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Gynelle Alves |
So, in order to ease our readers' minds, we decided to pen down some common home-buying doubts and offer some solutions to them:
*Is it safe to go ahead with the deal?
All buyers face this doubt at some point or other during the home-buying process, especially after the deal is signed. Basically, if you aren't sure if the deal is clean and fair, ask to see the property papers and take it to a legal expert. Check the NOC, conveyance deed, title of the property, agreement template etc before you sign on any papers.
Ideally, approach a seller through a bank, as the bank will only recommend a property or approve a loan if all the legalities are in place.
*Will I get enough home loan?
There's no need to fret over the amount of loan you'll get. Approach a bank and see if you can get a pre-approved loan. Or before you even apply for a loan, take a property value appreciation expert from the bank with you to see the property and know how much loan you'll need to apply for. S/He will also guide you on your eligibility.
Today you don't really need to worry about getting the home loan sanctioned; rather the worry is with whom to apply and what percentage will get sanctioned. But make sure that you don't take a loan from any unknown institution as many buyers fall prey to scams because of lesser interest rates.
*Is this it my dream home?
This doubt is similar to the one most of us face in the matrimony market 'Should I settle for this person as a life partner or will I find someone better than him/her?' But the reality is there is no such thing as the perfect partner or home. In Mumbai, no property is a bad deal unless there's a litigation going on it. Rather than worrying over whether you'll get a better deal if you look at few more options, grab the existing opportunity if it meets your budget and 70 per cent of your wishlist.
If you are still unsure, take your partner along with you. Check out the infrastructure that will come to your help if you settle down in this locality.
*Will I ever get possession of this house?
If you have been biting your nails fretting about why you haven't still got the keys of your house even after making all your payments, then you have to understand that only patience can come to your rescue. There are many legalities and formalities that the developers have to go through before they make the handover. But if you keep insisting on getting a possession even before the developer gets an OC from the BMC, then you'll be the one who'll have to face irregular or no water supply, electricity and so on.
However, make sure there's clear communication between you, the seller and the financial institute and the possession doesn't get delayed because of some hitch from your end.
