Purchasing a house is a meaningful aspect of life. Getting your own home is not less than a dream turning into reality. However, choose to be careful while buying a house. You are going to stay in that space for almost your whole life. For this reason, you must also analyze all the market trends to serve your needs best.
Do you want to know the home buying process in India to get it done quickly and easily? To help you learn all about Home buying in India, we have prepared this article for you.
FIND THE RIGHT AGENT
Your home agent will be the most critical partner in the process of purchasing a home. You must look for a property agent before going out and looking for properties. It would be best to look for a well-versed agent with experience in the choice of localities you have.
Pick an agent with a good business understanding of the current market of real estate. It can help you in getting the deals that are better for you. The knowledge and expertise of a property agent will also help you ease up the process of home buying in India.
After hiring an agent, you should move on to find the potential properties options in the localities of your choice. Ensure that the property you are choosing sits right in the list of the home buying key parameters. You can also narrow down the search by keeping the features, specifications, and amenities in mind.
You can initially tour the properties and remove those that do not sit well within the key parameters you want in your house. The best you can do is make a list of all the things you saw in the properties you went to see, make videos, and take photos.
KNOW YOUR BUDGET
It is the primary factor of the home buying process, as the property price is crucial. Other than the property cost, there are also overhead charges that you should be aware of. Define the planning for investing in the property. After that, choose the short-listed properties and evaluate the worth in the price of selling off the properties. After finding the right property for your budget, look for a bank that will provide you with an attractive interest on the home loan.
PERFORM LEGAL DILIGENCE
Whether purchasing a property for the secondary or primary, ensure that the seller or the developer has the property title. If the property is in the housing society, it is better that you know all about the occupancy certificate and safety certificates. The home buying process in India would also need a legal expert to read into the agreement and handle the other legal formalities.
DOCUMENTATION NEEDED FOR COMPLETING HOME BUYING PROCESS
The type of documents needed for the home buying depends on the property type you are buying. We have listed some of the required documents for fulfilling the house buying process.
THE SALE & PURCHASE AGREEMENT
This document comprises the terms and conditions agreed by both seller and the buyer of the property. An example of this is that it would be the negotiation for property price.
THE BUILDING APPROVAL PLAN
Before construction commences, the builder must get the required sanctions under the building bylaws, the local body acts, and the master plan. It has two factors, such as the building plan and the layout approval.
A common mistake that buyers tend to make is that they do not ensure that the builders fulfill the terms and conditions of the layout approval and building plan before purchasing the house. Not complying with the requirements can cause negative results if the local authorities come in for spot-checking. Moreover, it is a standard process for the newer buildings.
THE POSSESSION LETTER
The builder creates these documents while stating the date of the buyers' property possession. It is made in the name of the builder and created post the receipt of the completion certificate. However, this document is not proof of the ownership of the property. To get the property ownership document, you will need to get an occupancy certificate.
Buying a house is not a walk in the park. It is always better to learn about the basic requirements to help you ease up the process. I hope that by reading this post, you will have sufficient knowledge about the home buying process. It is always good to seek the guidance of experts. Ensure that you have all the necessary documents needed for completing this whole procedure.