What is the Step By Step Process for Buying a Property in India?
Buying a house anywhere in the world is cherished for a lifetime. You will have an entirely different and soft space of the fact that you own a house. And there are two kinds of people, one who buy a property for investment purpose and one those who buy it for living. You might fall in either of these categories, but whatever be it, you would always love to have a property of your own. And due to this, you can say that apart from investing in gold, people find investing in property a fair and good deed. Moreover, in India, you can get a fair deal on property investment. The real estate market is an endless loop that has seen a lot of ups and downs in the past few years. If you were planning on buying a house in India, this is the step by step guide by which you can help yourself to get a house. This article is going to give you all the information you require but for quick work, you can make a note of all these things that would save you in getting betrayed at any point in time.
Points to keep in mind before finalizing a property
1. The license and approvals: You should always be very sure about the property you are buying. To save yourself from fraudsters, you need to have the license and approvals that are present in favor of the property. The builder that has made the property would be having some proof that the land is in his custody and that he has all the authority to rent, sell and purchase the property. This is one of the most important and key things that you need to keep in mind while purchasing the property. Even in this, you need to check the title deed, the release certificate, and the possession details. Once everything looks fine you can go for getting the house. While signing for the land possession, also verify the land usage. If the land is made to be used for commercial things, you cannot make a house there and vice-versa. Get more information on Planmyproperty.
2. Check out the list of banks: For every land that is made for usage, there are certain banks that are giving out financial help to people in more than one ways. So check out the bank details and see for yourself how many banks are giving their support in the property.
3. Calculation of the land: For those who are going to get their house made on a newly bought property, you need to first calculate the price. There are so many things on which the entire property value depends. Consider all of them and then choose to buy a property. You would not want to buy a property that would not give you well after returns.
4. Verify the builder: It is very important to verify the builder and his older work. You would not want to waste your money on someones project that has no background. So thoroughly check the builder and his previous work.
Now once you are done with all these steps, you need to follow these small steps to buy a house for yourself. And for more such information you can always check out the website of PMP.
1. Budget is the most important thing: See first things first, you will have to check your budget in the first place and see if the property you are choosing fits in your budget or not. Once you are through with this one, then you can proceed to the other steps.
2. The location of the property: Buying a house is not easy when we get into practicality. There are so many things that you have to consider before buying a house for yourself and one of them is the location. If you are buying a house that has no proximity to the nearby important things, then you might be making a mistake. And if the house has proximity with all of the places such as an active market, schools, colleges, restaurants, etc. you will love to stay in such a place so check out the location as the second step.
3. Rental rates and purchase rate: To get a picture of what the rental and purchase rate would be, it would give you an idea of complete thing. You would definitely want to know the resale value of your house. Knowing this will give you an impression of what would be the value of your house in another few years. This is the best way to get into buying a house. Once you know everything you would definitely make the right choice.
4. Loan process and eligibility: The next step to buy a house will include knowing about loan eligibility. If you buy a house in an area where you get loans easily then it would be better for you because you will get a good record as well as things wont bundle up on you.So with knowing all this, you can just simply check out the upcoming housing projects in your area.
5. Fees and additional cost: Dont be in an impression that a house will just be a cakewalk for you. If you be careful the only you would be able to get a good house for yourself. So make it sure that you get the sheet of fees and any additional cost if needed. It is very important to know all this.
If you are through will all this and everything looks good to you, then you can get your house.For people in living Kolkata, there are a few options that you can get for yourself and there is a lot of affordable housing scheme in Kolkata.
