Things to keep in mind before going to buy a property

September 20, 2019

Investing in residential flats is the most important decision and is a dream that you have been nurturing. You need to keep some points in mind before you take a leap and make a choice. Buying a house also involve taking loan followed by monthly instalments. Certain key factors to be considered while buying property are possession date and price. They are discussed as below

Property Price

The first step in choosing a flat is to fix the budget. It is quite easier to select a house if you are willing to spend. Compare the price of the property with other top builders to get an idea if he has offered a genuine quote.

Land Record

The land on which the flat is built is very important. You must know about the topography of the land and soil quality on which the house is built. The plot must be clear of all dues and must be registered. Before making a final deal, the title deed should be verified and checked.

Legal Check

Make sure the property is authorized legally and to be constructed on the plot. The developer must have NOCs and approvals from water supply and sewage boards, area development authorities, electricity boards, and Municipal Corporation. If you are taking a home loan, the bank will legalise the property documents before loan sanction.

Apartment Possession

It has become a fashion of delayed possessions of flats due to delay in residential and commercial plans. As a buyer, you must have a clear evaluation of the timeline for possession.

Financing Banks

You should be aware of banks that are willing to finance certain ready to
move property. Due to bad reputation, some banks do not provide loans to some builders. So, it is essential to check with banks that are interested to fund your project.

Builder-Buyer Agreement

When you choose a house or flat of your choice, you can book affordable homes by giving token amount, in return they will give you an allotment letter. A tripartite contract is entered between the buyer, builder and the bank for the rest of the amount. This agreement must be understood and read in detail before signing. All the clauses should be clearly understood and in case of any doubts, must be raised at this point itself.

Location of the Flat

It is quite important to look in the area where you are going to buy your home. The physical infrastructure, amenities and reach to all the basic places are essential to be analysed. These factors help to have a peaceful living in the house. The flat must be in a secure place, providing safety to families living in the flat.

Hidden and Additional Charges

Make sure that all the clauses of the documents are read and penalty clauses be understood. The builder is needed to pay a monthly penalty if you don’t receive flat’s possession within the grace period. The additional costs like GST, registration charges, stamp duty, home loan processing fee, and other charges must be kept in mind.