Ready to move-in options in Gurgaon

Gurgaon is the second largest city in Haryana, situated near New Delhi. The city comes in NCR and has third largest per capita income in India. Once known as Guru Gram, the city today enjoys the title ‘Millennium city’.  It was in 1970’s when one of the manufacturer giant Maruti Suzuki entered the Gurgaon market and started its’ economic growth story.

Since then, there is no stopping and the city has seen rapid urbanization. Today companies like Canon, Google, IBM, Dell, India bulls, Converges, Microsoft, Accenture, Coco Cola, Nestle, Pepsi etc and many others which are around 250 Fortune companies, have their corporate offices in Gurgaon. The city has become synonym with luxury and classy lifestyle. It has something to offer to everyone, be it good fortune companies to work in, good schools and colleges to study in, 5/7 star hotels or great shopping hubs. Living in a city like this is a dream of many. The city has many relocates from South Delhi –which is well known as one of the most posh areas of the capital. People relocate here for jobs, better lifestyle and class.

The city is still developing and has many good builders are coming up with their projects in the city. Gurgaon has many upcoming commercial and residential projects, which would be launched around 2017. But, what when we talk about the ready to move options? Yes, there are many and that is what we are going to discuss today. If we talk about the Gurgaon Master Plan 2031, the city is divided into five zones. They are Dwarka Expressway, New Gurgaon, Gold Course Extension Road, Sohna Road and Gold Course Road. Out of these five zones, Golf Course Road and Sohna road offer good options for ready to move in.

On Golf Course road and MG Road, the minimum investment starts from 1.30 Crore. Under this budget one can get options in projects like Essel Towers and DLF Phase 5. Increasing your budget may get you many other good options as well. Golf Course road spells out class and has all the amenities of daily needs. Golf Course Road will be experiencing great development in the near future with signal free 16 lane road that will connect Shankar Chowk to Sector 56. At present, the road connects Gurgaon-Delhi Toll Gate to Sector 69(Ambedkar Chowk) in Gurgaon. One can find great properties from some of the Property giants of the country like DLF, Vipul, Bestech, Unitech to name a few.

Coming to other options, Sohna Road is the other one. One can find a good property in around 80 Lacs here. The area again is good to live in with the daily amenities at a hands distance. Under this budget one can go for Tulip Orange.  If this budget doesn't suit you then compromising a little with the amenities, you can find good option in around 70 Lacs on Gurgaon-Faridabad road. Projects here under this budget are Valley View Estate and Silver Oak Apartments.

For the people who can wait for some time and are looking for good options to invest in, it is advisable to go for the properties in the Original Booking in the Pre-launch stage. Some of the projects in this option are Pareena in Sector 68 close to Sohna Road, Ansal Highland Park in sector 103 on Dwarka Expressway to name a few. Else one can also go for Greater Gurgaon, which is another upcoming area near Gurgaon. Greater Gurgaon is attracting buyers and investors from all over the world. The area has projects from Shree Vardhman, Eldeco, CHD, Silverglades, Homestead, 1000 Trees from Geoworks; all on the main Sohna Road.

We hope this article was fruitful to you.

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Top 10 FAQ for taking HOME LOAN

It will not be wrong to call ‘House Property’ the safest investment of all. It has become a trend to invest in Real Estate. People find Real Estate the most effective, safe and secure investment of all which is sure to give best returns.

The growth in prices has increased the demand of Real Estate as well. The growth in Realty sector has attracted many investors to invest in Real Estate. This has also increased the people who take home loans to buy the property. Now a days, almost every commercial bank offers home loan.

This article is all about the same; sharing the prerequisites of getting a home loan according to the norms of RBI.


1.Why should one seek first time loan?

One can generally seek a first time home loan for buying a house or a flat, renovation, extension and repairs to your existing house. Generally different banks have different policy for those who are going for a second house.

2.How does the eligibility for the home loan decided by a bank?

Any commercial bank assesses the repayment capacity of the home loan applicant while deciding the home loan eligibility. Repayment capacity is based on applicant’s monthly disposable / surplus income and other factors like spouse's income, assets, liabilities, stability of income etc. All bank is concerned about is whether or not the applicant can comfortably repay the loan on time. The higher the monthly disposable income, higher will be the amount applicant will be eligible for loan. However, some banks calculate the income available for EMI payments based on an individual’s gross income and not on his disposable income.

3.In general, what all documents are needed to apply for the home loan?

In addition to all the legal documents of the property purchased, there is a checklist of documents that the applicant must submit, which includes Identity and Residence Proof, latest salary slip and Form 16 ( for business persons/ self-employed ) and last 6 months bank statements / Balance Sheet, as applicable.

4.What are the different interest rate options available?

There are generally two interest rate options that the banks offer, floating interest rates and fixed interest rates. Floating rates tend to change with the inflation in the economy while the fixed rates are fixed for some time or for the whole tenure of the loan.

The applicant however, should not get attracted by the fixed rate home loan. Instead, the applicant must verify, inquire and understand all the terms and conditions prior to applying for the loan.

5.How does the tenure of the home loan affect the EMI?

The mathematics applied here is way too simple! Longer the tenure, lesser the burden of EMI and, shorter the tenure greater will be the burden of the EMI.  But, longer tenure also means paying a heavy interest to the bank over the years.

6.What is pre-EMI interest?

Depending on the stages of completion of the housing project, sometimes loan is disbursed in installments.  Pending final disbursement, you may be required to pay interest only on the portion of the loan disbursed. This interest called pre-EMI interest.

However, some banks many banks offer a special facility whereby customers can choose the installments they wish to pay for under construction properties till the time the property is ready for possession.

7.How to tackle with the banks?

Hurrying unnecessarily can ruin everything. Take your sweet time before applying for the loan. Prior to taking a decision you must follow the theory of Consult and Compare:

I.You must consult different banks regarding rates, reset clause, spread/markup, margins and fees. Compare the banks on the basis of the above parameters and then reach the decision of taking the   loan from the best.

II.Ask the lender to pen down all the cost associated with the loan. This will not only keep you    benefited but also help you gain the best deal.

8.Is the pre-payment of the loan allowed?

Yes. The applicant can go for pre-payment of the loan in a lump sum amount. However, many banks charge early repayment penalties up to 2-3% of the principal amount outstanding. If the applicant does not have the capital to pay a lump sum amount, he can also go for the option of paying an extra amount in the EMI periodically.

9.Is there any tax benefit on the home loan?

Yes, being the resident of Indian one is eligible for certain tax benefits on both principal and interest components of a loan under the Income Tax Act, 1961. Under the current laws, one is entitled to an income tax rebate for interest repayment up to Rs. 1,50,000 /- per annum.

10.What security does the applicant have to provide against the home loan?

Generally the security provided is the first mortgage of the property. Banks also sometimes ask for    other collateral security as may be necessary. Collateral security assigned to your bank could be life insurance policies, the surrender value of which is set at a certain percentage to the loan amount, guarantees from solvent guarantors, pledge of shares/ securities and investments like KVP/ NSC etc. that are acceptable to your banker.

Property in Gurgaon