Buying a new house in Bangalore has always been a significant decision as you will invest your savings to secure your future. Bangalore is building many living spaces across the city to cater to various needs, aspirations and tastes.
Are you planning to buy a new house in Bangalore but not sure where to start? If so, let us understand a few essential factors you should consider when purchasing a new house in Bangalore.
Decide your Budget
Homeownership is everyone’s dream. Always make sure that the house you purchase is affordable. Without some upfront planning and calculations, you may end up house-rich but cash-poor, leading to stress. It will be prudent to take time to plan the budget before you sign for it. If you are availing loan, you need to contribute 20% of property value, and the balance can be availed as a loan. Ideally, it is advisable to contribute at least a 40% down payment to reduce the loan amount. Also, consider other costs like Stamp Duty and Registration, which constitute 5%-10% of the price of the house. To make your budgeting process more straightforward, you can include the cost of the home, legal fees and taxes, interiors and furnishing and contingent expenses.
Consider Project Location
When you buy a house in Bangalore, location is a crucial aspect you should consider. The location of your home determines the quality of life, choice of schools, transportation, commute time, connectivity and social interaction. If the apartment is in a good area, it will increase your ability to sell it at a higher price if you ever consider selling it. A similar property in an undeveloped area will not have nearly the same appeal.
Legal Documents Required
Ownership of a house indicates a sense of dignity and prestige in society. But purchasing the right home will need research to verify the project’s credibility and of the builder. If you want to buy a new house in Bangalore and wonder where to start, look at the following checklist and the information you must possess from the developer/promoter before you make the purchase.
- The Sale Deed: The Sale Deed is an essential legal document that holds evidence of the sale and property transfer from the builder to the buyer.
- The Mother Deed: The Mother Deed is an essential document that traces the ownership of the property.
- The Sale and Purchase Agreement: The Sale and Purchase Agreement lists the buyer and seller’s terms and conditions.
- The Possession Letter: The Possession letter is a document that states the date of the buyers’ possession of the property.
- The Occupancy Certificate: The Occupancy Certificate is a document that states that the building has been inspected upon completion and complies with all the laws under the municipal corporation or the local development authority.
- The Khata Certificate: A Khata is essentially a revenue document that contains details of the property, such as size, location, area that it is built upon etc., to pay property taxes.
- The Allotment Letter: An Allotment Letter is crucial if you plan on booking a home that is currently under construction. It includes all the details regarding the flat payment and any extra fees that you may have to make for any additional facilities.
Choose the Right Community
When buying an apartment, the community in the building/s will determine the quality of life to a large extent. Depending on your lifestyle, you have a lot to consider when choosing where to live. Where you choose to live may also be significantly influenced by your profession. Living in a familiar neighbourhood creates a safe zone for you and your loved ones. It keeps you happy, active and your children get an opportunity to grow up in an extended family, observe others, learn and enrich themselves with a variety of experiences. Hence choose the community wisely.
Zaurya is one of the leading real estate companies in the city that aims to provide you with a great living space that will complement and elevate your lifestyle.
For more details, visit our website zaurya.in.