Introduction to Homebuying in Coimbatore
Coimbatore is a vibrant city in India with a growing real estate market. First-time buyers might find it tricky to navigate. Here’s a detailed checklist to help you have a smooth and informed homebuying experience.
1. Legal Verifications
- RERA Registration: Make sure the project is registered with the Real Estate Regulatory Authority.
- Ownership and Title Deed: Check that the developer has valid ownership rights.
- Encumbrance Certificate (EC): Confirm there are no liabilities or disputes.
- Building Plan and Approvals: Ensure compliance with local regulations and environmental clearances.
2. Home Loan Options
- Loan Eligibility: Review your credit score and compare interest rates from different banks.
- Loan Types: Look at fixed-rate, floating-rate, or hybrid loans.
- Government Schemes: Explore housing subsidies and benefits for first-time buyers.
3. Budget Planning
- Calculate Total Cost: Include property price, stamp duty, registration fees, and other hidden costs.
- Down Payment and EMIs: Plan your finances to manage monthly payments.
- Inflation Impact: Consider the potential effect on property prices.
4. Property Inspection Checklist
- Location: Look into the amenities, such as how close the location is to schools, hospitals, and workplaces.
- Property Type: Select apartments, villas, or row houses based on your needs.
- Infrastructure: Evaluate the condition and availability of amenities like parks, gyms, and pools.