extra payment for your loan balance.

9.Maturity Returns

If you already having any investment ( also includes short RD,FD etc..) which is near to maturity and you do not have any further plan to roll that amount into another investment, then do an extra-large payment with that amount after maturity and pay off loan early.

CALL TO ACTION!

It feels amazing to be debt free. After finishing your loan early, you can try to concentrate on other investments or save money for future use.

After all it is your WiseMoney.

What are your best ways to pay off loan early? Comment and let me know.

Also Read:

14 Ways to Earn Money Online in India without Investment

How I Saved 35 Lacks while buying a House in India

7 Great Ways to Save Money When Moving Into New Home

19 Best and Simple Ways to Save Money in India

Here are my best collection for:

Diwali Diyas

Toy gun for Kids

19 Best and Simple Ways to Save Money in India

19 Best and Simple Ways to Save Money in India

We all know “Saving money is earning money”, but staying in country do you know simple ways by which we can save money in India? You need to trust me because you are going to save more than thousands of rupees now with these simple money savings tips.

These are simple and easy ways we could have even mistakenly ignored many times in past and lost some money. But now I am sure you are going to save thousands of rupees in daily, weekly and monthly run. These are some of best ways to save money in recent times.

        19 Best and Simple Ways to Save Money in India

 

1.Save Money on Electricity

19 Best and Simple Ways to Save Money in India

How many times have you left lights and fans running when no one is in room? Well, I have done many times and I accept it. I have even sometimes kept running my A.C. just to make sure when I enter in my room it should be cool and comfortable, bad habit? Hmm.


In past there were few months where my electricity bill or recharge did crossed more than 7k.

Have you ever thought about this?

Try to switchoff most of electrical appliance when they are not required. I would also suggest to go for florescent or LED bulbs as compare to regular light bulbs, they are also very helpful in saving money in long run.

This is one of best savings money tips which can save money in India on electricity bill or recharge wherever you stay in country. Correct?

 2.Cut the Middle Man Out

Think about a purchase or a work where we take help from a broker or any agency to get our work done. We have to give some fees to these middle man for that work. Try to cut it down.

When I was purchasing my home I denied taking help from any broker instead I did everything myself and believe me I was able to save lacks of rupees. Isn’t it a great save money tips.

Read: How I Saved 35 Lacks while buying a House in India

 

3.Stick to Your Monthly Budget

Making a monthly budget and Sticking to it is not an easy job, but trust me it is not so difficult also. Once you started for a month, it will continue automatically for next month and you will realize you are making a track record of your monthly expenses.

Would you like to try it now?

Note down your monthly expenses, there will be some expense that needs to pay in cash, some from online banking (like EMI,FD,RD etc..) and some via debit or credit card.

Keep a record, but make sure keep it is easy and simple. Check for any gap where an extra money was lost which could have been saved. Trust me it may looks time taking and cumbersome job but it is worth trying. The best solution for how to save money in India every month is your Budget, Try it and see results yourself.

 

4.Save Money On Vacation Expenses

I know the question , how to save money India on vacation expenses and why, this is our leisure and relax, But who don’t like to travel to a beautiful destination, in fact we all love travelling. Travelling and creating some beautiful memories are one of our best times in our life.

But some of these travels also costs us too much on our budget. Be it mode of transport for travelling, stay in hotel when traveling

We can save thousands of rupees on our Vacation expenses, like on ticket booking, Hotel rooms, Free stuffs etc..

Read : 14 Great and Simple Ways on How to Save Money When Travelling and Vacation

 

5.Save Money on Your Vehicle Fuel

Have you ever tried Carpooling or using office shuttle or cabs for transport purpose, if yes did you ever noticed how much money you were able to save with this? Fuel prices are increasing day by day, making difficult to save money in India when using own Vehicle every time.

 19 Best and Simple Ways to Save Money in India

I used to drive office by my own Car and it used to cost me around 6K for an month, when I started using Office shuttle and Cab my expenditure on fuel dropped by 50%.We can in fact try using public transport also wherever possible, this will also help us save some money.

 

6.Eat Home Cooked Food

Two benefits Money saving and Good health. Eating once in a while or on some occasion is good thing, but when we do it too often we definitely loose extra money and thus health too.

