Buying a home is probably one of the biggest decisions you may take. It requires careful planning. Here are a few important things you must know to ensure that you have a hassle-free home buying experience in India.
For many Indian, buying a home is a milestone achievement. It is a big-ticket purchase and hence it is important that you take a thoughtful decision rather than taking an emotional plunge. Whether you are a first-time homebuyer or if you are buying a second home for investment purposes, you must plan your investment well. Here is a checklist of things you must know before buying a property in India.
Ask yourself if you are financially ready
Remember, buying a home requires a significant investment. So, you must ask yourself if you have the necessary finances to make the purchase? You must consider all your financial obligations like car loan, education loan, rent, credit card dues, etc. Ask yourself if you have enough contingency funds to take care of any medical needs that may arise without any warning. Next, you must assess your income to know what is the maximum amount you can spare every month after taking care of the essential expenses that you can invest in buying your dream home. Knowing this will help you short the right property to suit your budget.
Verify the documents
When you buy a home, one of the most important things to do is to verify the property-related documents and check if the title of the seller is clear and there are no encumbrances. You must ask the builder or the seller to showcase the document such as:
· Title documents of the property
· Sale deed
· Blueprint of the building plan approved by the government authorities
· OC (Occupancy Certificate) obtained from the local civic bodies
· Proof of ownership of the land where the building stands
When you assess the documents make sure that all the documents are stamped and registered at the sub-registrar’s office. It is advisable to get information on the pending or past litigation (if any) to know if there are any legal issues associated with the property.
Know about the seller
No matter, if you are buying a property from the builder/developer or from a property owner, it is paramount to check the residence status and nationality of the seller. If the property is owned jointly, then you must verify all the owners. If you are buying from a developer make sure that you check if the developer can transfer the property.
If the property is owned by a person of unsound mind or a minor then the seller must have orders from a competent court to sell.
Consider the location
Another important thing to know before buying a property is its location. If you are looking to buy a home for self-occupancy, it is better to look for a property that is in a prime location. Make sure to look for a location that is near the market, school, hospital, etc. Also, the location must be easily accessible for all.
Apply for a home loan online
Applying for a home loan is one of the best ways to get funds for buying your dream home. Today, with most lenders in India offering online services, you can apply for home loan online. A significant advantage of applying for a loan online is that it allows you to compare the offers from different lenders in terms of interest rate, services offered, flexibility in payment terms, and choose the right lender to suit your exact needs.
As a home buyer, you must do your due diligence about the lender, and the property for a hassle-free home buying experience.