The majority of all the working class have this dream of owning a house in their listicle before they turn to a certain age. But, at times manifesting this wish brings a lot of challenges of various kinds as buying a home takes a huge chunk of investment of money. In many cases, it may be one life’s earning so this decision requires to be taken with much caution. Experts recommend working on blueprints thus, to avoid any hassle as the real estate transaction do generally professional to deal with the financial and legal matters. The expert group brings to you an ultimate guide of “checklists” to stick to in case if you are planning to buy one
1.Set Up An Affordability Budget
It is always best to work on your finances and have a fair idea of how much you can afford while planning to make a financial transaction. Experts suggest that In order to narrow your search to a realistic price range, you’ll need to set an affordability budget.
2.Hire A Real Estate Agent You Can Rely on
To avoid any financial hassle or gather any real estate investment-related opinion while initiating a financial transaction, you an advised hiring a real estate agent with financial expertise.
3.Initiate A Financial Analysis Check
Unless you are from an extra rich category of people you need a trusted financier who can sanction your home loan in order to buy a house.
4.Collate All The Essential Documents Required
Mentioned below are the specified docs that are required for sure while the transaction is complete:
- ITR copy (past 2 years).
- Bank statements (past 2 years).
- Brokerage Statement (past 2 years)
- Investment account statements if any (past 2 years)
- Proof of funds
- In case you resided as a tenant then get a duly attested LoR (Letter of recommendation) from the previous landlord
- Address ID
- Birth proof
- Citizenship Proof
There might be more document required but the abovesaid which are of basic nature.
5.Arrange For Secured Financing
The secured financing can be ensured if the loan you applied for gets sanctioned. The approval status of your loan application from the mortgagor, generally bank largely depends on the collaterals submitted/ to be submitted by you at the time of applying for a home loan. You are advised to connect frequently with your loan manager broker or broker.
6.Stick To Possession Date On Rera Agreement
It is of utmost need that you get on with the basics of the possession date to avoid any future hassles. It is advisable to closely check for the match of the dates included Under the RERA agreement. Always make sure that the possession date must be mentioned there in the sale agreement.
7.Homebuying Payment Plans
Unlike previous years, when cash down payment was the only option available to buyers investing in real estate, but nowadays, real estate developers are offering various other payment plans to the buyer. Choose the right payment plan which suits your financial affordability:
- Construction Linked Plan
- Flexible Payment Plan
- Time Linked Plan