Tired of living in a rented house? Shifting from house to house and packing and unpacking of your things, is such a hassle. Time to get your own roof over your head. You want to move into your own home. You have begun the search for your dream home. Buying a house is not something you do again and again. Never be in a hurry to buy your home. Take time out and check the minutest detail, before you make the purchase. Buying a home could be a once in a lifetime purchase. Time to remember this famous quote
“Home Is Not A Place, It’s A Feeling”.
The first thing you need to check while buying your home? It has to be location and accessibility. Your dream home needs to be well connected by public transport and needs to be pretty close to your workplace. Traveling from your home to office and back, can be a nightmare in today’s traffic. You have to travel almost daily to office. Would you want to commute 10 Kms daily? A man has to think of his family. Your son is one of the brightest in his class and very energetic. Would you want your son to waste all his energy travelling to school? You need to pick your home, very close to your son’s school. Your son also loves playing cricket. How about a home with open spaces nearby, for him to play? Your wife keeps grumbling all the time. Imagine if she has to travel for an hour to get to the market or to the hospital? Your dream home needs to be in a secure neighborhood. You definitely do not want to be spending your time, worrying about the safety of your family. You also need to see if your dream home has regular water and electricity.
This is one thing you need to pay real attention to. The builder you choose needs to have a good track record in maintaining quality of a high standard and timely delivery of apartments. Track the developer on social media. Check out if there are any complaints and pending cases against him. There have been a number of cases where builders abscond, leaving behind apartments looking like ancient ruins. Visit the website of the builder and check his completed and ongoing projects. A good builder has his reputation at stake. He will make sure your apartment is of high quality and ready on time.
You want to avail a home loan to buy your dream home? Make sure you fulfill the eligibility criteria of the bank. You need to have a stable job and a good income. You need to be filing your income tax returns. You also need to have a good cibil score. If you have availed a loan in the past, banks would have sent a record of your repayments to Cibil. This is called credit history. Cibil (Credit Information Bureau India Limited), collects and maintains a record of your past loan and credit card repayments. CIBIL then assigns you a score between 300 to 900 called the CIBIL TransUnion Score. Make sure you have a good cibil score, before you apply for a home loan. Banks will not sanction a home loan which covers the entire cost of your home. They finance only 80-90% of the cost of your home. You have to arrange the remaining 10-20% of the cost of the home, from your own pocket. This is called the down payment. Make sure you have the down payment ready, when you buy your home. Availing a home loan to buy your dream home is a very good idea. You not only save on tax, but also the bank checks your dream home and documentation thoroughly before sanctioning the loan. Let the banks do all the hard work.
Remember this famous saying “Buy in Haste, Repent at Leisure”. You do not check the documents while buying your home, you might have to spend a lifetime regretting your purchase. The first document you need to check…the title deed of the land where your dream home is being constructed. This document proves the ownership of your home. The title deed needs to be clear and marketable. The next document you need, it’s the sale deed. The sale deed transfers the ownership of your dream home from the seller to you. The sale deed is not necessary if you are buying an apartment from a builder. Take a look at the encumbrance certificate. This is very important as it shows the land, apartment or house you buy, is free of any legal dues or mortgages. You need to make sure that your dream house falls within the Municipal Corporation limits and its building approval plan is approved by the Municipal Corporation. Make sure that your building has the completion certificate. This means your building follows all the safety rules and regulations of the buildings act. The completion certificate is also called the occupancy certificate. This certificate is a must have, as it shows that your apartment has been legally constructed and is fit for occupation. It is always better for you to take your lawyer, when you buy your dream home. Chances are documents could be fake.
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