Following is the procedure:

1. Survey of Location

Find out whether the location is close to amenities such as apartment complexes, shopping malls, recreational facilities, industrial belts, and schools.

2. Analysis of the plans and policies of the local civic bodies.

3. Prepare the necessary documents:

• Salary slip
  Statement from bank for the previous financial year
• Identity proof, PAN card
• IT returns of the last three years
• Whole set of house documents
• Form 16 for the previous 3 years
• In case of flat (if you will have to furnish it), the MoU between the builder and you
• Written statement from developer about the advance payment
• NOC from the developer

Homework before buying a Home

Here are some tips that will make your dream of owning a property and the journey involved easier.

1. Choosing the Right Property

Try and get all the information about the builder and the price of the property you are willing to buy in the market along with other general information.

2. Buying a Pre-Launch Property

Many times developers build properties according to the need of the market within a limited time. This is called soft or pre-launch. This property is cheaper than others by 10-15%.

3. Broker’s Fees

If you plan on buying a property through some broker then his fees will be decided by the property. His fee is to be paid, first, when giving the token money and second, at the time of registration.

4. Token Money

Once you have decided to buy a property, token money is to be paid at that time. According to the price of property token money can vary from Rs.50, 000-5, 00,000. It can vary according to the agreement.

5. Preparing the Budget

Actual price is often known as the Base rate. There are some other prices like car parking, society or club membership, electricity and water. Add all these up and then finalize your budget. Other than this you will have to pay for stamp duty and registration charges.

6. Down Payment

Under-construction or ready flats have different down payment schemes. After giving the token money this comprises of 10-20% of the actual property cost in case of under construction flats where as for ready made property down payment is all the money minus token money.

7. Bank Loan

All procedures regarding bank loan must be completed before giving the token money. Bank decides the credit limit after checking property papers and your income details.

8. Property Registration

After giving down payment and receiving letter of approval from the bank, you must get your property registered.

9. Flat Possession

After the work is finished developer gets a certificate and thus he hands over the property possession to the customer. Customer should check all the details and clear all payments at this time.

10. Facilities Provided by the Builder

After the possession has been given to the customer, builder has the maintenance responsibility of 18 months.

11. Housing Society

After the completion of maintenance period the developer makes the housing society. They get a bank account in the name of the society. This society chooses its representative’s and continue the maintenance work throughout.