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What is the step by step process for buying property in India?

Buying a property in India is the safest way to flourish your investment. Herein India, people are attached with their home and buying for their own gives them emotional values. Buying flats is a dream of many here and they crave abodes to aspire for the living purposes. Here are some valuable tips for those who sincerely wish space for their own.

 

Are you on way of buying property?

Read these key points:

  • Estimate your budget: you may be the first time buyer or already you own any but you need to estimate your budget wisely. Understand your family needs and expenses and check how much you can afford each month as an EMI before you set your plan.
  • Choose proper location: location plays a vital role and it can bring you out a better outcome later. Invest your money in prime location or just nearby to city.
  • Is for investment or living purpose? It is ideal to identify on your own idea. Which pushes you to buy home is an important thing to know. If you are interested to rent your home, you should be aware of rental rates of areas and mostly dense areas have high rental rates and is wise if you choose house in highly populated areas, if you are planned in investment basis
  • Evaluate the resale value: Before buying a property, you should scrutinize about the resale value of it and it gives you satisfaction even if you don’t opt it for resale
  • Are you eligible for the loan? According to the RBI rules and regulations, most of the banks and funding institutions inspect home loan borrowers in certain ways and they mostly evaluate you based on age, your repayment capacity, monthly income and existing loans or debts, if any.
  • Aware of extra expenses and hidden expenses, if any: Stamp duty and Registration expenses are other important expenses and TDS, sales and income tax are also collected from the home buyer for buying flats and properties in India. Include these expenses in your budget and think about other hidden charges can be service charges by real estate brokers, mortgage brokers, land surveyors, lawyers or notaries.
  • Insure your property: there are many reliable funding institutions avail property insurance policies, very simple to opt and highly important to pick a suitable one from that and it will safeguard your property, if in case any problem to your own. Go for the suitable insurance policy that will protects your home.
  • Check for property auction online or from known banks or other institutions and nowadays everyone is interested to buy property on auction at best rates which are comparatively lesser than the market price.

Beware of Scams and Legal issues!

  • Verify the property very well to get rid of any legal problems in future and firstly check the reliability of the owner before buying a property from him
  • Check all property documents and understand the property structure. It is safe if you check every document in nutshell clear. You should have proper discussion about the property and collect a set of all documents including structure drawings, approval plans and legal documents, before you go for initiating your monetary dealings
  • Know your payment plans in prior to avoid unnecessary confusions
  • To make the property your own, registration should be done by paying necessary payments, stamp duty and registration fees inclusively. Though it seems the entire process is fully hectic, outcome is sweet only.