Thorough understanding of the area, locality and whole vicinity where one if buying a property.
Fully knowing if all civic as well as basic utilities are available in the area.
Status of connectivity through transport facilities in that area and surroundings.
Quality of construction of the property being bought.
Understanding the carpet area and the built-up area of the property.
Clarity on basics like water, power, gas supply etc...
Repute and track record of the builder is one of the important aspect.
Legal verification of authenticity of all the documents submitted by the developer, which are relevant for the buyer.
RERA certification status of the particular real estate property.
Registration charges.
Stamp duty charges on registration.
Service tax.
Value added tax/ charges.
Additional advance deposits at the time of possession to the builder/ socient.
Base Selling Price.
Additional Preferential Location Charges.
Club membership details along with entitlements.
Schedule of possession.
Schedule of payment and mode of payment.
Total carpet area and other facilities.
All kinds of taxes applicable.
Occupation certificate.
Building insurance.
Penalty clause in case of delays.
Stamp duty is the tax to be paid to the government, on time and in full. Stamp duty paid document and proofs are important and legal documents to be in place.
Real estate property which has whole ownership in complete and unconditional as per the regulation of the law of land and it does not have any kind of involvement of any lessor or lessee.
Finding out how satisfies are the buyers with that builder for their earlier bought flat/ home/ any other real estate property.
Getting feedback checks done on the construction quality and friendliness, professional and general conduct of the builder.
Buyer can secure written quotation from the shortlisted builder pertaining to their details of the project like site maintenance, necessary approvals and permissions, required clearances, material suppliers, charges etc…
For any multi story apartment, the owner and the tenant have to pay multiple other charges for the services and amenities to avail. This list could from builder to builder. Below listed are some key charges to understand clearly:
Preferential Location Charges (PLC)
External Electrification Charges
Firefighting Equipment Charges
Infrastructure Development Charges (IDC)
External Development Charges
Car parking charges along with space allotment clarity
Club membership charges
There are types of home loans available depending upon the purpose for which the home loan is being taken. Common type of loans available in the market are: Hone Construction, Home Purchase, Home Extension, Home Improvement, Land Purchasing, NRI Loans. Multiple banks provide the facility, which is based upon the completion of pre-declared documentation by each bank, which is a must in order to secure any type of home loan.
Processing charges
Pre-Payment charges
Loan foreclosure charges and terms of foreclosure
Miscellaneous charges like some special documentation charges
As specified, under sector-80C of The Income Tax Act 1965, buyer gets tax benefits on both principle and interest of their respective home loans. Principle amount of loan, repayment of loan, along with savings such as PF, PPF, Life Insurance premium etc up to a maximum limit as per the Income Tax Act, will be eligible for deduction from the gross income. Interest paid up a maximum limit as specified in the Income Tax Act, will be eligible for deduction from the gross income on the loan after completion of construction. Same will be deductible from the income from that particular property.
A With the exception of purchasing land for agricultural purpose or any plantation or purchasing farm house, no permission is required to be secured from RBI for purchasing real estate in India.