Try eating home cooked food as much as possible and also try to take lunch from home to your office. There were few times with me too when for 2 weeks I had lunch outside, it costed me around 1K.

I tried my best to take lunch and some snacks from home and you believe it I did saved some money. On a long run it saved me around 3K for a month and almost 36K for a year. 

 

7.Save Money in India with Health Policies

If you have not taken any Health policy for yourself and family then I would say you are not a right track for planning to save money when required. This is one of best way to save money in India when we need it.

19 Best and Simple Ways to Save Money in India

Health emergencies can come anytime and unnoticed. We can easily find our saved money drained during these situations. Remember Medical field is going very costly and still raising. We have many medical policies available in market. You can visit policy bazar and compare policies as per your requirement.

 

8.Save Money on Mobile Phone Usage

Many times we wonder whether we are on Prepaid or Postpaid are we really paying enough than we consume services. Remember money save is money grow.

I am not going to advise you to switch to Prepaid or Postpaid, but I am going to ask you to use mobile plans which is best suitable for you. Yes for some reasons Prepaid is better than Postpaid and in some cases vice-versa.

Being on prepaid, You can save money in India on recharge as well.

So explore, whether you have Airtel, Vodafone or Jio connection.

Requirements defer from person to person. But make sure once you have explored enough for a plan then think if this is going to save some money than the present plan you are having currently, better try for a month and see results.

 

9.Two Plus 1 Offers



We all have come across with offers like 2 plus 1 free or buy 3 get 1 free. Avoid those. These are really good market techniques. Ask yourself do you really need 4 of them? Not really.

Stick to your plan and needs. You can buy another piece indeed if you have requirement. Save money India by these schemes.

 

10.Save With Cashback

Cask back are good ways to save money on purchase. Check before any transaction whether there is any cashback offer on your Debit or Credit card, try to avail maximum benefits. I was able to get good amount of cashback on my HDFC debit card on purchase of AC this summer.

Likewise use money wallets like Paytm to get cashback as possible.

My paytm cashbacks:

Save with cashback

 

11.Save Money in India On Income tax

This should be the most discussed topic of saving money from Income tax or probably how to save money in India from Income tax. We should check where we can save our taxes thereby investing still in better ways.

Check your HRA,80C, 80D, 80E section.

80C covers LIC premium, PPF, FDs, Sukanya Samridhdhi Scheme etc..

Likewise 80D includes Medical insurance and Top Ups

Plan your investment in better ways to save your tax. Have some best saving plan. The way you should learn on how to save money from salary because it is our hard earn money and definitely must be invested properly.

 

12.Book Travelling Tickets in Advance

Question comes up as how save money in india with this ? We all know the dynamic fare now a days keeps on increasing while our travel day comes nearer. Not only airfare but now a days you see dynamic fare for trains keeps increasing too on selected trains and routes. We should plan and save money in India while travelling anywhere.

If there is no urgent requirements then why not better plan in advance and save thousands of rupees.

 

13.Use Rewards From Credit and Debit Cards

We all have Debit or Credit cards having some offers and or Reward points when we use them for transaction.

These points will keep on increasing as per Card policy with transactions you do. Points needs to be Redeem within one Year or they gets lapse, you must check your reward point duration.

These reward points can be redeem for variety of offers depending on business partners.

I use my Debit Card rewards many times as Cashback and also on Fuels:

debit card cashback

One of my friend redeemed his rewards points in making a luxurious Vacation trip with family.

 

14.Your TV DTH Plan

It was time when I got my Airtel DTH installed and I wanted to have all HD channels weather I see them or not. So straight forward I took a plan which was costing me Rs650/- per month, indeed costly enough.

I moved to make my plan by selecting only channels that I or my family prefers. I noticed my monthly expenditure on DTH plan came down to 50%.

There is another way where I see we are going to save our money, now a days Netflix and Amazon Prime providing better prices for online services like Movies and TV channels in less than price for a year than any DTH service could provide. Check out yourself.

 

15.Work More and Stay Busy

We all are here to follow our dreams and to achieve something. So stay busy, work and follow your dreams.

When we stay busy enough we hardly get any time where we think about some extra expenditure out of regular activates. And definitely we never get a room for unnecessary things.

 

16.Online and Offline Shopping

Benefits of doing Online shopping is to explore more options compare prices and use offers like cashback to save money.

