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If you have made that all-important decision about buying your dream home, there are a few pertinent boxes to tick off before you seal the deal.
Take a look at this checklist:
Builder’s credibility
Look for developers with an excellent track-record in terms of quality and execution and one that is registered under the K-RERA, the regulatory body https://rera.karnataka.gov.in/home . Only the credible developers like http://www.hmconstructions.com/ who can deliver effectively on the regulatory requirements have emerged as true winnerss. This in turn benefits the buyers immensely as now they are assured of a quality product within stipulated timelines, hence, making their purchase decision a risk-averse one.
Building documents
How do you ascertain if your future home is strong and clear of deviations or violations of building codes? During a site visit, take a registered civil engineer with you to ask relevant questions regarding the design, structural aspects, quality of the construction materials, floor specifications, etc. Regarding new buildings, ask the builder to show you the approved plans and Occupation Certificate (OC) to satisfy that no illegalities, which may endanger the safety of the building, have been committed. Under RERA, you as the buyer is entitled to inspect the above documents.
Property paperwork
As a home buyer you can obtain:
- Occupation Certificate/Building completion certificate along with copies of the plans
- Details of whether the developer has formed a society/association and if so, when
- Whether the developer has conveyed the property in favour of the society/association and if so, when
- Latest property tax bill, electricity bill and society maintenance bill along with proof that the same have been paid.
Sale deed
A sale deed is the core document that acts as a legal proof for the sale and transfer of ownership of the property when sold by the owner. The deed consists of the detailed information of the property which is mutually decided between the buyer and the seller. The agreement consists of details like terms and conditions, purchase price, and so on.
A sale deed has to be mandatorily registered in sub-registrar office in whose jurisdiction the property is situated. This document holds utmost importance if you plan to sell your property in future.
Stamp duty
Every home buyer has to pay regular stamp duty just like the owner of the property needs to pay the property tax. The stamp duty is paid on the agreement value of the property or the market value whichever is higher. Market value means the price at which the property could be purchased in the property market on the date the stamp duty is executed. Stamp duty in Bengaluru is 5% for property above Rs 35 lakhs plus 1% registration charges in urban areas.
https://kaverionline.karnataka.gov.in/Layout/Layout
Home loan tie-ups
Several developers have tie-ups with banks and Non-Banking Financial Companies (NBFCs) to disburse housing loans. You have several advantages because of this including the fact that the project is preapproved by the lender. Hence, processing and due diligence time are minimised.
Before the house warming!
Just before you send out those invitations for the house warming, make that final look-over of your new home to see if everything is in order. If you had employed the services of an interior designer, you might need to check if the work is completed to your taste. Check if the wiring, plumbing, home automation systems installed, etc are in working condition.
Happy house-warming!
Unique scheme
HM Constructions http://www.hmconstructions.com is a popular construction group with several residential and commercial projects scattered around the city. Each of the homes is built in a way to offer maximum space and comfortably accommodate a family of four.
The unique scheme lets you book any of our spacious units of your choice at a token amount of Rs.10,000 only. Since the units are ready-to-move, you can finish up the formalities and move into an apartment of your own in just 10 days. What’s more, once you move in, you can let HM take the burden of your EMIs! The EMI Holiday Facility lets you postpone your EMIs by 10 months so that you may enjoy your stay at HM Indigo for nearly a year before you start paying the EMIs.
So, stop worrying about your monthly rental and book an HM Indigo apartment http://www.hmconstructions.com/projects/details/hm-indigo today.
Call us on 8880225555 and we will help you find a home that suits your lifestyle, falls within your budget, and is close to all that you would need throughout the year!