Well, investing in a new house or a flat is one of the most critical decisions of your life. It’s a dream you have been nurturing since a very young age. However, the price of your dream mansion if purchased in the metropolitan cities can be in crores. So, there is no chance of making any mistakes you make while buying your dream house.
Moreover, buying a new house also involve taking a considerable amount of loan, followed by the monthly installments. Although, there are some of the other key factors which you must consider while moving into a new flat or house.Also you can check house for rent in mumbai.
List of Parameters that must be Considered before Buying
So, without wasting any time let’s quickly dive into the things that you should know before buying an apartment. Here we have mentioned all the parameters that you must look into, before buying a house.
1. Price of the Property
Before selecting the house or a flat one must fix the budget and then start searching for it. Making a budget makes your work easier as you know how much you’re willing to spend on the shortlisted property for sale in mumbai.
Moreover, you must compare the price of the property with your neighborhood buildings to get an idea of whether your builder is offering a genuine quotation or not. There are a lot of similar properties in your area; some of them are Portal listings, brokers of that particular area, newspaper listings and many more.
2. Check that Property is Legal
Make sure that property which you’re going to buy is legally authorized and is constructed on the plot it stands on. The developer should have approvals and NOCs from Area development authorities water supply and sewage boards, electricity boards as well as Municipal Corporation.
However, if you’re taking a home loan, the concerned bank will validate your property documents before loan approval.
3. Record of the Property
The land on which your property is built is quite crucial. Therefore, you must research about the soil quality as well as the topography of the area. Moreover, your plot must be clear of all the dues and then it should be registered.
You must buy a house once the title deed must be verified and should be confirmed in detail by your lawyer. Radically, the title deed provides you all the details such as ownership, obligations towards the property.
4. Builder-Buyer Agreement
When you select the flat or a house of your choice, you need to book the property by giving a fixed percentage of the token amount, and as security, you’ll get an allotment letter from the builder. A tripartite agreement is signed between the buyer, the bank as well as the builder for the rest of the amount.
You can read and understand the agreement in detail before signing it, and all the clauses must be clearly understood. In case you’ve got some doubts, you can clear them by asking your lawyer for the same.
5. Weigh up the Additional Perks
While you compare different apartments you need to weigh up which is the best value for you, consider factors like as the thickness of internal walls for sound suppression, size of the balconies, what’s the built-in storage, car parking as well as security facilities.
Ensure all the clauses of the documents are read in detail and penalty clauses should be understood. Moreover, the builder is required to pay you a monthly penalty in case you don’t receive the flat’s possession within the grace period.
Check for the additional expenses such as GST, stamp duty, what’s the home loan processing fee, registration charges, as well as other charges. Ensure that is there any additional storage area included and shared amenities like swimming pool, gym, spa or barbecue facilities.
Take these things under Consideration if you’re looking to buy house in Mumbai on Loan Sanction:-
Does your builder have an allegiance with Banks?
Well, you can check whether your builder has a tie-up with banks or not.
- Bank do due diligence as they check all the documents of the residential apartment thoroughly before assigning a home loan.
- Also if your builder has a good track record then, in that case, they would easily have a tie-up with reputed private and public sector banks.
- Here we will recommend you to go with Public Sector Banks because public sector banks thoroughly check the builder’s projects before approving the loan.
What happens when you don’t make your payments in time to the builder?
In case you’re not able to pay money on time then the builder would charge you an interest of 18-20% of the outstanding amount for each day of delay from the due date.
So, make sure you’ll clear all your dues before time so that you’re not responsible for paying any extra amount for your dream residential apartment.
The Bottom Line
That’s all! We’ve shared every possible information about the things which you should know before going to purchase a house in Mumbai. You must ensure that you should not make any mistake while buying your dream apartment.
Now, if you think that we have forgotten to add any information which you think that it should be in our list then do let us know in the comment section. If you’ve any queries or suggestions, then do enlighten them below.
Tell us what your experience of buying a dream home is? Is the article helpful? Help us to improve!