Buying a property is the biggest decision of a common man life. As he has to spend almost all the savings of his life in order to purchase that property. You have to be alert and aware of all the legal formalities related to buy that property. There are few steps you should always keep in mind while choosing the property.
1. Decide first: You should take a firm decision first … that yes I am ready to buy a property now and I can take the responsibility of loan EMI’s .
2. Decide your budget & Location: Budget will depend on individual capacity to spend on property. Location plays a very important role here… Try to look for a property near your work place. That will save your travelling time and you could spend more time with your family.. Which is very important.
3. Loan Eligibility: If you are planning to buy this property on loan always consider that your loan eligibility is your monthly salary /2 x 90. For example: if the salary is 25k then your eligibility is 25000/2 x 90 = Rs.1125000/- (approx..) . Though some banks may offer 14 – 15 lakh loan on this salary. That too if you are not having any running loan. CIBIL plays a very important role in loan approvals. So always maintain a good CIBIL score.
4. Down Payment: down payment could be anywhere between 10 – 30% of the total cost of the flat. So if you have 4 lakh in hand then look for a property of value somewhere around 20 lakhs.
5. Look for a Good Consultant: Here I am not using the word Dealer…. Because a dealer will only show you the property , crack the deal , take his commission and move on. But a consultant will not only show the property , take responsibility of loan and legal procedures. He will be with you till you are shifted in to your property.
6. Property Hunting: Now that you have decided your budget and location. Your real hunting starts from here … look for a property with registry. Because GPA (General Power of Attorney) is not a valid document in Delhi NCR. Sometimes you could find yourself in trouble with GPA property.
7. Check Legal Title Documents: Always check the title documents of the property before making any payment which is very important. If you are going through a consultant he will take care of it. If you are satisfied with all the things then go ahead.