Things To Consider Before Taking A Loan For Property at Chennai

Currently it is the right time to invest in property Chennai like Guduvancheri flats. Many end-users who were earlier unable to buy a property in the city are now looking upon various construction projects. The Chennai flood wreaked the real estate market and many people are looking this situation as a good opportunity to invest property at Chennai like property in Guduvancheri.

Many people in the country while buying India properties look to take a home loan. Over the past few years the prices of India properties have sky-rocketed and hence most people have to take a home loan to finance their purchase. Several people looking to buy property Chennai like Guduvancheri flats too refer to take a home loan. Taking a home loan not only reduces the financial burden but also offers tax benefit.  Here are some important points to consider before taking a home loan for property at Chennai like property in Guduvancheri:

Best home loan rate: Select and research on the banks and financial institutions and find out which bank is offering loan at the lowest rate. Repayment interest rates can make a huge a difference in the long run. While buying property at Chennai like property in Guduvancheri look for the lowest EMI rates.

Know the details: Find out the Loan eligibility criteria and understand the Tax benefits you are eligible for. Understand the needs and decide the tenure of the loan. Longer the tenure the more interest you end up paying.

Other Charges:  Always enquire about total processing fees and other fees charged by the respective bank. Some banks for a short period offer loans without any processing charges and other fees. Do ask about pre-payment details, some banks levy a pre-payment penalty.
Before taking a loan for property Chennai like Guduvancheri flats look at the details properly.

Chennai Properties Allure Investors

Chennai, the capital city of Tamil Nadu, has attracted many people to invest in Chennai real estate. Chennai real estate is booming as the city is equipped with excellent infrastructure, stronghold in software sector, upcoming metro project. The upcoming Chennai Metro that is supposed to be developed in two phases has sparked an interest in properties in Chennai. The properties in Chennai around the Metro area have already witnessed a rise of about 15% in property prices.

Over the years property at Chennai has shown a considerable appreciation but the return on investment has largely been depended on the area of the property site. Properties Chennai located at Central and South Chennai have offered high ROI's whereas North Chennai has not shown any major movement in property prices. In Central Chennai demand for residential properties Chennai has outstripped supply. In Central Chennai particularly, the demand market has performed well. Still, there are localities like GST, Oragadam, and OMR where the number of unused inventories is quiet high on account of lack of demand. The overall transactions for flats for sale in Chennai improved last year.

In South Chennai, traction has been observed in some parts like Thoraipakkam, Perungudi, and Perumbakkam. Over Perumbakkam, a number of mid and high-end realty projects have been launched. Velachery, an area with a strategic location and super-connectivity, has seen price appreciation in last several months. With the construction of several integrated projects , Semnnachery has performed quiet well. Siruseri too has seen a plethora of mid and small segment housing projects going on; the presence of Asia's largest IT Park has awarded it with the commercial and corporate importance. East Coast Road(ECR) is dotted with a number of luxury projects and is witness to a high demand for high-end bungalows.   

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Chennai Corporation to review residential buildings undertaking commercial activities

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In a move to augment the property tax collection, the Chennai Corporation is planning to conduct a drive to discern all commercial buildings in Chennai which are located in residential neighborhoods of Chennai, Tamil Nadu. The corporation officials will soon initiate a drive which will allow them to get comprehensive details of each building located on a particular street with structure classification, based on its use for commercial, residential or other purposes. Over the last few years several commercial activities have mushroomed in residential property at Chennai, which has led to tax evasion.

The drive will help the civic body to map the rise of commercial structures in residential areas of Chennai. In several residential places in Chennai like T. Nagar, Anna Nagar, Egmore, Purasawalkam, Mylapore, etc. commercial activities are been undertaken; but as they are based out of residential complexes they pay a much lower property tax to the Chennai Corporation. This initiative is expected to boost the property tax revenue, in addition to this the move will also help in streamlining the property tax assessment. According to an estimation, at present there are about 12 lakh property tax assesses in the city of which about four lakh buildings do not come under correct property tax net.

Alongwith this drive the Chennai Corporation is also planning to evaluate the trade license framework for properties in Chennai which have been seen a boom in commercial activity over a period of time. It is believed that identifying illegal commercial structures is expected to take about three months as there is a shortage of employees in the Corporation.

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