You can use Wallets like Paytm to avail more options on offers apart from you Cards.You can also save money in India with other shopping apps.

Check product online and compare best prices use amazon.com , flipkart.com or snapdeal, if you want it to buy physically at any shop you can try bargain as you already having idea on price of that product as noticed online.

Bargain definitely works on every tourist or most of commercial places, so keep trying, it is one of best way to save money in India while doing shopping anywhere.

 

17.Try Low Cost Activities When Meet With Family and Friends

We really want to celebrate it grand and outside whenever we meet with our family or friends. Weather it is a Mall or a play arena it often costs us much more with a group.

Instead try low cost activates, like fun games at home and self-cooking. It is worth try to spend some quality time too.

 

18.Staying on Rent, Make Sure it is Not Very Costly

What is benefit when you are staying on rent and paying a hefty amount equal to any EMI installment?

Better find cheaper place to live and save some money for your dream home.

Rent keeps on increasing every year too, so you can save money in India with cheaper rent amount and can do some valuable savings for future.

 

19.Read on Personal Finance Management and Never Give Up

Read some best of books on Personal finance management, we all are not perfect and a habit is not formed in a day. Try to practice some of best tips on saving money in daily life.

Keep trying, if this month was not a success as per the plan, we have a record and we can find rooms where we missed it. Next month could be better.

CALL TO ACTION!

Saving money is no art when you have a perfect save money plan.These are Simple ways by which we can save plenty of our hard earned money. All above money saving tips in India can let you save money every month which collectively is a big amount when considered for a year.Try these tips and see if it makes some differences in your monthly budget. Even you will be able to save money from salary in India. Remember there is no such best plan to save money, instead we have to make it best and by our-self.

Also help me to know in comments if i missed anything.

 

14 Great and Simple Ways on How to Save Money When Travelling

How to save money when travelling

Do you know these saving hacks will add you another vacation plan from your same travel budget?

How to save money when travelling should be probably the most common question when we are planning to travel or already travelling.

Who don’t like to travel to a beautiful destination, in fact we all love travelling. I always start to choose my travelling destination almost 3 to 4 months earlier.

Few of us want to get away from life’s daily busy routine and travel to a peaceful destination. While some of us travel with a vacation plan each year.

Travelling and creating some beautiful memories are one of our best times in our life.

But some of these travels also costs us too much on our budget. Be it mode of transport for travelling, stay in hotel when traveling, shopping etc..

But question is how to save money when travelling or when making a vacation plan?

I always say saving money is earning money. So when you are earning money from your saving, think you are making another vacation plan from your travel budget, isn’t it great?

There are some proven ways to save money when travelling and this will give you answer to your question for how to save money when travelling. Let’s begin.

1.Plan Free days for travelling

Yes this is very important tip to save money when travelling. Remember when last time you noticed airfare when it was a holiday, be it for any festival or weekend?

Absolutely, so plan your travelling in weekdays and with no festival or national holiday. You may find some of great discounts also when travelling in these free days.

It is possible airfare and other mode of transport to be cheaper in free days as compare to any holiday. And possibly hotel room prices too.

2.Book Your Tickets in Advance

If you do not have any urgent requirement, then this is best tip to save money on travelling.

The dynamic fare keep on increasing while travel day comes nearer. Not only airfare but now a days you see dynamic fare for trains keeps increasing too on selected trains and routes.

Booking ticket in advance is not only applicable to travel tickets but on hotels too. We should be getting good price of a hotel room when booked in advance.

3.Buy tickets directly from website

Once you decided for a flight with a rate by surfing on internet, you must visit airline website directly too. This may give you some chance of cutting down some extra charges.

Plus you may find some discount depending upon any scheme airline running with.

4.Off-season can be a jackpot

Off-season can be a best answer to someone who is curious to know How to save money when travelling, yes and that is true. Off-season can give you best prices and services you may not get in peak season.

I know for some of destination, peak season is best to visit, but try exploring same destination in offseason for some best prices on hotels, local markets, local activities and travelling.

I visited one of hill station in winter and hotel prices with best of category rooms were half the prices than it used to be in summer season. The other best part was crowd. Yes your destination is not flooded with tourist and it can be a best time for you to visit the place.

5.Book Hotel rooms directly from hotel on a call

What if talking and asking for a cheap price from hotel directly can get you some prize?

