Important Things to Remember Before Buying a Flat

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The prospect of buying a new home can be both exciting and overwhelming at the same time. You need to arrange the finances, choose the right property, look for the best loan, etc. There are many things you must be careful about. Read on to know a few essential things you must consider before buying a new home.

If you are planning to buy a new home, it will probably be one of the most important financial decisions of your life. Buying a home requires a significant investment, and you would surely want to ensure that you get the best offer. Some of the critical factors you must consider while zeroing down on the flat.

Price of the property

One of the first steps in choosing the house is to have a fixed budget. It not only helps you to shortlist the property but also helps you to make the necessary financial arrangement for it. You must compare the prices of the similar property that you have shortlisted in the locality to know if the developer has provided you with a genuine quote. You can also compare the prices online or through the local broker.

Know about the property’s carpet area

Usually, the builders in India sell the property based on the built-up and the super built-up area. But, you must know that this is not the actual space that you can utilise. The built-up and the super built-up area includes the elevator space, thickness of the walls, the staircase and the shared space outside the home. The best way to gauge the actual space inside the house, sans the walls is to ask the developer about the carpet area.

Location of the property

While buying a new home, you must not underestimate the importance of the location. It would help if you looked for a flat in an area that has good infrastructure facility with schools, colleges and connectivity to different parts of the city. Most importantly, the area should be safe. Also, make sure that you choose a flat in a location that has potential for development in the future so that you get better resale value.

Do a legal check of the property

It is paramount to check that the property you wish to buy is authorised to be built on the land that it is constructed on. The builder must have acquired no objection certificate from the concerned authorities, including water and sewage board, electricity department, and municipal corporation. If you are applying for a home loan, the lender will verify the property-related documents and NOCs before approving the loan.

Builder-Buyer Agreement

If you have zeroed down on the flat that you wish to buy, you can book the flat by paying a token amount to the builder and get an allotment letter. You must then sign a tripartite agreement with the builder and the lender for the rest of the amount. You must understand every detail of the contract before signing it.

Find the best lender

Find the right lender is as important as finding the right property. Compare the home loan offers from different lenders and choose the one that offers loan at a competitive interest rate. You must also ask the lender about processing fees, prepayment charges, and other charges.

Use the home loan calculator

The EMI is a vital aspect of availing a home loan. You can use the home loan calculator to determine the exact amount you must repay every month. The calculator is an easy-to-use online tool that requires you to enter essential details like loan amount, loan duration, processing fees, and interest rate, and it provides an accurate estimate of the EMI.