Buying a retirement home becomes hassle-free by taking some simple steps. When you consider the financial factor, one way, of course, is to start saving early by, say, opening a fixed deposit account. Another option is to simply get a housing loan!
Even if you’re currently young, you can benefit more by taking a loan now. Why? Because then you can repay it with lower EMIs over the longest tenure, often up to 30 years, offered by the best lending banks. After all, a house loan tenure usually ends at your age of retirement (60-65 years). So, start looking for the top bank for home loans in India offering the lowest interest rate. Then follow these 5 other tips.
Make a Realistic Financial Plan
Keep in mind the short-term and long-term investments to make for your retirement home and plan your finances accordingly. In the short term, you need to make the down payment for a housing loan and pay for taxes and legal fees. Down the road, you have to pay the loan EMIs, and manage insurance and maintenance costs. So, prepare a financial plan accordingly.
Search a Convenient Location
You can ensure that a location is convenient for you if it:
- Has healthcare facilities nearby so that you don’t face the challenges of travelling far for medical treatment at a tender age
- Is close to the places where your friends, extended family and relatives stay since you may want to spend more time with them post-retirement
- Has a good neighbourhood with no reported crime
- Is near your ancestral and current properties
- Has easy access to public transport
- Is close to railway or metro stations, markets, and amusement areas like parks and movie halls
- Has a suitable climate
Also, check the living cost before buying a home in the location and whether you can afford it smoothly even in retirement.
Consider the Amenities and Facilities
These add up to the cost of a home that your housing loan needs to cover. So, think about what facilities and amenities you need or want. To get maximum assistance and care for senior citizens, consider a retirement residential property.
Although the concept is new in India, various projects already offer essential facilities like:
- Emergency response system
- Secured campuses
- House-keeping services
- Proper maintenance
- Passageways for wheelchairs
- Anti-skid tiles
- Grab rails
Among amenities, consider:
- A parking lot or garage
- Swimming pools
- Community places like dining halls, lounges and hobby clubs for an active social life even post-retirement
Find a Reputed Builder
Seek a good builder whose track records and customer testimonials show that he/she has always delivered on time what was promised. Also, see if you can afford the builder with the decided amount of housing loan.
Apply for the Home Loan
Now that all is set, prepare the necessary home loan documents and apply for the loan online on the website of the chosen bank. Then you can safely apply at home superfast with online verification of documents.
After buying a retirement home, you can also let it out on rent to earn money until you shift there!
Hey, I am Raj. I am the owner and content publisher at Financenize. I have completed my education till intermediate school and after that turn to a full-time blogger and content writer. I usually share the quality information for the readers in Financenize, which helps the small business, individuals and entrepreneurs and the information I share makes their task more manageable. I am expert in analyzing the current situation and deliver a profitable period to the extent. You can find me on various social media handles online.