Know your Budget:
Aspirations are limitless but the budget is not!
First and foremost, figure out how much you can and should spend. Don’t go for a 3 BHK condominium if your savings and income can support only a 2 BHK flat. Don’t spread your money too thin. Use up your bank balance for the down payment. The higher the down payment is, the lower your EMI. But don’t use all of your savings for it either. Keep at least half of it for other emergencies.
The next important factor that should determine your budget (or EMI) is how much you save every month. For example, if you save 50,000 rupees per month – you can dedicate 40%-60% of it towards the EMI. In case you are unmarried or don’t have to support the family as much, you can take it up to 75%. Paying more EMI helps you in dual ways: You get the liberty to increase your budget or to pay off the loan quicker.
Select a location that serves your needs
Once you are sure of your budget range, zero in on location – it’s one of the most important points to consider before buying a home or flat in India. A great location will not only enhance your living experience but also the resale value of the property.
Finalize a location suitable to you and your family. It must never be far from your office, place of work, and children’s school/college. Good Connectivity is a must. Having reliable public transport is added advantage.
The property must have a civilized surrounding with utilities like a market, hospitals, and so on nearby.
If the location has several other upcoming projects, nothing like it. It will add to the desirability of the location. A desirable location creates demand and demand raises the resale value of the property.
Go for a RERA approved property, and check all the details mentioned
Once you are sure about the location and budget. Begin scanning the property ads. And the most important thing to look for in those ads has to be the project RERA number. Never buy a property not registered under RERA.
RERA minimizes property fraud and discrepancies, brings transparency to the deal, and gets you compensation if the developer breaks his commitment.
Now the question is what is RERA? RERA is an authority governing the real estate market in your state.
With the RERA number you get all the details and specifications of the project, its time of completion, and progress updates. RERA makes the project legal, and the developer Accountable.
In RERA registered project, the developer is liable to pay compensation to clients if anything goes wrong with the project.
Scan and get hold of all the necessary documents to avoid future trouble:
Do check all the documents properly before investing. If you are going for a ready-to-move apartment, don’t forget to check the sale deed. A Sale Deed is proof of the sale and transfer of the property.
Then there are other certificates you’d like to scan such as Completion Certificate, Occupancy Certificate, Building Plan, Encumbrance Certificate, etc.
Completion and Occupancy Certificates are issued by local government agencies like municipalities and others. You’ll need these while applying for a home loan. Moreover, make sure the building plan is approved by the local authorities to avoid any legal tangle in the future. Having an Encumbrance Certificate denotes that the property is free from any monetary or legal liabilities. Consult a property expert, a relevant lawyer, or a friend who knows a thing or two about property dealings to steer clear of any legal challenges in the future.
Only buy homes from a trustworthy real estate consultancy:
If you are buying from a real estate consultancy, make sure it has a great record and is trustworthy. This will give you peace of mind that your hard-earned money will not go to waste. If there is a particular project or location you are interested in, visit the location and talk to other buyers for feedback or two. Some of the well-known realty consultancies like Wealth Clinic organize Property Expos – where developers meet existing and would-be homebuyers – you can just walk in on. Meeting industry experts, homeowners, and property aspirants similar to you will increase your choices and clear your confusion related to home-buying.
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