The real estate sector has always seen growth in Mumbai, but this growth has only started to accelerate of late.Despite the slump in global markets, real estate still continues to do well in Mumbai and property prices keep rising. The city’s real estate has been attracting a lot of foreign investment and not surprisingly,Non-Resident Indians (NRIs) are most interested in investing in the financial capital of the country.

NRIs have always been inclined to buying property in the overseas market, with some of the most popular locations including the likes of London, New York, Toronto, Singapore, Hong Kong, and Dubai. Mumbai’s real estate market has become increasingly important in the global scenario however, and lots more Indians are looking to invest in the city.

If you are an NRI there are plenty of good reasons to invest in Mumbai’s real estate:

1. Easy Buying:

Developers have made registration, payments, and the buying process for the NRIs a lot simpler. Interested investors also get to monitor the development of the property easily.

2. Discounts:

When NRIs make bulk or group purchases in the city, they are benefitted with sizeable discounts. Bulk purchases help developers as this maintains healthy cash flow. It also decreases the cost of acquisition for them and increases their turnover. Good cash flow also makes it easier to achieve timely completion of projects, attracting still more buyers. For this reason, builders offer bulk buyers payment flexibility along with discounts.

3. Cheap:

The Indian rupee has been depreciating. This makes the properties in India cheaper for NRIs.

4. Favourable Market:

While policy changes have given the city a more business friendly outlook, most economists also view the markets favourably and foresee growth in the coming years. Government initiatives like smart cities and other projects have also spurred growth, attracted heavy foreign investment, and have helped boost the city’s infrastructure.

5. Dual Benefits:

Buying a home in your own country doesn’t just cater to your emotional connection, but it is also financially viable. By buying property here, you can feel closer to home and also feel secure in the knowledge that you have a home to return to, should the need ever arise.At the same time, the positive market trends also offer investors the promise of big returns.

As per the findings of an Assocham survey, Indian real estate builders are expecting a rise of 35% in NRI inquiries, ascompared to the previous year’s 18%. This is because NRIs are anticipating more reforms and benefits. Most working professionals prefer mid-segment projects, while big industrialists are keen on luxury projects. Mumbai’s real estate market is big enough to cater to all of these segments and with its constant growth, the returns are only likely to entice further investment.

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Buying a house is an incredibly exciting step in your life, however it can also become a financial nightmare if you rush into it before you are truly ready. The commitment of a mortgage and the costs associated with bills and general maintenance can be far greater than you expect, leaving your budget severely compromised. Here are some important things to consider when asking yourself whether or not you are financially ready to buy your first home.

Assess Your Budget

One of the most important steps in working out whether you can afford to move forward and buy a home is to assess your budget. Spend some time getting to know your financial capabilities, and understand how much you have on hand to cover possible mortgage repayments. It’s a good time to do a review and work on your budget to make it as clear and comprehensive as possible. The better your budget is, the greater chance you have of being in a strong financial position to buy a home.

Future Stability

It pays to always think towards the future, and try and envisage some of the tricky situations that life could throw your way. Consider what would happen in the event of reduced income, being unable to work, or losing your current employment. If you have a strong financial base and could cover your repayments through your existing savings, chances are you are in a good position to buy. If you would struggle to meet the repayments under these circumstances, then perhaps you should work on creating a stronger savings base to assist when times get tough.

Know Your Limits

When applying for a home loan, it is essential that you stick to your limits. Know what you would be comfortable with in regards to mortgage repayments, and resist the temptation to buy a house that will be beyond your means. If you find that you are consistently being knocked back by the banks, you may be trying to borrow too much, or you may not be in a strong enough financial position to buy a house just yet.

Consult an Expert

It can be hard to honestly appraise your financial situation and decide on whether you are ready to buy, so why not take it to the professionals. By consulting the team at Fox Symes, you will be able to access expert advice on your financial position, and whether or not you will be able to adequately cope with the financial strain of buying your own home. The added advantage is that on top of being qualified debt solutions specialists, you will also have the opportunity to access a Fox Symes home loan which has been individually tailored to best suit your needs.

