LOCATION : WHAT IS IN THE VICINITY

Some useful tips before buy property in India

To buy an old house is an uphill task. So if you plan to buy one, here is a checklist you need to adhere to:

The owner who is in the market for selling his old house, maintains the house at such equilibrium that it gets polished all the deficiencies in the smallest possible amount so that any crack, leakages/ damp walls in kitchen or toilet or termite effects in all wood work are not easily visible. It will only be visible after the man, who buys the old house starts to live in it. Then he is left with nothing but the sad state of affairs as it again needs a very big budget for home improvement and repair can prove to be a big financial burden.

So such prospective old home buyers are required to adhere to checklist detailed below:-

1. See whether the space meets the requirements of your growing family and the house is affordable without big financial burden on you.
2. Ensure that the neighborhood is safe and in a planned manner. Also see whether the school are in easy access so as to avoid the school going children from long hours of transport.
3. Whether the floor plan allows proper ventilation and natural light and can be modified easily.
4. Ensure ample privacy. If the building is high rise then ensure proper railing in balconies for safety of children.
5. While buy property in India, first check whether all safety parameters such as fire alarms and smoke detectors are installed and approved by appropriate authorities. Is there enough storage space, parking areas and balconies.
6. Ensure whether kitchen and bathrooms are free from crack, leakage or dampness and need no no rework.

You can get better value of your money if you keep it mind before buy property in India.

We will share more checklist in my next blog till then keep bloging

Before Buying a Home – Issue 0.1

Some useful tips before buy property in India

As we discussed the checklist about buying a property, here I am sharing the remaining part of the same.

1. See if you are happy with layout plan, electric wiring, painting, plaster, tile work, no.of taps and whether such things need renovation, so that the same can be bargained with the seller.

2. Before buy property in India you should ensure about the water and power supply. if pure water supply and power supply is available round the clock or available for limited hours/ timings everyday.
3. See whether the wood work is in sound condition and termite free. Also have a look at the vicinity garden and parks for playing children.
4. For proper checking of electrical work, plumbing, wood-work, masonry and general condition, it is suggested to have a professional to inspect the same in a proper way.
5. Always avoid buying old house requiring major repairs as it unnecessarily adds to the budget without much gain on the life of house.
6. Ensure you are living in a spacious and pollution free environment as this is a matter of life long living.
7. Before committing to procure your dream house, ensure to mobilize all your financial souxes viz-a-viz withdrawal from share market, NSC, LIC and other sources which can be tapped easily without going into debts.
8. And the last thing which a buyer must ensure that all the relevant documents is in order and the house is free from all sorts of encumbrances.

You can get better value of your money if you keep it mind before buy property in India.

property in india

v While buying a property in India, you might have made the full payment and got the key in your hand, but until or unless all documents are completed do not mistake to understand the property belongs to you.

Know what the documents necessary for your property are.

v Whether you are buying a new property or an old one, in both the cases ensure to get the documents completed with in the stipulated time. In case you are buying a property in India from a builder, then you would have to deposit certain documents with finance company who is giving you loan. Therefore, ensure to get the following documents :-

1. Original allotment letter of the house.
2. Original receipts for the amount you paid to the builder.
3. A legal title certificate wherein it has been explained that the builder or developer is the owner of that particular property in India and the same has not been mortgaged by him.
4. In case you are constructing your house after buying property in India, then take an original conveyance deed for transfer of ownership right wherein it has been explained that the land is free from all encumbrances.
5. Also obtain a copy of original copy of agreement executed with the builder.
6. Title deed of the builder wherein it has been mentioned that the builder has the right to develop that land or not.
7. A certification mentioning that no loan has been sanctioned against this property during the last 13 years.
8. The receipts for payment of all upto-date taxes.
9. Completion certificate.
10. Sanctioned building plan/ license.

k. Copy of CLU order issued by the Additional Collector or any other authority.

v If you are buying an old flat then you will have to secure some more documents, such as

I. Original sale deed executed by the real owner and the seller and then the sale deed executed between the seller and you (buyer).

II. A no objection certificate from the society.

III. Original possession certificate of the property.

v QUALITY : WHETHER REALLY STURDY

I. Every builder claims to use high quality of material, but you also ensure the quality of construction before buy property in India.

II. To know the quality of material and finishing of the flat/ building arrange a visit along with an expert particularly concentrate on flooring, plumbing, windows and wiring because these will directly affect you daily life.

III. Before buying property in India don’t forget to see the ventilation, room placement in the house and lift facilities in the building.

IV. If the property in India, which you are buying, is located in a big complex, then look at the layout plan of each building of the complex.

