Is It Possible to Use PF Withdrawal for Buying a House?

Not everyone has enough cash stashed away to buy a new house in Coimbatore outright. Most people will need to use some of their personal savings for the down payment and get a loan to cover the rest. But did you know that there is another option? If you want to buy a home now without touching your savings, try withdrawing from your Provident Fund (PF).

 

In this blog, we will explore the conditions for withdrawing your PF savings. We'll also examine the specific situations and factors that make a PF withdrawal applicable so you can make the right decision.

 

When can you withdraw your PF savings?

 

You can use your PF savings to buy a new house in Coimbatore. You can also withdraw it to purchase a plot or repay a home loan.

 

Note that you have to meet a set of criteria to be able to do this. You can only withdraw your PF savings to buy a new home if you meet the following conditions:

 

·     Minimum service requirement: You need to have been employed with your current employer for 5 or more consecutive years.

·     Proper usage of funds: You can only withdraw your PF to buy a ready-to-move-in house. 

·     Ownership clause: The house must be in your name or jointly owned with your spouse.

·     Withdrawal limit: You can withdraw up to 90% of your total PF balance or the property cost, whichever is lower.

·     Loan repayment option: You can withdraw PF savings to repay your home loan, as long as it’s from a government-recognized lender.

 

Buy the right home

 

PF withdrawals are allowed to fund ready-to-move-in homes from housing boards or builders, so be sure to buy a new house in Coimbatore from a trusted builder.

 

How much can you withdraw?

Your withdrawal limit is capped at 36 months’ basic salary plus 90% of the PF balance or DA, whichever is lower.

 

 

Ready to buy a home?

 

Search for a new house in Coimbatore here at JRD Realtorss. Download our app or explore our current projects on this website. You may also call +91 81899-99999 or +91-60339-33333 to speak to one of our helpful agents.

Source: https://www.jrdrealtorss.com/blog/can-you-use-pf-withdrawal-to-purchase-a-house/

 

How to Calculate a Property's Market Value

India’s real estate market is more dynamic than ever, creating complexities that may make it difficult to determine a fair price. This is why understanding how to estimate a property’s market value is crucial for anyone looking to buy villas in Coimbatore. In this blog, we talk about how to do that and why this knowledge matters if you’re buying a new home.

 

Understanding a property’s market value

 

The market value of a home is the price at which it can be sold in the market between a seller and a buyer. Note that it is not the same as the appraised or assessed value. Essentially, the market value is defined by market forces, while the appraised or assessed value is determined by an appraiser or assessor, often for taxation or lending purposes.

 

Factors that impact a property’s market value

 

Many factors can determine the market value of villas in Coimbatore, and understanding these factors will lead to an accurate assessment. Be sure to check these key elements:

 

·     Location: Proximity to public transportation, schools, and other amenities. The neighbourhood and whether the villa is in a gated community can also affect the market value.

·     Property type: Residential properties are evaluated differently from commercial properties.

·     Layout and size: The villa’s size and layout can directly impact its market value. Ultimately, the price will depend on the number of bathrooms, bedrooms, and other features.

·     Condition: The property’s current condition will impact its value.

·     Economic factors: National and economic conditions and market trends also affect prices.

·     Recent sales: The sale prices of similar villas in the same vicinity can influence the market value.

 

Ways to calculate a villa’s market value

 

Once you’re familiar with those factors, it’s easier to understand the methods to calculate property values. These include:

 

·     Comparative market analysis: This involves analysing the recent sales of similar properties within the same location. A real estate agent can do this for you.

·     Appraisal: You can hire a licensed appraiser for a professional evaluation of your villa’s market value.

·     Cost approach: This estimates the villa’s value based on the price to replace it with a similar one, considering factors like obsolescence and depreciation.

·     Use property valuation calculators: These tools can provide an estimate from available data.

 

Ready to buy a villa?

 

Now that you understand how to calculate the market value of villas in Coimbatore, check out our recent project called JRD Imperial Garden Villas. You’ll love the spacious layouts with stunning views in a secure gated community that offers luxurious amenities, such as state-of-the-art swimming pools and fitness centres. We also offer villas in different styles to meet your aesthetic requirements.

 

Contact us here at JRD Realtorss to learn more. You may also call +91 60339-33333 or download our mobile app.

 Source: https://www.jrdrealtorss.com/blog/calculating-the-market-value-of-a-property/