Buying a home is among the significant milestones in a person’s life. Purchasing a property is a major undertaking in terms of financial profile as well, especially for those in the middle-class strata of society. It’s always a pleasure for us at Subha Builders to witness the genuine smiles on a new homeowner’s face upon handover of the property. What about the journey to get there, however? If you’re at the starting block and looking to embark on this momentous journey, no worries, Subha Builders has got you covered? Let’s take a look at the process of home buying in a nutshell.The Parameters
- Property Type: Do you want an independent house or a flat in a gated community?
- Connections/Location: Where should the property ideally be? What infrastructure do you require in the vicinity?
- Carpet Area/Facilities: How much living area do you need (2-3 BHK)? Are amenities like swimming pools important to you?
- Urgency Factor: Would you prefer a property that’s ready-to-move-in, or under development?
Once you have concise answers to these questions, we can move on to the logistics of home-buying.The Financials
We at Subha Builders understand that every prospective homebuyer will have a unique financial portfolio. That being said, there are general guidelines that must be kept in mind:
- Buying Power: Take a good long look at your finances and assess your capability in shouldering this undertaking. A 360-degree perspective is key in analysing and planning for purchase on this scale, from your credit score to the EMI rates.
- Tax Benefits/Exemptions: A common mistake most first-time homebuyers make is overlooking the tax exemptions of a home loan. For instance, Section 80C warrants concessions of up to ₹1.5 lakhs on principal EMIs for first-time homebuyers. This incentivizes investment in real estate, so it’s great news for us at Subha Builders, and for you too!
- Prerequisites/Terms: Always read the fine print and know what you’re signing up for, whether it’s the home loan itself or other contractual obligations along the way.
With that out of the way, let’s head around the corner on the final lap to the handover!The Process
- Agent Negotiation: Having an agent on your side to negotiate the paperwork can streamline the process significantly.
- Booking/Down Payment: Always ensure you get a direct quote from the developer upfront. At Subha Builders, we’re ever transparent about this aspect!
- Sale Deed/Stamp Duty: Whether your property is under construction or ready for occupation, this step is a common formality. Make sure you revise the terms before signing!
- Property Handover: Last but not the least, your dream home is yours at long last! Remember, hold on to your documents even after the sale, because you never know when you may need them.A First Home
We hope the above summary made the process seem a bit more approachable for you. Subha Builders wishes you the very best on this life-changing journey!