It’s easy to get in above your head when buying a house, especially if you take the plunge and buy too soon. By keeping these important points in mind, you can ensure that you get an honest assessment on whether or not you are truly financially ready to buy a house.

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You’ve heard it all before; buying a house is the biggest investment that you’ll ever make. This statement is usually followed by tips on what to look for in a house, how to get it assessed and how to choose a good neighbourhood. All of which is very important, but what about tips on how not to mess up your mortgage? You’d be surprised at the number of ways in which your mortgage can go wrong, from unwittingly locking yourself into high interest rates to scuppering your approval chances before you even begin your search.

Here are four common mistakes people make when applying for mortgages – and how to avoid them:

1)     Job-hopping

Our grandparents and parents might recoil in horror at the frequency with which we now change our jobs, but job-hopping is the norm these days. Unfortunately, while society deems it perfectly acceptable, lenders do not. They like to see a little stability before they put hundreds of thousands of dollars at risk. According to MSN Real Estate, lenders will consider you a bigger risk if you swop your industry for another (for example, if you go from mining engineering to freelance graphic design), than if you simply change companies. However, even this simple move is best deferred until all the documents have been signed, sealed and delivered.

2)     Skipping the pre-approval process

Pre-approval is not a guarantee that you will get a mortgage; but it does significantly improve your chances. Pre-approval is better than pre-qualification because your finances are vetted more thoroughly (Mike Sheridan – realtor.com). Pre-approval considers your credit record, employment history, debt, and assets. If you don’t meet pre-approval requirements you can bet that you won’t meet mortgage approval requirements. If you are pre-approved, you are also more likely to close a sale because sellers will know that you’re not just wasting their time and that the chances of you not qualifying for finance are slim.

3)     Going with the first lender that comes your way

You wouldn’t buy the very first house you see without comparing it to several others, would you? So why would you choose the first lender you visit without comparing it against others? While lenders have to operate within certain regulations, their services still differ widely. You should visit three to five lenders and get quotes so that you can compare everything from interest rates to closing costs.

4)     Not locking in your mortgage rate

Mortgage rates fluctuate on a daily base; a favourable rate today might rise to an unfavourable rate tomorrow. You can wait about and gamble on locking in at the right time, but if you dither long enough you risk losing everything.

In an article for Fox Business, Kayleigh Kulp cites mortgage expert Polyana da Costa, who says that different lenders have different relock policies, which is another reason you need to shop around before you commit. Basically, the favourability of your rate could depend on you choosing the right lender.

Buying a home certainly is a major financial commitment, so it makes sense to do all that you can to ensure that you get the best financing possible. This requires research on your part, and perhaps a little advice from a home loan expert.

Sandy Cosser writes for a South African-based personal financial services provider that specialises in home loans, pre-approvals, bond calculators and second bonds.

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One of the best things that people hope for in their lives is to finally own a home of their own. Very few people have the privilege of buying a home and making all the payments at once. Since many people cannot afford this option, people opt to get a mortgage.

The best way to get a mortgage is actually doing so via a mortgage specialist. A mortgage specialist will help you get the right type of mortgage that will fit your needs and assist you to acquire that house you have always wanted.

Who is a Mortgage Specialist?

A mortgage specialist is a person who has specialized in mortgages and can sometimes act as a liaison between you and the lender. The advice that they can give you is very valuable and comes in handy when it comes down to choosing the right type of mortgage to get.

Why should you get advice from a mortgage specialist?

• You can get the information by yourself but chances are that you will not be able to get a very good deal on your own because you do not have sufficient knowledge in the area of mortgages. They are experienced and so they know the mortgage industry in and out so they are able to give you sound advice about mortgages of all shapes and sizes.
• The second reason why you should take the advice of a mortgage specialist is because today you are faced with a lot of information which can easily misguide you when you are choosing your lender.
• The third reason is because you will be getting the information about mortgages for free. You will get the advice for free because the mortgage specialists can only get paid a commission when they have made a client sign a loan from a lender.
• Many people have poor credit scores and so when they apply for a mortgage, they are forced to pay higher interest rates than the people with good credit scores. The mortgage specialist can assist you to get lower rates from a lender than you would if you tried to do it yourself directly to the lender.
• The fourth reason is so that you can have someone do most of the legwork in terms of the negotiating and paperwork that needs to be done. They do the hard work for you so you do not have to go through it. The mortgage specialist will also become the point of contact regarding all the things that are related to your financing.

