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Buyers Guide

Step 1 – Identifying the Property:

It is very important that the buyer identifies a property which is suitable & meets all the future requirements of the family. This is not an issue in which hasty decisions are made. Remember that you have several options. So before making the final decisions consult with your family & always give a second thought.

Don’t get carried away by big advertisements which might be offering to sell something but not necessarily what you need.

Step 2 –Verify the Project

Before booking a property make sure that the project has all the required permissions & clearances. Also see to it that all the paper work is in order. It is always advisable to employ a lawyer who can check the project documents.

Only after you have thoroughly checked the projects documentation should you book a property.

Step 3 – Check the cost (including hidden charges)

Always check the total cost of the property before making any booking. Check to see if there are any hidden costs or levies which might not have been told to you. Usually there is a portion of taxation which is compulsory however in addition to that you might be charged for parking, club house, deposits, etc. Check all these levies & calculate the total cost of the property.

Make sure you know the exact amount you have to pay for the property & see if you have the arrangements in order.

Step 4 – Check if Loan is available

If you intend to go for a housing loan then check if it is possible. Also check if the project is approved with any bank. In case it is you may get some benefit if you go through that bank for finance. In some cases the projects may not be approved or the area may not be in the banks positive funding list, in that case you might get stuck.

Always check if the project can be financed or if it is black listed.

About Home Loans:

Almost all the major banks & finance companies in India offer a housing loan today for purchase of houses & also for construction in case you want to build your own house. While opting for home loans has several benefits one must always make sure that the finance is adequate & the terms of finance are reasonable.

Benefits

  • Low Margin Requirement – Usually 80% of the total cost is financed by the Bank.
  • Income Tax Benefits – Annual Payments towards principal & interest are deductible while calculating the total taxable income.
  • Insurance – Some banks offer insurance coverage to the borrower to cover the loan amount in case of death of the borrower. This protects the family in case of death of the borrower during the loan duration.
  • Legal Benefits – Banks have a dedicated legal team & thoroughly check the approvals & other documentation before approving any home loan. Thus making sure that all documentation & approvals are in order.
  • Low Interest Rates-Home loans usually have a low rate of interest & in case of a pre-approved project the banks even offer various discounts. This benefits the buyers as the final cost is low.

Precautions

  • Check for the best rate of interests by comparing with other banks.
  • Ask for option in floating & fixed rate of interest.
  • Check to see if there are any pre-payment charges.
  • Enquiry about all the charges like professing fees, loan document stamping, lawyer charges, insurance & any other extra charges.
  • Remember banks or bank employees do not charge any additional commission for arranging home loans.
  • Never pay any charges for home loans in cash or in cheque issued in names of any person or agency.

Documentation required for Home Loans

In case you are Salaried Individual:

  • Latest 3 months salary slips
  • Latest 6 months Bank statement of your salary account
  • Last 2 years Form – 16 or income tax returns
  • Basic KYC Documents – Id proof, address proof, photographs

In case you are a Self Employed / Professional(Doctors, Engineers, C.A, etc) individual:

  • Last 3 years Income Tax Returns
  • Latest 12 months Bank statement of your Current Account
  • Basic KYC Documents – Id proof, address proof, photographs