V. To know what type of material is being used by the builder, few of his past projects can be seen.

BUILDER’S STRENGTHS

To buy property in India a house is the biggest ever investment of a common man, where in whole life’s hard earned capital is at stake. Ignorance of certain constituents may spoil your hard earned money. Please ensure before buying a property in India that you are investing in a right property or not. While to invest in a house is an important decision, it is equally difficult also. Therefore do not make haste in buying a house and take care of the following aspects:-

v BUILDER’S STRENGTHS

a. Before buying a property in India, first of all check whether the builder is having a marketable title of the land, the builder must have constructed the building on such land which must be free from all encumbrances. This will avoid you from all hassles in future.

b. To ensure credibility of the builder, check since how many years the builder is in business of property in India.

c. Ask the developer whether any kind of after sales service will also be provided?

d. Whether the builder has completed his past projects in time or not and what has been the quality of those projects? Or if you face any problem about the house after making help full payment whether the developer will you in that eventuality.

e. Enquire about the reputation of builder from financial institutions, brokers, friends and his present customers.

v LOCATION : WHAT IS IN THE VICINITY

1. Before finalization of deal of the house, check its location. Ensure whether the public conveniences (like railway station, bus stop, and hospital etc.) are at the same distance as claimed by the builder.

2. It is better if the hospital, school, market and temple etc. are at a walking distance from the house. If the same are at a little distance, then what are the sources to reach them?

3. Ensure your house is not located in a polluted area.If an industrial or slum area is nearby, then it is sure that level of pollution will be high there.

4. Along with location, infrastructure is also an important factor. Do not be impressed only by location, but ensure electricity and water supply, sanitation and drainage are also proper.

5. You can also assess the future development based on the latest trend of market.. Possibly, the cost of your property may increase several folds.

v AMENITIES : HOW ENJOYABLE ARE SAME.

a) A building is fitted with various luxury facilities and to inspect same depends upon as to how much you are fond of their usage.

b) If swimming pool and health club is a part of your life, then ensure before finalization of deal that the same are available or not.

c) To day each and every developer claims to provide better facilities over the other, but don’t believe in their claims and check availability at the time of taking possession.

Enquire, what facilities are being provided for marketing. garden and sports

Dream homes become a reality

Buy property in India has always been one of the most cherished dreams for most of us. With more and more banks and financial companies coming up with interesting loan options, to buy property in India. However, certain institutions are a class apart. LIC Housing Finance is one of them.

Here are some reasons why a loan from LIC Housing Finance Ltd. means complete peace of mind.

v Lowest Interest Rates.

v Easy application, quick approval.

v Insurance-Linked security.

v Largest Network.

v No Hidden costs.

With a network of more than 100 offices in the country there is no reason why you will miss their friendly services and use for better profit during buy a property in India.

Courtesy: HT Dtd. 29-03-07

Dream Homes with LIC

Dream Homes with LIC

Buy Property in India - With a network of more than 100 offices in the country there is no reason why you will miss their friendly services and use for better profit during buy a property in India.

This is not all; LICHFL also has an overseas office in Dubai to cater to NRI demands. To be eligible for loan, you must be in permanent service or engaged in a profession or business. You should have a stable job a regular income. In fact the organization may be able to advance you a loan under their scheme if you want to:-

1. Construct buy property in India or a new House/ Flat.
2. Buy an existing house or flat not more than 35 years old.
3. Extend an existing House.
4. Renovation/ repairs to an existing House/ Flat.

The loan amount is determined on the basis of the repayment capacity of the applicant/s . Repayment capacity taken into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc. The maximum loan would be Rs.100 lakhs per unit to any individual applicant. It can be extended upto 85% of the cost of property value (including Stamp duty and Registration charges.

It grants term upto a maximum of 20 years (maximum 10 year under Griha Shobha for NRIs and maximum 15 year under Griha Lakshmi). The term of loan under no circumstances exceed the age of retirement or completion of 70 years of age whichever is earlier.

The security for the loan is the first mortgage of property to be financed by way of deposit of the title deeds, subject to local laws. You will also be required to furnish one guarantee from a person of sound financial standing acceptable to LICHFL, preferably from government/ Public Sector and then see your dreams turn into reality.

Courtesy: HT Dtd. 29-03-07

Dream homes become a reality

Dream homes become a reality

Buy property in India has always been one of the most cherished dreams for most of us. With more and more banks and financial companies coming up with interesting loan options, to buy property in India. However, certain institutions are a class apart. LIC Housing Finance is one of them.

Here are some reasons why a loan from LIC Housing Finance Ltd. means complete peace of mind.

v Lowest Interest Rates.

v Easy application, quick approval.

v Insurance-Linked security.

v Largest Network.

v No Hidden costs.

With a network of more than 100 offices in the country there is no reason why you will miss their friendly services and use for better profit during buy a property in India.

Courtesy: HT Dtd. 29-03-07