Considering the fact that
buying property is a long process and takes months to finalize a property, we
share some of the steps that you must take while buying a property. As we have
discussed few steps in the previous post, we shall now know the remaining steps
that you must never miss while buying a property:
3. Better Understanding of
your payment plan: Depending upon the builder
and the type of property you are buying, you must know the payment plans you
would be opting for. Typical plans are of 3 types:
a) Construction linked: You pay based on the progress of the construction of
the property. This can be safest because you pay for progress and need to spend
money along with the level of completion of the construction process.
b) Time linked: You pay according to a set timetable, whether the
construction is under process or on the verge of completion.
c) Down payment: You pay for the property up front, but then are
exposed to the risk of delays and whether the property will get completed at
all or not.
4. Applying for a loan
approval: If you need to apply for a
loan for property purchase, then it is advisable to simultaneously start the
application process with potential lenders, along with the above steps. This
can help you know more about the loan that you can apply for and the terms of
getting the loan. You can also get a pre-approval for a loan in case you have
not selected a property as yet, but want to save time later when you have zeroed
in on a property.
5. Allotment letter: This is allotted by the builder once you book a flat in an under
construction property. This allotment letter includes the details (like flat
number, area, price) of the flat that has been allotted to you, the payment
details, any extra charges levied to you amenities such as car parking, club
membership, and maintenance charges to be levied at the time of possession and
occupancy.
6. Sale agreement: This
agreement is made once you agree to all the terms and conditions of the sale
with the seller in case you are buying a pre-existing property.
7. Possession and
Registration: The final step in the
buying process is the possession of the property being transferred to you and
your responsibility to get it registered in your name. At the time of
registration you will also have to pay a stamp duty which is a government tax
levied on property transactions.
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