Well, it happened to me most of time. When I finish deciding hotel on any of these sites makemytrip.com , yatra.com or trivago.com. Then I call to hotel directly and ask for a negotiation.

Possibility is you may get some good deal from hotel directly. And will be able to save some money. You can also ask them to send you link for advance booking payment online.

6.1+1 night free offers

1+1 night free offers

Source: goibibo.com

So I believe you might have heard or seen this offer now and then at many travel related websites like makemytrip.com , yatra.com or trivago.com or tripadvisor or from hotel directly.

So why not stay for 2 nights rather than 1 night and just pay for 1 night. It is a good deal actually.

Always try searching this deal when you plan to travel.

7.Check expenses for Hotel room

When we are at our destination the time when we spent in our hotel room is for rest of sleep.

So it means we are paying to hotel for sleep, right?

Throughout the day we are busy at outside activities or exploring places. So this is one of very cost saving tip for your hotel room. Try to go for normal or regular room rather than deluxe or upper category.

8.Eat outside your Hotel restaurant

Breakfast included can be a good deal but do not go for lunch or dinner offers at restaurants like today’ specialties.

Better eat outside for some authentic food for the city. Restaurant prices will not satisfy your meal portion and taste many times and it you may feel like you paid extra what you got.

9.Save on Shopping

If you are shopping lover and have plan to buy local items related to certain city, the best saving tip is to buy from local markets.

Yes why to buy from Tourist Street or main market where you have to pay double the price, instead go for local market for best prices and also experience local foods and specialties.

10.Avail all Free Stuffs as possible

Do your hotel having free laundry service, free WiFi and free calling facility? Why not to use it and save some of your phone data and plan.

Yes try to use most of free services wherever you go.

11.Use Concession as Applicable

Use Concession as ApplicableThis is one of best thing sometimes we forget. Try to use Age concession. You must have known about Senior citizen concession, student concession and others.

Using age concession wherever possible, And it can get you discounts up to 50% or more which is absolutely a great deal, isn’t it?

12.Look for Hot deal releases from Hotels and Airlines

Look for Hot deal releases from Hotels and Airlines

Source: Yatra.com

Join your favorite airline newsletter, follow it on social media like Facebook and twitter so that you don’t miss any new offer release, promo codes and last minute deals.

These offers and promo codes can get you best deals and you will be able to save lot of money on travelling.

You can also signup for your favorite travel agency newsletter to be aware of such deals.

13. Use Credit card rewards

Use Credit card rewards

Check your credit card program and benefits, See if it allows to use your earned points for any flyer program or hotel stay deals.

Use maximum benefits of your credit card program.

14.Bargain wherever possible

Well, this is going to work on almost all tourist places. Try always bargain for the shopping item or activity you are going to do.

We were able to bargain almost 50% of price for boating in a lake. Also at one of hill station Bargain worked for winter suits and boots when going for snow activity.Hitting bulls eye for how to save money travelling in one of great ways.

Also read:

15 Ways to Earn Money Online in India without Investment

How I Saved 35 Lacks while buying a House in India

7 Great Ways to Save Money When Moving Into New Home

10 Ways How to Earn Money from Twitter in India

CALL FOR ACTION!

So answer for How to save money when travelling is all above. The next time when you make vacation plan and or travelling make sure you follow these great saving hacks and you will notice you can double your vacation in the year.

Please fill me in comments if I have missed any great saving tips.

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7 Great Ways to Save Money When Moving Into New Home

7 Great Ways to Save Money When Moving Into New Home

Do you know many times we ignore these great saving hacks when moving to new home?

You are ready to moving into new home and trust me this is very cumbersome task to do.

You have plenty of things that needs to be shifted from your old home to new home.

Major parts include furniture, electronic items like Television, fridge, ACs, kitchen accessories, vehicles etc. Moving into new home is not only hectic job but also expensive.

We want our all belongings to be transported or reached to our new home without any hurdles and in good shape.

After buying my new home I was finally moved in to it recently. This was my third and final movement from an old home to new home.

There are many great tips and saving hacks I used while moving into new home which saved me plenty of money. Some of them I learnt from my experiences.

Your Decision and Planning are the two most important ingredient that can get you help in saving your money for this.

