Deciding to buy a home soon? You might want to read this article until the end!
Home buyers in India are faced with several hurdles that if not skipped in time can cause the home possession really messed up. If you are going to make your first real estate purchase, these are some points of note, you must bear in mind, to make the transfer as smooth as possible.
You should also take care of the fact that between the time of you making the payment and getting the house registered to your name, there are several laws that operate separately for you, the buyer, the seller and the lender. Hence, prerequisite knowledge is a must.
We feel this is a mentionable point as most of the home buying transactions in India involve some amount of loaned money. If your loan amount makes up 25% or more of the total property value, you must choose the loan scheme very carefully.
It is advisable to consult a property broker or a loan officer who can guide you through various loan products available in the market.
In India, about a significant majority chooses the wrong loan plan for them. In some cases, people settle for the initial low rate of interest and sometimes they take the loan for too long a tenure. All of these mistakes can land you in wastage of money in future and can make it hard for you to pay off the loan as you plan to.
This might feel like an obvious fact but it is egregiously important to inspect the house once before finalizing it. In many cases, people try to pace up the transfer process in order to discourage you from inspecting the house thoroughly.
This can leave you in discomfort later on. If there is a fault with house’s roof, electrical wiring or drainage, it will continue to haunt you for a long because these are hard-to-fix problems.
So, make sure you inspect the house thoroughly. You may hire an inspector as well, who will make it a lot easier for you to peacefully finalize on your favorite home.
This is a big woe that comes in the shape of merry news. Sometimes, loan lenders or financers give you a green flag for properties that are evaluated at a much higher price than your ITR depicts.
You are bound to rejoice this situation and quickly sign-up in haste. But stop right there. Don’t underestimate your budget just because you are getting a bigger amount sanctioned. Calculate your income capacity accurately and settle for the EMI amount that doesn’t get in the way of your income.
For many people, the teeny bit of realtor’s fees seems like the most avoidable thing in the world, but it may become a loss of lakhs of rupees.
If you are a new to home buying, the realtor is your best friend. Realty firms help you at several stages of the deal. You being the buying party can’t rely only on the seller’s agent.
No matter what, at the end of the day, the seller’s agent will act for his client’s profit, which is why having a consultant at your end will help you dodge any petty trick being played on you from the seller’s side. This happens a lot in the real world and you must prepare for it nicely.