HOMEOWNERSHIP 101: KEY COSTS BEYOND EMIs EVERY BUYER SHOULD BUDGET FOR

Owning a house is a dream for many.

- RAJ KHOSLA

India's, here's an example of the typical monthly household expenses you can expect to incur as a homeowner. These costs can vary significantly by location, with costs in a metro being 20-30% more than in tier-2 and tier-3 cities. You can also expect to pay more if you live in a gated community. Property taxes in the country vary by state to state and you are required to pay them annually. The amount you pay depends on the value of your property and the local tax rate.

(ISTOCKPHOTO)

Whether you are buying a home through a loan or your own savings, it is important to assess the cost of acquiring a property.When you visit a builder, they typically mention the base price. But, several other costs must be considered, such as registry charges, property taxes, homeowners’ insurance, loan interest and processing fees, interior modifications, and more. The actual cost can vary depending on location, home price, financing terms, utilities, and maintenance. A breakdown of the primary costs:

It includes the principal, along with interest, typically paid monthly.

Every property must be registered. Stamp duty rates vary by state based on location, property type, etc., ranging from 3% to 9% of the property value.