THINGS TO KEEP IN MIND BEFORE BUYING A PROPERTY
THINGS TO KEEP IN MIND BEFORE BUYING A PROPERTY
For most Indians buying a property is the biggest investment decision of their lives and will take up most of their life’s savings. Even if you take a home loan, a significant chunk of your monthly salary will go into paying EMIs well into your middle age.
Therefore, it becomes absolutely important to make sure your investment is safe, because it is not usually what it seems. There are fly-by-night operators and financially weak builders who will promise you the moon to take your bookings and then leave you to run from pillar to post.
While big established builders will not risk their long-term reputations, even they sometimes fall for greed and take short cuts during a financial crunch.
According to Mr. Anil Mithas, CMD, Mithas Group, “consumers also need to be aware and responsible in making the right choice, before committing themselves to a buying decision. Besides knowing your carpet area from super area, the buyer has to look for the following:
- Don’t always go by the sample flat and make demands of the kind of material used in the construction
- It is important that the company has all the permissions, approvals and clearances in place before starting the construction of the building; otherwise you may face trouble at the time of registration of the house in your name.
- Specific documents to be checked include: a. Land Record b. Construction Clearances c. Approved Plans d. Land Use Certificate e. Master Plan of the Area f. No Objection Certificates (NOCs)
- Make sure the builder has tie-ups with banks. Builders often rope in banks for hassle-free financing and these banks do a thorough check of the property. This ensures that the prospective buyer does not have to go through the hassle of getting the project approved by a bank surveyor for a loan.
- Check the possession date and penalty clause carefully and follow up regularly with the builder to ensure that progress is monitored.
If you take care of these basic issues, there is no reason why your dream home will not bring you a lifetime of satisfaction and joy that is #builttolast.“
Source: http://unnatifortune.com/