FREQUENTLY ASKED QUESTIONS
FAQ
FREQUENTLY ASKED QUESTIONS
AM I READY TO BE A HOMEOWNER?
Purchasing your first home is a major milestone and not a decision to be taken lightly. It’s a huge financial commitment. You need Financial stability. It requires down payment to the range of 5% – 20%. eg: so for a 1 crore home the down payment will range between 5 lacs to 20 lacs. And you need a steady source of income that can easily cover your mortgage payment.
IS RENTING OR BUYING BETTER?
For the short duration Renting is advisable and for the longer duration Buying is the better option. As your Rent amount will be useful for EMI.
WHAT IS STAMP DUTY?
Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers. You can claim tax incentives of up to Rs 1.5 lakh on stamp duty and registration charges on a new property purchase or construction of a house. However, these benefits are available for only one self-occupied property.
WHAT DO I LOOK FOR IN HOMES?
House hunters are often primarily focused on the type of home they want. But consider that you’ll be making a long-term commitment to both your home and the geographic region. Pay attention to the home values in the neighborhood, the quality of schools, recreation options and any other priorities you might have.
DO I NEED A HOME INSURANCE?
It is always better to cover your home loan liability and not let it fall on your family in your absence. You may either buy a pure term insurance plan or a mortgage insurance plan for an amount equal to the loan amount for a specific tenure. One is allowed to pay a single premium or regular premiums to buy any such plans. It is, however, not compulsory to buy such an insurance plan while taking home loan from the lender.
WHAT DOCUMENTS DO I NEED TO CHECK IF I AM BUYING A RESALE PROPERTY?
Clear and marketable Title, Sale Deed, Encumbrance Certificate, latest tax receipts, Occupancy Certificate, Building Plan Approvals and Possession Certificate.
WHAT IS PRE-APPROVAL?
Pre-approval is the pre-qualification for a loan or mortgage of a certain value range. … Although, to a typical consumer, “you’re pre-approved” means “you already passed the approval process and therefore are guaranteed to be immediately granted the loan.
WHAT SHOULD I EXPECT AT CLOSING?
In simple terms, home closing is the last chapter of this long home buying process. At closing, significant events include:
- A home’s title are transferred from seller to buyer
- The proceeds of the sale are distributed to the seller
- If the home is financed, the buyers sign the mortgage note
The buyer and/or seller pay other fees, too. This may include real estate commissions, title insurance, and pro-rated property taxes.
WHAT DOCUMENTS WOULD I NEED AT THE TIME OF POSSESSION?
- Original copies of the chain of title agreements and Building Plan approvals
- Original registration and stamp duty receipts Possession Letter
- Original share certificate (In case of societies)
- Proof of payment of all dues like maintenance charges, electricity bills, phone, water and property taxes up to the date of handing possession
- NOC from the Society or other concerned body confirming no objection to the transfer.
CAN I ASK YOU FOR ADVICE?
Yes, Of course…… As an agency, we are your best friend and give you several tips or advice – if you ask the right questions!
Let's Find You Together the Place You Deserve
We aim to help you find an ideal place to live within your budget and fulfilling all your desire preferences. We are dedicated to provide you advance and innovative platform, also we completely understand how important is to connect with true specialized to get your job done. We are RERA Registered and our Reg. No. is A52000008287.