Smart tips to consider before buying the property
Smart tips to consider before buying the property
When you buying the property it will be life time assets and should be taken care well before buying it utmost care below are the few tips to be followed
Tip1: Verify all the credentials,legal papers for the property
You need to ask the developer/builder for all the approved drawings for the home or project and get all the copies of the approvals from the concerned authorities from you place and project starting certificate if the building is under construction.
The above documents is very much mandatory to invest money on these projects ,Banks does not give loan if the papers are not in order.Hence check all the necessary papers first before applying for the loan since bankers will charge hefty processing fee for processing your loan and they do reject the applications if the papers are not in order.
Also check if the property is already mortgaged with a banks . any default from the builder and the lack of NOC from the banks can lead to the eviction of the buyer. The best way to avoid such an incident is to seek a lawyer’s services to verify the title. The lawyer can carry out a search from the office of a sub-registrar, society, corporation or other authorities concerned, and ascertain the legitimate ownership of the asset. The buyer should also ensure that the property has a functional water connection and proper power supply with an occupation certificate.
Tip2: Check value of the property and How much loan you can afford.
Check what money you have and how much you need to borrow to buy the property and also include the stamp duty and registration costs ,cost for registering the property with the local electricity board and the one-time expense of fixing an electric meter.Also consider cost of furnishings, fittings and all other expenses that are involved in customising the property to your needs and tastes.
Tip3: Apply for home loan and arrange the money
Banks nowadays offers pre-approved home loans based on your salary and repayment capacity
Tip4: Make a payment
Make a payment to the builder based on the stages of the construction of your home,you have to get the construction schedule from your build and disperse the money as per the completion of the work and the schedule.Be very much careful when you paying the money give the money in writing.
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