Should you buy a residential property in Bangalore?
Bangalore, now known as Bengaluru, is India’s IT capital. The city is also known as the Silicon Valley of India, and it lures thousands of people every year. All those people have one common opinion, ‘the weather is amazing all year round.' As it is a city of opportunities, more and more people set foot in the city, and with the rising population, there has been an increased demand for flats in Bangalore. The Bangalore real estate market is responding fast to cater to the demand, with reputed developers, like the Lodha in Bangalore, entering the market.
Most people stay on rent for a few years before deciding to buy flats in Bangalore. Now, if you are considering whether owning a flat is better than renting one, the answer is yes.
Let us look at some advantages of buying 1 BHK, 2 BHK, or 3 BHK apartments for sale in Bangalore.
1. Growing Market
There are many upcoming projects in Bangalore. This growth is an indication of the rising demand in the real estate industry. Being the IT and startup hub, Bangalore attracts many millennials from other cities. Buying flats in Bangalore allows you to enter a growing market and allocate money to building assets instead of paying rent.
2. Better ROI and Rental Income
One of the best ways to secure higher returns is property investment. No matter which property in Bangalore you buy, you are likely to receive rewarding returns. A 1 BHK flat in Bangalore can serve as an additional source of income if you rent it out and use that money to pay EMIs. Moreover, if you need to shift to another city in the future, you can rent out your flat in Bangalore to earn an additional income.
3. Affordable Home Loans
Getting a home loan has become a lot easier than before. If you have a stable source of income, you can easily avail yourself of home loans. Banks and financial institutions have made the process of procuring loans simpler and more convenient. Whether you need a longer tenure or shorter tenure with a lower rate of interest, the home loan options are wide to cater to all your requirements. If you can decide on a 2 BHK flat in Bangalore with world-class amenities and value for money, your loan application can be processed in a jiffy.
4. Steady Appreciation
Bangalore’s population is growing. And to meet the demands, real estate companies are frequently announcing upcoming projects in Bangalore. As real estate developments increase, there will be an increase in apartment and land rates. Selling your 3 BHK flat in Bangalore in couple of years can also give returns.
5. Tax Benefits
If you buy flats in Bangalore using a housing loan, you are entitled to many tax benefits. Without the right investments, a large portion of your earnings would go into taxes. A home loan to invest in developer projects or Lodha projects in Bangalore can surely help in saving a significant part of your tax amount.
6. Freedom from Landlords
Tenants often fear being evicted on short notice. Moreover, the stress about an annual increase in the rent persists. But when you buy flats in Bangalore, you have the freedom to stay as per your wish. You can design and decorate the interiors, alter the structure, and set up the furniture according to your taste. As a result, homeowners enjoy a sense of stability.
7. Encouraged to Increase Savings
It is a good idea to pay a larger down payment than pay a higher EMI. Therefore, as soon as you decide to buy a flat in Bangalore, you could start saving more to make an easy down payment. Some ways to ensure higher savings include mutual fund investments, strict monthly budgets, and other automated saving strategies. Even after purchasing the 1, 2, or 3 BHK flat in Bangalore, you will feel inspired to earn more so that the EMI does not feel like a burden.
8. Emotional Gratification
Bangalore is always witnessing the IT boom, which means that the scope for professional growth is immense. Having a space of your own in this IT hub is more gratifying than you think. If you have lived in a rented house, you would know that the homeowners lay down several restrictions on modifications to their houses. But if you have your home, you can customize it to suit your taste.
9. World-Class Amenities
Bangalore attracts people from all across the country as well as globe. These people are well-travelled and aspire to have homes that emulate their experience. Real estate developers in Bangalore are building projects with these global citizens in mind. Therefore, most apartment complexes come with world-class amenities.
To buy an apartment in Bangalore is a sure-shot way to carve the path for a better future. Flats in Bangalore that are convenient and suit your requirements promote an enriched lifestyle. When you buy from a trusted developer, you are ensured on-time delivery and hassle-free paperwork. The Lodha , India’s leading real estate developer, is launching in Bangalore. With Lodha in Bangalore, you can expect real estate projects that meet global standards and the highest level of design and craftsmanship.
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