Making Your Property Dreams a Reality: A Comprehensive Guide
Embarking on the journey of property ownership can feel daunting, but with the right guidance, it can be a smooth and rewarding experience. Here's a step-by-step guide to help you navigate the process:
1. Selecting the Perfect Property
Before making any decisions, we encourage you to thoroughly research the builder, compare property prices in the current market, and gather all pertinent information about the property itself. This due diligence will empower you to make informed choices.
2. Exploring Pre-Launch Opportunities
Developers often offer properties at reduced prices during the pre-launch phase to gauge market demand. These pre- or soft-launch properties can offer substantial savings, sometimes between 10-15% less than comparable properties later in the development cycle.
3. Understanding Brokerage Fees
If you choose to work with a broker, their fees are typically tied to the property's price. Be prepared to make payments in two installments: one upon paying the token money and another at the time of registration.
4. Paying the Token Money
Once you've committed to purchasing a property, a token amount, usually between ₹ 50,000 and ₹ 5,00,000 (depending on the property’s value and agreed-upon terms), secures the deal.
5. Crafting a Realistic Budget
The base price doesn't tell the whole story. Remember to account for additional expenses like parking, club or society memberships, utility connections (electricity and water), stamp duty, and registration charges when finalizing your budget.
6. Navigating the Down Payment
Down payment requirements vary between under-construction and ready-to-move-in properties. For under-construction flats, expect to pay 10-20% of the total cost after the token. If the property is ready, the down payment typically covers the balance after subtracting the token money.
7. Securing Your Bank Loan
Initiate the bank loan process before paying the token money. The bank will assess your income and the property documents to determine your loan eligibility.
8. Registering Your Property
After completing the down payment and receiving loan approval, it's crucial to register your property officially. Ensure all pertinent documents are prepared for this step and address any issues before moving forward. Remember this is a very vital aspect, so be extra careful and thorough, so as not to encounter any issues after the registration.
9. Taking Possession of Your Flat
Once construction is complete and the developer receives the necessary certificates, you can take possession of your new home! During this exciting time, remember to meticulously review all details and settle the remaining payments.
10. Post-Possession Responsibilities
The builder typically maintains the property for 18 months after possession. This includes making necessary repairs, so be sure to report any right away. You can even keep a log to ensure you’re addressing them in a timely and organized manner.
11. Formation of the Housing Society
After the maintenance period concludes, the developer establishes a housing society, complete with a dedicated bank account, which plays a fundamental role in long-term operations. This society elects representatives to manage ongoing maintenance.
Wishing you a happy and successful property buying experience!