For some it may be once-in-a-lifetime investment while for others, it may be a frequent one. No matter what type of deal it is, being cautious and working prudently on your flat buying checklist will always guide your decision towards the desired level of profitability.
Step 1: Selection of locality
Deciding on the city where you are planning to purchase your flat is quite essential to proceed further. Developing cities like Noida, Greater Noida, Greater Hyderabad, Faridabad, Ghaziabad and Jaipur are quite profitable at this stage. Desired locality of flat, proximity to the day-to-day requisites and loan lender information are some critical points that should be well thought upon before final selection.
Step 2: Deciding on the Type of Residential Property
Broadly classifying, there are two types of properties that you can come across- The already existing ones and the in-progress ones. For the first set, you need to be certain that the builder presents all the documents. The second set however is more crucial and needs proper check of legal authorization of land and plan which has been approved by the Government.
Step 3: Find out the perfect size of apartment
Though the requirements are quite clear to some extent as to whether you are looking for 2BHK, 3BHK or 4BHK flats but the built area and price of the flat are also important factors in guiding the change. After analysing the varied options, you can better reach to the conclusion of selecting a particular size.
Step 4: Obtain Enough Clarity on the Payment Terms
Different real-estate builders offer different payment plans. The three major types of payments involved are construction-progress based, time-bound and fixed down-payment based. Analyse the risks in each case and be prepared only to make a safe investment that assures completion and handover in a timely manner.
Step 5: Apply for home loan
It is always prudent to have some part of your property price paid through home loans from banks. For lending the money, bank officials will perform thorough check of the genuineness of the property thereby ensuring that you are moving on a secure path. Also, you can have your flat booked at the time you want.
