It's time to buy your dream flat. But, should you rush the purchase? It would be wise to pay attention to these points before buying your flat.
Location of your flat is super important. Make sure that your office is not too far from your flat. Schools for your kids, the market, hospitals, Malls for shopping need to be pretty close to your flat.
Step 2: Buy a RERA approved flat
After July 2017, all ongoing projects had to register with the real estate regulator of that State.
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Step 3: Avail a Home Loan
Avail a home loan from a bank, even if you have the money to buy the flat. Banks will do due diligence (thoroughly check the credentials of the builder), before sanctioning your home loan.
While buying a flat, there are always additional costs. These are the hidden costs. The stamp duty and registration charges can be 6-8% of the cost of the flat.
Then, there are the extra parking charges which your builder has forgotten to mention. Additional costs can push the price of your flat up, by even 20-25%.
Want to buy a flat, but not sure you can afford the home loan EMIs? This is a simple trick. If you take a home loan of Rs 50 Lakhs at 9% for 20 years, the EMI is around Rs 45,000. Now, try putting aside this amount in FD's or an RD. If you find this difficult, how will you pay back the home loan EMIs, after you buy the flat?
Want to know more on residential apartments and residential land? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
Important documents when buying a flat
Take your lawyer with you to check the documents while buying a flat. This will save you a lot of headache in the future. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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