Buying a Property in India is the biggest investment of your life and usually requires a lot of research along with a number of efforts and sacrifices. But putting all your savings on stake and signing on an agreement of home buyer’s on dotted lines do not give you a guarantee that you will not get duped and your dream home will materialize. Being a buyer of a nest for your family, you need to be more cautious and understand a few basic things which will make your big buy a happy buy too. Here’s How you can proceed
- Planning on Finances
It is vital to do proper planning on finances before you proceed to make such a big decision. For this you need to assess your current financial liabilities including education loan or car loan or any other commitments which you need to fulfill. You must decide the budget for your home after putting aside your monthly expenses so that you can have a true essence of money in your hand that you can pay as an EMI.
- Choosing among different interest rate options
Commonly two kinds of home loans are there which needs to be understood by home loan buyers. One is fixed home loan and the other one is floating home.The major difference among these kinds of loans is that while fixed home loan remains constant during the entire home loan tenure, the floating loan keeps on fluctuating depending on the market trends. I personally feel that one should opt for fixed one to save themselves from the mental dilemma of changing market trends.
- Analyse Market trends and go for Loan Shopping
Look into the insights of loan market deeply and select the one which is most financially suitable to you. Comparing loans from different banks and negotiating with them can save you some bucks if not much. Once you get settled with the best deal in home loan then you can ask for some extra benefits for your family from bank folks as well. These days banks offer home loan insurance also along with a home loan to save your family from the mental trauma of loan liability in case of any unfortunate event within the policy term.
- Investigate Locations
Location is the other key major factor which should not be ignored while making such a big investment on Property. There are certain things which definitely needs to be kept in mind like connectivity to the major areas in city, proximity to schools, colleges, malls and hospitals. Also the future prospects of the property like its positive effect on our investment goals and detrimental effect should be kept in mind.
- Path towards your property search
Newspapers these days are flooded with the Ad’s from property dealers. Real estate brokers have set their foots on almost everywhere over the net and there is no end of property data on the web.In any case, with today's bustling timetables, sieving through the business sector gathering the appropriate data to make some valid choices can be a formidable task.
Understanding your requirements QuikrHomes has composed an exceptional website to guide you as you explore the property markets. QuikrHomes, is a one of a kind administration that appoints a committed property look chief to research, survey and shortlist properties suited to your requirements
- Integrity of the builder
Before buying a property one ought to investigate the validity of the developer. This basically implies keeping an eye on the builder's past undertakings, the projects which they have completed in past, nature of development, current goodwill in the business sector and number of future tasks that are being embraced. It is likewise an additional advantage if the builder is associated with an administering body like CREDAI.
- Legislative obligations on property
One should likewise check all the documents, plan approvals and understandings to guarantee that the developer has finished administrative and authoritative commitments before putting resources into a property. Any inadequacy on this front can prompt genuine results for the purchaser.
- The sale deed : Most valuable legal document
A sale deed is a standout amongst the most important authoritative documents in a buy of a property. It is administered by the Registration Act and is a vital document for both the buyer and the builder. The buy or offer of property is not actually considered to be done until a sale deed is marked between the buyer and the builder. Typically a sale deed is marked complete with the consent to the terms and conditions as said in the agreement
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- Possession of property
The final and crucial step that will complete the big investment of your life is “ Possession and registration of the property by your name”. Ownership is the physical exchange of the property, yet is not adequate to build up legal exchange of proprietorship. For that you will need to get the property enrolled in your name with the nearby authority, with the builder recording that the property is being exchanged to you. At the time of enrollment you will likewise need to pay a stamp obligation which is an administration charge demanded on property exchanges.lr
- After-Sale Maintenance
Once the development work is finished the developer gets an Occupancy Certificate (O.C) by the authorities that affirms the handover of the property to the buyers. From the date of getting this certificate, the developer is responsible for the upkeep of the building. This incorporates general cleaning, security, installment of electric charges for the regular zones, property charge, any sort of repairs that are needed.
By thoroughly following these guidelines you can ensure yourself with the hassle free buy and relaxed big investment of lifetime.
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