Pre Home Buying


Owning a home is a dream that is cherished by every one of us. We save for years to realise that dream and then repay the loan for almost the better part of our lives. Given the importance of this home buying decision, we need to plan it well in advance and opt for a home that is best suited for our requirements. So what are the options to choose from? There are broadly three options, namely Under-Construction homes, Ready-to-Move homes and Resale Property. Each of these come with their own advantages or disadvantages, depending on what you are looking for. To get a desired clarity on them, read on.

5. Basic Checklist to be considered when buying an Under Construction Project?
• The builder should have Intimation of Disapproval (Building Permit) certificate and Commencement Certificate (permission to start construction from local development authority)
• Get a Title Search Report or TSR from local lawyer to avoid any land title dispute
• Demand an approved layout plan that is as per approved FAR (Floor Area Ratio) or FSI (Floor Space Index)
• Check if there is an approval from Govt Departments
• Check that the Project / Land is not Mortgaged
• Tri-Party Agreement / Confirming Party (If the flat is of land owners quota under JDA then Land Owners insist on bi-party agreement / assignment deed and vice versa)
• Builder must promise to provide completion / occupancy certificate once completed
6. What is the Difference between Leasehold property & Freehold Property?
• How can I convert a leasehold property to freehold?
7. What is meant by Carpet Area, Built-Up Area, Super Built-Up Area
8. Difference between Builder floor apartment and a multi-storey apartment?
9. What is meant by valuation of property?
• Who is the appropriate authority for knowing& ascertaining the market value of the property
10. Difference between buying & renting a home?
• Pros and Cons of buying & renting a home.
• What are the tax benefits of home loans?
• If I have money, is it still necessary to avail of a bank loan for buying a home?
11. Steps involved in a home buying process?
• Select a builder
• Find a home (How to select a property for your home)
• What are the things to actually look for when zeroing in on a house?
• Consider your financing options and secure financing
• Make an offer
• Obtain a home inspection
• Close the property or move on
12. Checklist that needs to be considered during a site visit and buying a house?
13. How can an NRI invest in a residential property in India?
14. How to plan your home purchasing process (consider all aspects)

During Home Buying


So you have decided on the kind of home you want to buy for yourself and your family. Great! Now you have entered a crucial stage of further streamlining your options, given your priorities and budget. Your preference can be anything, from a studio apartment to a villa, or from staying right in the heart of the city to staying away from the hustle and bustle. Then again, this decision will be influenced by a large number of factors like the builders’ credentials, evaluating the home loan proposals, their home loan tie-ups, the amount of loan you are eligible for etc. Read this section to get a fair and clear idea of what to look forward during buying a home.

• Submission of legal documents & legal check
• Technical / Valuation check
• Registration of property documents
• Signing of agreements and submitting post-dated cheques
• Disbursement
4. Questions to ask yourself while opting for a home loan
• What type of home loan best suits your need? (including home improvement loans)
• How much mortgage do you qualify for?
• How much home loan can you actually afford?
• Who will help you find a home and guide you through the purchase?
5. Everything you need to know about Home Loans?
• What is a home loan
• What are the types of home loans available
• Can a Home Loan be Pre-approved?
• What is the tenure of a home loan
• Does tenure affect the loan cost?
• What are the interest rates offered for home loans? (Fixed and Floating rates)
• What are: Daily Reducing loan, Monthly Reducing loan and Yearly Reducing loan
• What is an EMI
• What is Pre-EMI
• What are the other costs that usually accompany a home loan
• Do I need to furnish any security to get a home loan?
• Do I need a guarantor to get a home loan?
• I have two housing loans on two different properties. Can I get tax rebate for both the loans?
• What is the time required for loan disbursement?
• Closing a home loan
• Pros and Cons of foreclosure
6. What is property/home insurance?
• What does a home insurance policy cover?
• How do banks valuate the property for insurance
• What is generally the tenure of a home insurance?
• What is covered under personal possessions for an insurance company?
• While claiming an insurance cover, is an FIR necessary?
7. What is the eligibility criteria for availing a Home Loan?
• Can a single woman get a loan
• What is the time required for home loan disbursement?
• How does my salary influence my home loan amount?
• How does addition of co-applicant affect eligibility
8. What is Balance Transfer of a Home Loan?
• Advantages & Disadvantages
• When is it advisable to opt for a Balance Transfer?
9. What are the documents required& checklist to be considered for buying the following kinds of properties?
• Builder Purchase
• Resale if property constructed by Builder and Society Formed
• Resale if property constructed by Builder and Society Not Formed
• Resale if property is constructed / allotted by Authority and Society is Formed
• Plot purchase transaction which is sold by the developer
• Plot purchase in resale
• Purchase of redeveloped property

Post Home Buying


Well, finally you have bought your home. You got the home loan, will shortly start paying for the EMIs and you even have shifted or planning to shift shortly. But does all that make you the rightful owner of that home? Interestingly, the answer is ‘NO’. Whenever a property buyer, in this case you, buys a piece of land/immovable property, he/she needs to register the same with the authority concerned. Once the registration agreement is submitted at the local registrar’s office and the registration is complete, the buyer legally becomes the owner of the apartment. The law does not recognize unregistered owners and does not give them any rights over the property. So now when you know what exactly needs to be done, do it as soon as possible. But how? Don’t worry this section will guide you through the whole process.

• What is Power Of Attorney?
• Can I authorize someone else to register my property by granting him Power of Attorney?
2. What are problems that you could face after buying a property?
• Delayed project, Default by builder, Substandard work, Structural defect
• What is your recourse in case of a delayed project?
• Who should you approach for legal action?
3. Basic Vastu Tips to be adhered to after buying a home?
4. All you wanted to know about Sale of Property
• Can I sell the property, even when the home loan is outstanding?
• How much is the registration fees on the sale of Immovable Property?
• What constitutes conclusion of sale of a property?
• What are the taxes involved while selling a property?
• How can I qualify for the capital gain tax exemption?