You may see SMS msgs to buy a property, house or plot in Mumbai but are they really true? Find out the real meaning of certain marketing messages by builder companies and how you can stay away from fraudulent builders and get the best purchase deal while buying house in mumbai
# “Book now. Prices are expected to move up very soon”
Check movement of capital values in the area since the past one year. If there has been a rapid rise in prices, find out the reasons.
# “Last few flats left, book now”
See the number of potential home buyers who have come to meet the real estate agent. Visit the building site to see the progress of construction. Check the the speed of activity in adjoining sites. Seek advice from people in online forums
# “Prices are on their way up”
Be patient; wait till you find a home that fulfills your requirements. Real estate is no different from other type of assets. If prices go up during a particular period, the value will also come down during a downturn, it is cyclical.
“Book now and get free gifts”
Find out the monetary value of the gift. Go for a house that can fulfill your needs and requirements. Do not let the freebies on offer dictate your decision.
# The project is located a km or so away from the proposed metro station/airport”
Do the essential due diligence on the planned project, starting from the website of the authority concerned. Visit the area. Base your decision on the existing infrastructure.
# “No EMI till possession”
Find out how much additional the developer is charging because of the offer. Check all the terms and conditions.
# You are shown the sample flat and advised to buy on the basis of that
Insist on checking the area that is being provided in the layout of the actual flat. Get an idea of the ratio between the carpet area and the super-built up area.
# You select the property, pay the booking amount, but the lending institution does not approve the amount of loan as per your requirement.
Take the help of an appraiser before you sit down to negotiate. Apply for a loan with at least 2-3 home loan companies. Choose the housing financing company that gives you the loan at the best rate of interest, and of an amount that’s nearest to your agreed sale price.
#You have selected the property, even paid the booking amount to the developer but the lending institution refuses to approve the loan to you
At least 6 months before you plan to take a home loan, apply for a copy of your credit history from Credit Information Bureau (India). In case there are any discrepancies or confusion, get them sorted. If you have been servicing other lines of credit, make sure you do so frequently
# You pay the booking amount to the builder but the lending institution refuses to approve the loan for the said project.
Check if the developer or builder has a tie-up with any home loan financing company (HFC). Find out if the project is viable and sound. Take the HFC’s help to find out the authenticity of the property title, the authorized plan and the required clearances
Tuesday, August 17, 2010
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