I am going to share some of great and proven ways for saving money while you move in to your new home.

1.Your free boxes

7 Great Ways to Save Money When Moving Into New Home

Absolutely this is something you can save your money with as well as keep your accessories in good shape.

I did not throw my original boxes for refrigerator, fridge, ACs etc. till I moved to my permanent home. These boxes were good enough to keep my accessories in good shape.

They were having extra safety guards as well. I used my original boxes.

Some of boxes I was able to get from my relatives and neighbors. So I was able to use it for packing my most of kitchen accessories. In addition we can also check with some local shops near us if they have free unused boxes.

You need not to buy bubble wrap or any extra guards, just use hand towels, bath towels, newspapers, old cloths and old papers to spread around fragile items to keep it safe when packing.

Remember to label your each boxes, this will help you to shift boxes at correct location in your home where it needs to be unpacked. Use some labels like fragile items and handle with care, you can also label as up/down label as per packing.

Also make a label as kitchen accessories or photo frames or whatever you have packed inside the box so as to identify what is inside the box without open it while it is transported to your new home.

While negotiating with packers and movers you can negotiate on boxes and save some extra money.

2.Get rid of unwanted furniture and accessories

7 Great Ways to Save Money When Moving Into New Home

There can be many old accessories which you do not want to take with you to while you are moving into new home. In the same respect you might have planned for new furniture for your new home.

Make a plan and checklist, see what is required to be shifted to your new home. Get rid of unwanted furniture and accessories to save some money on your transportation. Sell them out or donate them if not able to negotiate any price for old accessories.

Put your ads for selling your accessories and furniture on Quikr. I was able to sell my wooden bed within one day by using Quikr. Use social network as well like Facebook, WhatsApp groups, also ask with your colleagues and neighbors if they are interested they can negotiate a reasonable price.

3.Move some items yourself

Moving some items yourself can save you some money especially when you are moving within city.

Take help from your friends and relatives. You can have then two or three cars which can help you to transport small and medium packaged boxes with you to your new home.

The idea is to bargain a good deal with your packer and mover in terms of number of belongings to transport to new home. Try it, it’s a worth saving hack.

4.Plan your packers and movers company

7 Great Ways to Save Money When Moving Into New Home

This is very important phase when you choose packer and mover for transporting your belongings. Choosing a reliable packer and mover is really important.

You can take recommendations from your family and friends if they have used any packer and mover and get it straight with the reviews and ideas. Otherwise research is not a bad way to find a good packer and mover.

Start with a simple Google search, read reviews and shortlist according to your requirements.

Do take care of few things while deciding to choose packer and mover like packing material quality, knowledge and feedback of packer and mover, their responses to your queries and additional protection in terms of insurance.

5.Insurance coverage as an additional protection

Insurance is offered as an additional protection on your transport items by a good packer and mover.

Always ask if they have option for insurance. I know you must be thinking it will add up a little to your budget. But at the same time we also want our valuable belongings to be safe and claims to be made in case of any damage.

But I will suggest not to take insurance for each and every item and each box.

When I was moving into new home I decided to take insurance on some selected items only like Fridge,TV,Sofa, ACs etc.

I did not count insurance on all boxes. Thus I was able to save some money while providing some extra coverage to my selected items.

6.Rituals on moving into new home

This is off-course a personal choice, depending upon our planning we do some rituals when moving into new home.

We plan multiple Puja and offer lunch or dinner to our guests. Depending upon budget we try to make this celebration grand.

When I was moving to my new home I decided to do rituals, only related to new home and decided to invite only my very close relative.

Off-course I invited more of my relatives and friends to my new home but I clubbed another function with it.

I decided to celebrate my daughter’s birthday along with celebration of moving into new home. Birthday was falling after one month from the day we were moving to new home.

It turned out to be a wise decision and a cost saving. We spend money on a function that comprises of two celebrations.

7.Your meal of the day

We had the time when our packer and mover arrived early in morning before we plan for breakfast and lunch at the day of moving into new home.

It definitely costs us some extra money for which we were not planned. With my experiences I will advise to plan your meal for the day in advance. Remember saving money is also earning money in other way.

Call to Action!

Now you know some of great saving hacks which can save your money while moving into new home. Remember Decision and Planning are the two most important things for you success.

Let me know in comments if you have some more great ways for saving money while moving into new home.

