Real Estate : How to Buy Your Residential Property in India?

Step-By-Step Guide to Buying a Home

Buying residential property in India takes a lot of time and effort. Here are the step-by-step guide how to buy your residential property in India? Cities like Mumbai, Bangalore, Delhi, and Kolkata are very expensive for buying property. So if you want to invest your savings then always opt for cities like Jaipur, Gurugram, etc. Jaipur is very affordable to buy a home as compared to other cities in India. So choose 2 BHK flats in Jaipur for investment.

However, following this step-by-step guide can make you buy your own home and make this process smoother for you. This guide could be your checklist during the process, making you feel confident about your decision.

Find the Right Agent

An important partner in your home buying process, a real estate agent is the first person to hire. Look for an experienced and experienced agent in the locations of your choice. Choose an agent with good business acumen in today’s real estate market. Their knowledge of the localities and surroundings, and the whole home buying process, coupled with negotiation skills, can prove to be a boon to you as a home buyer.

Begin to Identify Properties

An agent, once hired, will be your partner from the start of the process. With your agent, begin to find potential property options in the locations of your choice. Make sure the properties you choose match your list of key home buying parameters. Determine the expectations of your home, such as amenities, features, and specifications. Start visiting these properties and remove the ones that don’t meet all of the key parameters you want in your home. Make a list of everything you’ve seen at each property, take photos and make videos. Sit down and put all of these items together in a shortlist.

Know-How Much Can You Afford

The price of the house or flat is a crucial parameter. Be aware that aside from the cost of ownership, there are other overheads as well. This includes brokerage fees, property tax, stamp duty, legal fees, etc. Define how you plan to invest in buying a residential property in India. Now choose the pre-selected properties and start assessing their value in the context of the selling price of those properties. Once you’ve found a property that fits your budget, start looking for a bank that offers an attractive mortgage interest rate.

Perform Legal Diligence

Whether you are buying a primary or secondary property, make sure the developer or seller has title to the property (the right to sell). If the property is in a housing company, find out all about their certificate of occupancy and security certificates. The buying process of residential property in India would also require a legal expert to read the agreement and also deal with other legal formalities.

Consider These 9 Things Before You Close The Deal:

1. Check the project sanction plan and confirm that the development is approved and fully legal.
2. Make sure that building regulations are applicable in the specific area and that there are no violations on the part of the seller.
3. Do not forget to take the certificates of no objection (NOC) from the water, electricity, and land ceiling authorities.
4. Make sure there are no unwanted loads on the property.
5. Know the payment procedure. Payment models vary from developer to developer, and in the event of a resale, the buyer must pay a certain percentage of the property as a down payment. On the other hand, for a property under construction, there are three types of payment plans that you can choose from: related to the time a buyer has to pay at certain intervals regardless of the progress of construction; on account, the buyer must pay a certain percentage in advance and the rest in installments; and the flex plan which is a mix of construction linked plan and down payment plan where the buyer pays 10 percent at the time of booking and the rest within a fixed period.
6. After choosing your payment plan, secure your home loan. Get all the documents related to property, income, and tax in one place and apply for the home loan as soon as possible.
7. Once the reservation amount has been paid, make sure you receive an award letter containing all the relevant details such as apartment number, size, floor, and other additional charges.
8. A sales contract must be signed between the property builder or seller and the home buyer. It is proof that makes the property buyer the officially authorized owner of the home. Double-check the deed to be sure of all of your home’s specifications.
9. The last and last step after all the relevant formalities gives you access to the possession of your accommodation. It is now your responsibility to register the deed of sale in the local municipality and have the property registered in your name.

Why Choose Jagatpura Jaipur for First Investment?

Jagatpura in Jaipur is a developing area and has so many points of attraction for investors. You all know a little bit about Jagatpura, but Here I am come up with some facts which make Jagatpura a great residential locality. After reading the facts if you have an idea to buy 2 or 3 BHK flats in Jagatpura Jaipur then have a look at these flats by Somya Buildcon. Just choose a flat buy it and hire packers and movers.

Jagatpura is a prime location:

• Jagatpura has so many reputed educational institutes
• Health care centers and hospitals
• Many malls and entertainment zones
• Airport at a 5-minute drive
• Akshaya Patra (a famous tourist spot in Jaipur) and many more.