You have just made a deal with your property dealer or builder in Mumbai to buy a particular house. Your mind is set to buy it, but when you go to give the token amount, the sellers has other ideas. It is better to make sure that your token amount is secure while buying a house in Mumbai:
1. Solution to seller who has second thoughts: If that flat is not in your luck, it is because of the business minded seller who has other ideas and options. Even if you have finalised the deal, the seller will wait to see if someone else can give him a higher offer. If you have not signed on the dotted line, the seller will look for someone else. He will also look have options for redevelopment and decide to wait. Under these conditions, you cannot do anything except use your charm to serenade the builder into waiting for you. Make sure the seller is genuine by making enquiries with the broker or with neighbors. Register the deal immediately after book the flat, so that the builder in Mumbai or seller has no second thoughts.
2. Solution to Less loan eligibility: With banks looking to offer home loans, the general perception is that it is very simple to get one. However be prepared for only 80 per cent of loan sanction amount, when you assume that you will get at least 90 per cent. It is always better to check your loan eligibility before you sign a deal. Go to the bank you wish to take the loan from and check how much loan amount can be sanctioned. Also check whether the property that you plan to buy will get loan approval or not. If you still fall in the trap, ask for money from immediate family members or friends.
3.Solution to exigencies and emergencies: Unseen and unplanned situations arise when you dont want them to. A tilt in your financial status can spell danger when you want to buy a house in Mumbai. A job loss or a personal crisis that saps your budget can make you depressed. The solution is to keep a lumpsum amount aside in fixed deposit or recurring deposit, so that you hands are not completely tied. Also go for health insurance for all your family members.
4. Misplaced documents: Lack of relevant documents can stall your home-buying enthusiasm. The problem is compounded if you want to sell your existing flat for a new one in Mumbai or any other place. The solution to this is to keep all the relevant documents in a file. Start collecting all those documents now and arrange them neatly in a file.