Also read:

14 Ways to Earn Money Online in India without Investment

8 Easy and Effective Ways To Earn money Online from YouTube

10 Ways How to Earn Money from Twitter in India

8 Easy Ways To Earn money online from Facebook

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How I Saved 35 Lacks while buying a House in India

How I Saved 35 Lacks while buying a house in India

Do you know with your great decision you can afford risk free dream home for yourself and save maximum?

Owning a home is a special feeling especially when it is brought from your hard earned money.

We always wanted ourselves to be covered from any risk while going through the process of buying home.

Sometimes we need to wait till we get possession and some more wait continues till we register our home on our name as owner.This is my story,I Saved 35 Lacks while buying a House in India.

Many times the journey from buying our house till registration is painful.

We not only loose our precious time but we lose money in terms of EMI and rent towards any rented house if we are affording.

Very recently I owned a house in India (I am going to refer any flat, villa or residential property as Home or House in this article) and moved in quickly before my first EMI starts.

I am going to share you some of my best decisions and experiences while buying my dream home in a well maintained and reputed society.

While decided to buy a house in India you have 2 options basically. First- Buy from primary market direct from builder or company.

Second-Resale market, Buy from person directly who is owner of house. I am not going to advice to buy from investor companies due to my approach of being for best decision for certain criteria which I will explain later.

Buying House in India from Primary market from Builder, Company or Developer

When we are decided at our budget, Location, Type and other requirements, it’s time to buy a new house as per our need. Buying a new house in India from Builder or company for a newly launched project or in an under-construction project is beneficial for some factors like:

  • We have variety of options to choose according to our budget.
  • Options to choose direction of our new house and tower/lane as per the availability in builder’s inventory.
  • Options to choose payment schemes.
  • Low EMI and low price of new house.
  • No middle man factors, you know whom to contact for your every query.
  • Accurate completion estimate time.
  • For investment purpose good to get awesome returns when completion.

No doubt buying a new house in India from builder or developer is very beneficial for many factors.

But what about if you came across any of these hurdles:

  • The permission or approval of project got into some legal problems from authority somehow after few months or year.
  • Long delays in possession.
  • Builder change the planning architecture of your society in middle of construction phase, like not making any big club house now what was shown in planning phase.
  • You are not able to register your house on your name because of some problems between builder and authority.
  • Project not getting completion certificate due to many pending works.
  • Builder cut off many facilities or did not completed it and landscape architecture was modified.
  • You are paying EMI and rent both.

These types of misfortunes can happen with anyone, especially the way real estate business goes up and down.

I was able to buy my dream house in India without any hurdle and was living in the house when paid first EMI. Saving very good money was another best thing happened to me while going through the process of buying my house.

As we proceed from here i am going to share you my decision and some tips to take care while you buy house in India.

While searching on magicbricks and 99acres I was able to filter out some of my listening for my home like location, budget, type, real pics at site.

Two or three projects suited to my choice. I quickly went to their websites and tried to collect as much information as I can.

Websites can give you an overall idea of project including price (but not all builders put their price listening, you may have to contact their representatives for price).

I wanted to find out practical situation of the projects which is only possible at the grounds at site.

After looking from few resources on internet it was clear, out of three projects one was ready to move and families were residing in it.

The other two were under-construction project but were of good value. I went to see all of these projects, I visited actual grounds, site offices and tried to contact some of buyers in order to get some practical experiences on the projects.

Buying a house is a very big investment, some of us call it a lifetime investment. You have to look for every aspects.

I also wanted to be very cautious while taking any decision on this big investment.

I talked to some of experts in property dealing (roughly any of them impressed me, everyone do have their own views), I also talked too few  people I know who has invested in residential properties either for themselves to move in or for investment purpose. After few days I was having tons of ideas and some real life scenarios.

I really wanted to filter out something which can give me my best decision for buying my home and you know what, finally I was able to get it.

How about if I say, I bought a resale house but it was brand new with age less than 1 month and less than 10 to 15 lacks what was the selling price of that house in market by builder.

Yes that’s true and I can let you know what concluded this as best decision of mine towards buying my dream home.

With my research I was doing for few months there were some key points and very important things I noted.

