How can I plan to buy a house in Chennai?

How much does it cost to buy a house in Chennai?

Property Rates & Price Trends in Chennai

Locality Name Buy Rates Rental Rates
Price Range (Rs. per sq. ft.) 3 Bedroom
Goparasanallur Rs. 4,760 – 5,058/sq. ft. Rs. 11,900 – 11,900
Irungattukottai Rs. 2,848 – 3,358/sq. ft.
Iyyappanthangal Rs. 3,782 – 4,590/sq. ft. Rs. 12,325 – 17,255

Which place is best to buy home in Chennai?

If you are looking to buy a property in Chennai, then Old Mahabalipuram Road (OMR), Velachery, Medavakkam, Guduvancheri and Porur should be the ideal choices. As per PropIndex, the quarterly research report of Magicbricks, these five locations are the top five preferred localities in the city for buying properties.

How can I save money to buy a house in Chennai?

Part 2 – Get your Finances ready and apply for a Home Loan

  1. Check your CIBIL credit score. This should be the very first step. …
  2. Pay off other pending loans. …
  3. Limit your credit cards. …
  4. Start saving money. …
  5. Stay steady at your job. …
  6. Decide on a Home Budget. …
  7. Get your home loan documents in order. …
  8. Get pre approved for a home loan.
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Which area in Chennai is developing fast?

4,300 – 8,200 per sq ft. Velachery is a fast-growing residential as well as commercial neighborhood in southern Chennai. The growth of this area is cited due to the IT sector growth. Also the upcoming metro expansion connecting Velachery with St Thomas Mount is fueling the real estate growth.

Which is best place to buy land in Chennai?

What are the best places to buy residential plots in Chennai?

  • Mogappair. Mogappair is located in the centre of the city. …
  • Teynampet. …
  • Urapakkam. …
  • Porur. …
  • Tambaram. …
  • Royapettah. …
  • Madipakkam. …
  • Ambattur.

Which area is cheapest to buy a house in Chennai?

The Top 5 Affordable Localities in Chennai

  • Pallikaranai. Pallikaranai was featured as one of India’s ‘top residential hotspots’ in a 2019 report released by Jones Lang LaSalle as an area that has a well-developed social infrastructure, excellent connectivity, and is affordable. …
  • Guduvanchery. …
  • Oragadam. …
  • Mannivakkam. …
  • Perambur.

Which is the richest area in Chennai?

8 of the Poshest Localities of Chennai

  • Boat Club. The Boat Club area is in Alwarpet and is one of the most expensive localities in Chennai. …
  • Poes Garden. Poes Garden is another top end locality of the city. …
  • East Coast Road. …
  • Nungambakkam. …
  • Velachery. …
  • Adyar. …
  • Gopalapuram. …
  • Besant Nagar.

Where do the rich people live in Chennai?

Boats club seems to be the preferred location for millionaires in Chennai. The area is near the mouth of the Adyar river and is surrounded by lush greens. Being a millionaire would not even get you close to this boundary. The land value in this part of the city easily touches 10 crores / ground.

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How much should I save every month to buy a house?

To meet this goal, he needs to save and invest Rs 17,000 every month (considering a 12% p.a. return). The idea is to start saving as much as possible and start as early as possible. You may start with a small SIP, but increase it by 10%-20% every year. This will easily help you reach your desired corpus over the years.

How much should I save a month to buy a house?

1. Determine how much you can afford each month. The rule of thumb is to spend no more than 25% of your monthly take-home pay on your mortgage payment. If you tie up too much of your budget in your monthly payment, you leave yourself unprepared to face emergencies or embrace opportunities.

How can I save money on a low income house?

5 Steps for Saving for a House

  1. Decide on Your Budget. Prior to even looking at homes, decide what amount you can comfortably afford. …
  2. Pay Down Your Debts. The general rule of thumb is that your housing costs should never exceed a third of your total income. …
  3. Pay Your Future Mortgage. …
  4. Pay Yourself First. …
  5. Reduce Your Expenses.

How do you buy your first home?

How to Buy Your First Home

  1. Determine Whether You Are Ready to Buy a Home.
  2. Start Shopping for a Loan.
  3. Find the Best Payment Options and Loan Types.
  4. Have a Down Payment Ready.
  5. Be Honest About What You Can Afford.
  6. Find a Good Real Estate Agent.
  7. Request a Home Inspection.
  8. Be Patient During Escrow.
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Who qualifies for first time homebuyer?

To qualify as a first home buyer, you must be purchasing the first home you or your spouse have owned or co-owned in Australia, although there are some exceptions. You must also move into the property within 12 months, and live there for at least six continuous months.

What is first time home buyer?

The term first-time homebuyer generally refers to an individual who purchases a principal residence for the very first time. First-time homebuyers often qualify for special benefits such as low down payments, special grants, and assistance with paying closing costs that are sponsored by state and federal governments.