Things to remember before Buying an Apartment

Investing in a new house is one of the most crucial decisions of your life for which you have probably been saving up for years. At times it might also involve taking a loan, followed by monthly EMIs. Hence, it becomes pertinent that you take a lot of aspects into consideration before making the leap.
Let us take a look at the key factors to remember before buying an apartment

1) Location of the property

The property should be located in a safe and secure place while offering easy access to other lifestyle essentials. You should also consider the amenities and physical infrastructure that come with the property.

2) Possession of the Apartment

Always have a clear estimate of the timeline for possession. Though most developers ask for a six-month grace period, this should be backed by a valid explanation.

3) Land Record

You must do your research about the land on which the apartment has been constructed. Try to learn about the soil quality, topography, if the plot is clear of all dues and has been registered. Thoroughly inspect the title deed of the property, which will give you the details on the rights, ownership and obligations with regards to the property. You should also check if the developer has approvals and NOCs from Area Development Authorities, water supply and sewage boards, electricity boards and Municipal corporations.

4) Builder-Buyer Agreement

On finalising the apartment you can book the same with a token amount, and in return, you get an allotment letter. This is followed by a tripartite agreement, between the buyer, the bank and the builder with respect to the balance amount. As with all legal documents ensure that you read all the clauses in great detail before proceeding to sign it.

5) Property Price

Having a fixed budget will make it easier to shortlist a house. Once you find a good property, compare its price with the ones in the area to know if the builder has quoted the right price.

6) Financing Banks

If you are planning to apply for a housing loan, make sure your bank is willing to finance it. Some banks do not approve of loans for certain builders due to their bad reputation.

7) Hidden and Additional Charges

It is also advisable to keep track of the additional expenses such as GST, stamp duty, home loan processing fee, registration charges and other related charges which are to be paid by the buyer over and above the sale considerations.

Buying a house is one of the biggest steps in your life, however, you must remember each of these points before you seal the deal. Zaurya Realtech is always here to help you find your dream home with ease.

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