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Complete Insight into Purchasing a Property in India

Home -> Complete Insight into Purchasing a Property in India

Planning to purchase a property in India & getting really confused about what steps to take! Don’t worry you have come to the right place. Here you will get a complete idea of buying a property in India.

There are a few steps you need to know before purchasing a property in India. But don’t get caught into superficial ideas, you must have basic understanding & you need to make the logical decision based on facts & reality, so you will not have to feel troubled while buying a brand new property for yourself.

Things you need to keep in mind are:

  1. Research – Start your research by knowing your own requirements such as area, no. of rooms, parking, garden, garage, independent or apartment, etc. After this start reading newspapers, websites & magazines, where you will find no. of advertisement for different types of property that you would prefer to purchase.
  1. Know your budget – Know what price range suits best for you to purchase the house that fulfills your living needs. Start touring homes in your price range, hire an agent & convey your requirements to him. 
  1. Investigate the house – Start your search early & investigate the houses as per your needs such as whether it is spacious, have enough no. of rooms, properly ventilated, required water supply, etc. Get a house inspection done so that you will be sure & satisfied with the results you want.
  1. Additional Costs –  Once you find the best-suited house for you, check for additional costs you might be needing to spend. Check whether the house requires any fixes or repairs. By making sure that all you need is in perfect shape & fixed, the house is ready for you. If you find out anything that needs to fix you can ask the seller to arrange a fix on his part or make a suitable compensate in the amount of the purchase.
  1. Loan eligibility – Before purchasing a home, you should consider knowing your credit score, know how you will be managing your monthly installments with your income source. Knowing your credit score can help you assess & maintain your financial flow. Nowadays banks rely on their customer’s credit score, where they can easily access the eligibility of their customers for paying the loan.
  1.  Documents Required – Purchasing a property in India requires a lot of paperwork & diligence. Knowing what documents you might require to purchase a property can keep you out of delaying the process of purchasing your own property in case of negligence of incomplete documents.

The following are the documents you will be needing while purchasing a house in India:

  1. Identity proof
  2. Address Proof
  3. Employment details
  4. Age Proof
  5. Income Proof
  6. Pan card details
  7. Passport (In case of NRI)
  8. Passport size photographs
  9. Sale/Purchase Agreement
  10. Income Tax clearance
  11. Stamp duty and registration
  1. Close the Sale

Once everything sets in place, its time to close the deal. You will be required to sign the paperwork at the time of purchase & if you are borrowing money from the bank, it will take a few days for your loan to be funded. Finally, when you complete the purchase process, you are ready to take over your new home.

I hope you have got the basic understanding of purchasing a house in India & this information could have set a base for you to start & make you move towards your purchasing process. Happy Purchasing!

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