Important Points to keep in mind while buying a flat in India
Always remember Important Points in your mind before buying a flat in India?
Buying a Flat and owning it is a dream for many. It gives you a huge sense of accomplishment. Buying a flat brings many families together for all the discussions, implementations, and celebrations that would take place in the process of owning it. It is a huge achievement as it is your very own space, your walls and your roof where you can feel and see all the fun, laughter and many more to come in the long way. But the process of owning a home is never a cake walk, as there might be many struggles, confusions, hindrances and a lot more that will create commotions within you. So it is better to gain great knowledge and be proactive to know important points to keep in mind before buying a home rather than worrying later.
India is a land which is diversified into many languages, culture, religions and more. And to buy a dream home in India that meets all the requirements for you and your family is quite challenging. So we have piled up a couple of information you need to know before buying your dream home which will help you to decide and choose better.
- Plan your Budget. This is one of the key factors you need to analyse before you start the process of buying a home. Whether you’re going to make the payment in full or planning to avail a housing loan, it is you who is going to make the payment. You need to decide on your potentiality on the budget based on your financial commitments. It is always better to buy a home based on our capability to repay rather than the one you can’t afford. Take time and make a complete research on all the costs involved in the new property so that you don’t get dismayed for any hidden or extra costs that comes as a surprise.
- Find the appropriate size for your new flat We often tend to get confused on the size of the apartments as the builders specifies the overall square feet of the apartment that may include the common area, staircase, lobby which together is called the super built-up area. The carpet area would be the actual size of the apartment which is enclosed within the walls which include the rooms. So always understand the complete size before you plan to purchase.
- Verify the seller/ Builder details When you start looking for flats and have shortlisted a few, ensure you do a complete research on the seller to avoid any mishaps in the future. There might be a question of litigation or encumbrance in the property which you might not be aware of, so verify the property documents. Check for the builder information and reviews from the internet or other sources such as neighbours, which will always keep you safe from any unwanted traps.
- Check the infrastructure and locality
Location plays an important role in choosing your flat. The good social infrastructure surrounding your property will make your life easy and convenient. Take time to know your locality and its advantages and disadvantages. Check on the roads and the connectivity to other parts of the city. Most people would choose property which is close to educational institutions, markets, malls and other important buildings so that it creates a balanced lifestyle.
- Documents checks It is better to do a complete legal check on the property documents. There would be a few documents that you need to ask the seller to ensure that there isn’t any hidden legal deformities. Unsure of what documents to check? We have a list for you.
- Encumbrance certificate. This is one of the most important documents that helpyou to know that the property of free from any legal dues. A clear encumbrance certificate will help you to be assured to buy the property.
- Title deed. Title deed helps you to know there are owner of the property and if your seller has complete rights over the property. This document gives you the overall information of all the names of the previous owners and who is the current owner. This will help you to acquire the flat from the right person.
- Property Tax receipts.
Check if the seller has paid all the previous property tax dues to the government regularly. This will help you from being burdened with any unwanted addition costs on the flat.
- Approval from the local bodies/government.
Ensure the flat is built with all legal approvals from the government. At times there might be property built on illegal lands for which you might face unwanted problems in the future. To avoid these, ensure you check the documents. You can take the help of your legal advisor/ lawyer to check these information.
- Plan your payment
One of life’s crucial decision is investing in your new flat. Years of planning and saving shouldn’t be taken for granted. Whether you choose to make the full payment from your savings or you choose to take a loan from the bank, think about it and take the right decision. If you decide to take a loan, make a complete research of all banks who are willing to finance the property. Check with them on all the eligibility criteria’s and make all the necessary document checks and arrangements that are to be kept ready to avail the loan. You can also find the banks that offers better rate of interest and tenure that suits your requirements. Choose wisely and take the right decision.
- Buyer- Seller relationship and agreements
Make sure you have a smooth relationship with the seller. Ensure all the details of the flat is well- communicated to you. The seller should be willing to help you in any issues or procedures related to the flat at present or in the future. Also make a complete check on the agreement and paper works from the seller. Make sure all your payment details and other authorisation information is mentioned in the agreement.
Buying a flat is a happy initiate in one’s life. Ensure to keep it in the positive way so that you’re free from any issues in the future.
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