tips to consider while taking an apartment
Buying a new flat or apartment for yourself is one of the most crucial decisions of your life. It involves huge financial investment and hence, you must keep few things in mind before buying the property. Before looking for an apartment, it is important to set a budget for yourself and look for the property in that price bracket. Once the builder quotes the price for the apartment, compare it with neighbouring areas to verify the price. Next, you should check the location of your apartment. You should look for a place that is conveniently located near your place of work or an educational institute that you’re attending.
You must also make serious inquiries about the plot of land, its legalities, and various other aspects to avoid any legal disputes in the future. As a buyer, you should have a clear knowledge of the timeline for possession. Generally, most developers seek a 3-6 month grace period for final delivery of the project. If you don’t get the possession on time, they will be entitled to pay you a monthly penalty. You also have the option to take a loan from banks. There are several banks and NBFCs that offer home loans at lucrative interest rates.
Some contractors also provide assistance in this regard as they have legal tie-ups with various banks. Lastly, when you select an apartment of your choice, you can book it by giving a token amount and in return, you get an allotment letter. Then the buyer, bank and the builder sign a tripartite agreement for the rest of the amount.
So, if you are planning to buy a new apartment, you must consider the above-mentioned factors before signing the final deal!
RELATED: 7 tips to consider while taking an apartment
You must also make serious inquiries about the plot of land, its legalities, and various other aspects to avoid any legal disputes in the future. As a buyer, you should have a clear knowledge of the timeline for possession. Generally, most developers seek a 3-6 month grace period for final delivery of the project. If you don’t get the possession on time, they will be entitled to pay you a monthly penalty. You also have the option to take a loan from banks. There are several banks and NBFCs that offer home loans at lucrative interest rates.
Some contractors also provide assistance in this regard as they have legal tie-ups with various banks. Lastly, when you select an apartment of your choice, you can book it by giving a token amount and in return, you get an allotment letter. Then the buyer, bank and the builder sign a tripartite agreement for the rest of the amount.
So, if you are planning to buy a new apartment, you must consider the above-mentioned factors before signing the final deal!
RELATED: 7 tips to consider while taking an apartment
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