Tips for buying properties in India.
The reason you should go ahead with reading this is because.. This article gives you an insight from both seller and buyer perspective of buying a property. Some may wonder why there is a need to know tips from a seller perspective, As they are the people making the profits. Here’s why considering seller perspective is also important while making a purchase of real estate property.
A seller before pitching the idea must educate himself of both the Pro’s and Con’s of the property he is dealing with. Hence, it is an advantage to know what the seller’s opinion is about the property as there is no one better to keep you better informed rather than a person who learns about properties for making a living.
One of the most important questions to be asked to the seller is the quality of construction! This is what determines the worth of your purchase. This cannot be easily judged hence it is mandatory to find an Agent who is trustworthy and loyal.. A person who can give you an unbiased opinion of the property and if in case there is something that makes the property a bad investment it is his job to bring under the light for you.
In this economy when you deal with Purchasing of a property there is a certain some-one called the consultants. These people make sure that they give you an insight free of cost and also help you in getting the best price possible. As these companies are the official RERA Approved Consultants for the projects. These people deal with all sorts of clients with varying budgets. But, the only constraint is that they deal with only BUYING of PROPERTIES.
These days while investing in a Project people prefer to purchase during the Pre-launch period. The one thing the customer requires is the On-Time delivery of his Home or Investment he has purchased so that his future plans remain unhampered. For checking the authenticity of the builder it is a MUST to check the history of delivery of his old projects which will give you an insight of the History of the builder and the Goodwill the company possesses.
Lastly speaking about the payment plan. It is very important to evaluate the payment plan offered by the Builders! It must be something that does not turn out to be a burden on the buyers pocket. As we all know buying a property deals with a lot of money being spent initially and also the EMI’s that have to be paid on a monthly basis must also be considered! A lot of properties these days give you a pocket friendly plan where after purchase and payment of the Down-Payment there is a certain grace period they offer before you even start paying your monthly bondage of EMI’s.
With just considering these mere facts it is possible to make a healthy investment in the real estate sector . Those being a good channeling partner with brilliant sales executives and a good and thorough research about the project! A few extra precautions may be taken by following these methods of dealing.
After you paid the deposit your lawyer should check whether the seller is the legitimate owner of the property and allowed to sell it. There should also not be any outstanding mortgages on the property. The seller should provide a no encumbrance certificate stating that the property is not already mortgaged.
When all documents are approved they have to be stamped at the Stamp Duty office. You and the seller have to sign them and you have to pay the outstanding sum. Finally, to become the legitimate owner of the property, you need to register with the Registry of Deeds. Your final governmental duties have to be paid now. They include Stamp Duty of between four and fourteen per cent, depending on the region. An additional registration fee has to be paid as well. It accounts for one till two per cent of the property price. There can be occasions where the said person can’t be physically present in India to buy a property, POA(Power of Attorney) is there. What this means is that an NRI can choose someone close to them such as a relative, friend or even colleague and allow them (legally) to complete the transaction on your behalf. However, to get a valid POA you have to visit the Indian Embassy of the city and country where you are located.
In the end, being distantly involved in real estate related activities can put you in a situation to bear losses. Having agents engaged in today’s time is misleading and increases the overall cost of transactions. It is a wise decision to look for real estate developers who do not involve brokers and rather involve channelling partners who have a much more evolved process.
If you’ve ever wondered if you being an NRI can apply for a loan in India? The answer is, Yes!NRIs can avail home loans from Indian banks and financial institutions to buy residential units, whether apartments, row houses and bungalows or land for building a home. Documents needed to process loan applications include salary slips, bank statements, copies of passport, valid visa, work permit, employment contract, work experience and salary certificates and statements of non-resident external (NRE) or non-resident ordinary (NRO) accounts, says Renu Sud, Managing Director, HDFC. “Tenure for home loans to NRIs is up to 15 years, depending on the age of borrowers, their profile and credit worthiness.”
Another query related to an NRI would be that in case he wants to buy a home in the form of a joint venture, is that even possible?NRIs can apply jointly for home loans only if the borrowers are related to each other either by blood or by marriage. “In joint home loans co-borrowers need not be co-owners in the purchased property but all. co-owners of the property have to be joint borrowers,” Says Karnad.
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