WHY NOT-

How I Saved 35 Lacks while buying a house in India

  • To buy a house in a project which is completed newly or almost completed.
  • We can practically see landscapes, outdoor and indoor facilities, already constructed homes to check the quality of constructions and other things.
  • Check developed nearby areas and facilities like accessibility, hospitals, offices, markets and schools for children.
  • Talk to people who are already living in the society and get some views on their experience with the project and society maintenance.
  • Visit society more than once during different hours, also at night time to see how safer society is and how it look to be there at night time.
  • Check society security arrangements, how safe your family will be there.
  • Inquire if more families are getting possessions and registration is ongoing for the homes on owner names.

In a newly constructed project you have two options to buy, one from builder and another from a real owner. Both of your choices will definitely get you a home quickly but approach will be little different.

I choosed to buy house from an owner who got his newly constructed home just 1 month ago and he was willing to sell it to get some returns.

The house was new and untouched by anyone since no one was living in it after possession. The best part- house was registered on owner’s name. I was able to verify from every legal resources about the legal existence of house and all details related to it since it was registered.

How safer side we are when a property is registered legally in this case?

Well, to me, when a house in India is registered on owner name in a society then few positive points to notice:

  • Project has got complication certificate, if not 100% then atleast for a very good stage.
  • There doesn’t seems to be any legal problem with the project.
  • No issues between project and authority
  • Builder or Developer not having major problems on their side.

All of the above can be situation dependent but mostly correct. After all we also want our house to be register on our name as soon as possible.

After looking few options in the society I choose to buy a home that was full filling my criteria like Direction, space, vastu etc.

Doing negotiations is a self-developed smarter way of dealing things. That was one of best part happened to me.

I was able to negotiate price to an extent what my pocket was allowing keeping some money for later expenditure like registration etc.

The whole process of buying a resale home took almost 45days. The whole amount was given to owner and home was registered on my name as a new owner. Key of our new home was in our hands.

There are few points to remember when you are trying to buy home in resale:

  • Buyer and seller has to enter into a legal contract agreement for duration 30 to 60 days, which means deal of this purchase should be finished within that duration. If you are a buyer I will suggest to get maximum days in your contract as possible because some legal work takes time.
  • First phase will be to take NOC from builder or developer by seller.
  • Next step will be to take permission of transfer property on buyer’s name from legal authority. Just remember this is only permission and does not mean real owner has lost all authority on his property.Propert is still registered on owner’ name.
  • After permission of transfer next is registration date, for which a representative of builder, owner, and new owner and bank personals needs to be present.

How I Saved 35 Lacks while buying a house in India

Our EMI was scheduled to start from 5th of next month and we entered in our house just after a week from registration. So when our EMI started we were already living in our dream home.

Now the best part of this deal was huge savings for me. I know I could have purchased this home 5 years back minimum at launch date when price was lowest but I did not wanted to face any unexpected hurdles what I mentioned above.

I selected my budget, project, home, done payments, registered my property and moved in quickly. No waiting or running behind builder for possession dates and paying anything unnecessary.

Now coming to saving parts. My huge savings happened at each and every stage.

I am going to break it down as below:

Saving on buying resale house from owner on a negotiation price as compared to market price – 15 lacks

Making all proceeding steps by myself and not involving any property dealer or agent – 2 lacks

Saving on making Deed and dealing with builder’s advocates – 50 thousand

Saving on tax for seller property purchase value – 60 thousand

1 year maintenance charges for society – 40 thousand

One time Car parking, club charges, cooking gas, electricity, and intercom etc + taxes ( GST etc) – 7 lacks & 50 thousand

Saving on rent (15 k) considering I could have purchased home which was expected to deliver after 5 years – 9 lacks

Saving on Tension, stress, problems while dealing with owning new house – Infinity

So overall my saving in purchase of my new dream home was: Rs 35 Lacks + Infinite saving on problems with purchase phase till possession and registration.

CALL TO ACTION!

If you are planning to buy a new house in India for yourself just keep few of important points in your mind. Make some plan and take best decisions which suits you best. When it comes to our money, we should not be fool of our money. Remember saving is also earning. There is a Wise money for everyone.

Also read:

15 Ways to Earn Money Online in India without Investment

8 Easy and Effective Ways To Earn money Online from YouTube

10 Ways How to Earn Money from Twitter in India

8 Easy Ways To Earn money online from Facebook

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