When is the right time to buy property?
The key to knowing when to buy a house is a personal one - consider your objective for buying a house and you will be able to find the right one for you!
How do you choose the right property?
Location is the most important factor while sizing up properties. Consider whether the neighbourhood has adequate power, water, sewerage facilities, etc. Infrastructure in the area, connectivity and price of the property are factors to be prioritised. Conduct a field survey before you decide on which property to buy that meets your budget and is ideally located.
What is the market checklist before buying re-sale property?
Locality: Prices differ for different locaties, but you should also take factors such as infrastructure and convenience into consideration - they could cause a rise in prices. East and south facing properties and vaastu complaint properties also come at a higher price than other properties in the same location, possibly even in the same complex. High-rises in premium locations could also have higher prices for properties on higher floors.
Demand & supply: In addition to the locality, the demand and supply of properties in the area also plays a big role. The more in demand the locality is, the higher the prices. One or two premium developments also increase the overall prices in the area.
What is the best stage in which to buy a property?
Ready-to-move-in homes are ideal. Under-construction properties are easier on the pocket, but the downside is that, of course, you do not get immediate possession.
What are the documents to be checked before buying?
- The builder's licesnces and approvals
- The conveyance of title in favour of the builder
- Sale agreements
Which taxes are levied on property?
Service Tax, VAT & Stamp Duty are applicable on new properties only.
What is the process for acquiring a home loan?
Applying for a home loan involves various steps:
- Application form
- Personal Discussion
- Bank's Field Investigation
- Credit appraisal by the bank and loan sanction
- Offer Letter
- Submission of legal documents & legal check
- Technical/Valuation check
- Registration of property documents
- Signing of agreements and submitting post-dated cheques
What documents are needed while applying for a loan?
A loan application requires you to submit a number of documents such as:
- Identity proof
- Address proof
- Proof of income
- Employment details
- Age proof
What is the procedure for repayment of the loan, once acquired?
The load is usualy repayed in monthly installements, via post-dated cheques written out for a period of 12, 24 or 36 months. After that, you need to repeat the process until you have completely repaid the loan.
You can have the amount directly deducted from your salary if your company has an arrangement with the bank, or you can pay via the ECS facility.
Why is it necessry to obtain an income tax certificate from the bank?
The bank will give you an income tax certificate to allow you to avail of tax benefits on your loan repayment. This certificate is mandatory to claim these tax benefits.
In terms of investment, is real estate a beneficial and safe option?
Investing in real estate has its risks just like any other channel. However, returns on investment are generally consistent because of the appreciation in the industry, making it a relatively safe option.
In terms of investment, are pre-launched properties more beneficial?
Pre-launched properties are a more risky investment, but they come at a lower price. Completed projects are a safer option.
What kind of locations ensure good returns on investment?
Locations with good infrastructure and easy connectivity to prime locations - especially commercial and idustrial hubs - are usually inicative of a good return on investment.