Other advantages of a mortgage specialist

You will save yourself a lot of time when you get the advice directly from a mortgage specialist. This is because all the time that you would have spent doing research online can be spent on other things related to the mortgage, all because you decided to get accurate information from your mortgage specialist.

If you are ever faced by a situation where you need to refinance your mortgage, the mortgage specialist will give the right advice and direct you in getting your mortgage refinanced the right way.

The amount of convenience that you will find from getting advice from a mortgage specialist is incomparable to the hassle that you would have to go through if you are going to gather the information for yourself from scratch. Another major advantage is that the mortgage specialist is always aware of new deals and changes in the industry so you can benefit from the most current information about mortgages.

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A lot of people tend to think the only reason to have insurance at their current residence would be if they own a home. However, insurance is a very important thing to have when you are renting an apartment, as well. This type of insurance is not only going to cover your valuables but will also cover you if there are injuries within your home, whether they be to you or someone who is visiting.

Do I Need Renters Insurance?

It is common for renters to ask questions such as, ‘Why should I get renters insurance, I don’t have anything worth protecting?’ You may say that now but at the end of the day, there is always something worth protecting, even if all you have are the clothes on your back. When you know you’re covered, you’ll be able to go to sleep at night and leave for work each day, reassured by that fact that your most important items, no matter what they may be, are safe; and so are you.

So, What Exactly Does Renters Insurance Protect Me From?

A lot of people simply don’t understand what they need to be protected from, so they tend to avoid getting renters insurance or put it on the back burner, as if it’s something that can wait until a later date. The sad (yet realistic) truth is; life doesn’t wait around for us. Sometimes bad things happen and it’s better to be prepared for them than to have them appear out of nowhere.

While you may not realize this, most apartment complexes do not have coverage that extends to their leasers. They most likely will have a basic form of coverage; protecting their property but not necessarily anything or anyone that you have inside your building at any given time. This is why it’s always a good idea to read the fine print and ask for proof of what type of coverage they have before signing any paperwork and moving in.

Helping You Pay for Unexpected Expenses

Renters insurance can help pay for the expenses that come along with a break in; such as replacing that laptop or television that was stolen (or broken) by an attempted thief. If there is some form of natural disaster and your home is no longer habitable, renters insurance is commonly going to pay for any living expenses over the short term. Many complexes are actually going to require you to have some form of renters insurance, and will typically even suggest a company to go with to help you get the ball rolling. Choosing a policy ASAP is important because every day that passes without coverage could potentially lead to tragedy.

Renters Insurance Isn’t Just About You

Another really good reason to consider purchasing insurance, even if your landlord does not require you to do so is because it will cover you if anyone is injured while spending time inside your apartment. While the last thing we want to imagine is someone we care about suing us for being hurt, this is actually a fairly common occurrence, especially if said person does not have any other way to pay for their medical bills, surgeries and other reasons for doctor visits.

Features and Benefits May Vary

It can be very easy to select the first plan you find as a way to avoid ‘wasting time’, but it is imperative that you take your time and really think through the whole process. There are many features that you may not even realize are available until you begin researching your local options and figure out what exactly you’re going for.

Some companies will actually replace your items that are lost or damaged (as long as the event is covered within the guidelines of your policy). What about those items that you store in your car, bringing with you to and from work? Those can also be covered from damage or loss; as well as injuries that are outside of your residence (much of the time, this is not going to cover car accidents). If you’re able to, consider grouping all of your insurance policies (life, renters, and maybe even your car insurance); putting them in a bundle because this can save you a pretty penny each month.

Discounts aren’t always advertised, so don’t be shy about doing a bit of digging to see if there are any hidden deals you can find for yourself. Ask around, too, because oftentimes family members or friends will already be aware of companies that have special offers that may apply directly to your situation.

George Smith-Davies is a journalist cum blogger and is well aware of insurance related problems. He says that you must always find out more information about the insurance company you want to deal with. To know more about content insurance, you can connect with him on Google+.

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