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Things You Need to Know Before Buying Your Dream Home

Home in India is not just the property constructed with bricks to have a shelter and so, decision to buy a house is generally a very crucial decision. In any case, it is important to understand the whole process and be prepared for it.

Imperative things to remember before purchasing home

Whether you are buying home for the first time or adding one more property to the list of investment, you need to be careful while buying your dream home. Consider the following questions before you make decision:

 

Where are you investing?

The first step would be to analyze the area and surroundings. This will help you in understanding the amenities offered and availabilities of hospitals, schools, markets, etc. The cost of house also depends on the area and locality. You must have clear vision about your requirements and subsequently you must check for aspects such as the area, number of rooms, locality, builder, etc.

 

Are you opting for a home loan?

You need to have substantial amount of capital in hand to buy a house. If you are planning to buy the home loan, you must check home loan interest rates from various banks. You must check your eligibility before applying for a loan. If you pay the down payment and fail to avail home loan, it will create problems. You can check various quotes for home loan online. You must have funds to cover up your 6 EMIs anytime. You should always go for floating point interest as it will lower down your home loan interest rates with the passage of time.

 

How can you avail tax benefits?

You can gain a deduction of up to Rs. 1 lakh on the interest of the home loan that you repay under Section 80EE. There are a few terms and conditions to avail this benefit. Your sanctioned home loan must not exceed Rs. 25 lakh and value of property must not exceed Rs. 40 lakh.

 

Are you getting enough clearing certificates?

  • If you are buying home from a builder, you need to make sure your property was completely under builder’s right. Always check title deed before buying from the builder.

  • If you are going for a resale property, you need to check about the loan clearance. Make sure you attain the release certificate to have proof that loan for the land is paid.
  • Land should be free from all legal dues.
  • In case of buying resale property, it is important to receive property tax receipts from the owner. You should also get the home plan verified by the Development Corporation.

Buying your dream home is a big decision and you must be fully prepared for it. Doing some background check as described above will help you better.

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