Best practices and procedures before buying a property in India blog

Best practices and procedures before buying a property in India

Buying a property in India involves many tedious formalities in the real estate business. India is a country with rigorous and lengthy documentation procedures . There are several best practices and procedures before buying a property in India, there are terminologies related to the real estate industry that are found in the process.

While real estate is booming in North Bangalore, be aware of the legality, most properties are under discussion or lack government approval. Be sure to do your due diligence before investing your hard-earned money.

Buying a home for the first time evokes a multitude of emotions. Exhaustion and excitement: you can experience all of these at once, and for good reason. However, even if we appreciate it, you can’t buy a house by adding it to your cart or browsing a catalogue. It takes months, if not years, of smart strategic planning and thoughtful financial decisions. Here are some tips to help you make the right choice:

Know your needs

To find a home that meets your needs and expectations, you must first consider your current lifestyle and determine what type of neighbourhood you plan to move to. Suburb, city, or rural setting? Urban and suburban locations often offer excellent social, educational and career opportunities, ideal for raising a family and connecting with the local community.

However, if you want to get away from the hustle and bustle of metropolitan life, a semi urban house will serve you well. Before selecting one, be sure to explore these places, assess their connectivity, and explore nearby schools, supermarkets, hospitals, and other essential places.

Devanahalli, Yelahanka and Hennur Road are the cream areas of North Bangalore offering exceptional residential projects that meet the needs of all buyers.

Visit the plot at different times of the day. Technology parks like Aerospace Park, Science Park and Financial City are increasing the popularity of this region. As this area is approximately 30 km from the city center, you should explore this belt from an investment perspective and for good long-term returns. A city will inevitably expand and further develop real estate in the airport region sooner.  When it comes to independent living in Devanahalli, try to go for projects that offer a full township as you can miss out on the hustle and bustle of the city by staying away from the city center.

Never buy in a hurry

Buy the best with your hard-earned money. It always makes sense to do your research before buying property in India. The different channels available to buyers are books, online portals, and knowledge centers. Important documents are required to complete all the documentation before you can finally own a property. It is very important to have a good understanding of these documents and to be aware of what each document says. Blind signing will only get you in trouble later. You must also be aware of the original documents that you must have in your possession to avoid inconveniences at the time of sale.

  • Title Clearance Report
  • Occupation Certificate
  • Property Tax Receipts
  • Sale Deed
  • Sanction Plan
  • Encumbrance Certificate

These are some of the important documents you need to know, especially if you are new to real estate. It is advisable to make a more detailed and complete study of the documents before rushing to sign any of the documents.

Choose a financier

Once you’ve identified the location of your desired property, it’s time to get your finances in order. With property prices fluctuating, you can easily use a home loan to purchase the home of your dreams. The first step in obtaining a loan is selecting a reputable lender. Do extensive research online and compare different lenders. Choose one that offers a combination of easy eligibility, payment flexibility, extended terms, fast processing, and affordable interest rates for home loans.

Meet loan eligibility requirements

Before you apply for a home equity loan, check your preferred lender’s loan eligibility criteria. Failure to meet the requirements after submitting the application reduces the chances of getting the application approved.


The advantages of Loan for women

Women are increasingly taking their rightful place as equals in Indian society. As women across the country become financially independent, they also influence big life decisions, like buying a home for their family. This has led home loan providers to create special programs and opportunities for women to own their homes and to expand loans for women. The advantages of Home loans for women are manifold. Women are recognizing this and are opting to take a home loan. Here are some benefits:

  1. 1. Lower Interest Rates: Many lenders offer lower interest rates to applicants. A lower rate has a significant impact on the EMI and offers significant savings over the life of the loan.
  2. Women benefit as co-borrowers: Women have the option of applying as co-borrowers with their spouse. The combination of a loan means greater loan eligibility and greater flexibility in the home that suits your family.
  3. Reduced stamp duty: The government is encouraging homeownership for ladies as well. Home loan benefits for females include lower stamp duty charges by 1-2% by many state governments.
  4. PMAY is a game-changer: The Pradhan Mantri Awas Yojana (PMAY)makes female co-ownership mandatory for a female head of the family

It is more important to consider the reputation and track record of the developer/builder of the property on which you are considering buying your home. Find out if the builder has a reputation for delivering projects on time, quality of construction, delivering what was promised, etc.

Leave a Comment

Your email address will not be published. Required fields are marked *