Attain the relevant guidance and put an end to your fears regarding the Real Estate

The Reduction in Stamp Duty Charges BOON OR A LOSS for the Real Estate?
The Changing Parameters & The New Norms in Real Estate

The confusion of choosing the right home in this era is contemplating. There are a lot of options available in the real estate, but no thorough guidance to the procedure of selecting a
home that is suitable for your budget and criteria. Contemplating projects with intricate designs & inimitable infrastructure along with the ease & convenient accessibility towards essentials are of utmost importance. Certain essential aspects are to be considered
and looked upon before buying/purchasing or investing in any of the flats. 

Here are the 6 points that would assist you to attain a good deal:

1. Vicinit

Before buying a flat, the very first thing to look for is the vicinity/area & the surrounding. The locality you choose to live in should be convenient & easy to commute. It should be a prime location with a peaceful residential vicinity without any dumping zone or an industrial area nearby.

2. Possession date:

The delivery and possession date of the flat should be as promised & confirmed in the agreement. If the builder delays the possession date, then you can file a complaint with your grievances & loss suffered to the relevant forum involved in resolving disputes.

3. Provisions within the building & Accessibility of essential services:

Facilities mean the provisions within the building as well as outside the boundaries of the building. It should consist of facilities/amenities that lead to a healthy & contented lifestyle such as swimming pools, garden area, gym, jogging tracks, club house ETC. Location should provide accessibility towards the vital elements such as schools, colleges, hospitals, markets, metro stations. The building must comprise of primary facilities of intercom, fire & safety as precautionary measures.

4. The total cost of the flat:

In the beginning, you might not be aware of the actual total cost of the flat but before getting into the procedures, you should always be familiar with various cost terms. 

The TOTAL COST includes:

  • Internal/External development charges (IDC/EDC): the amount payable to the government for the development of the area. The buyer pays this fee through the builder & is a part of the total cost. Internal charges are for the development of public facilities such as road-making, drainage, etc. External charges are for the maintenance of public facilities. It is a form of tax and is not further taxable. If at all the builder charges extra tax over this amount, then you must not pay.
  • Preferential charges: usually paid for booking your choice of location or spot.
  • Parking charges: If at all you own a parking spot, there are specific charges for it. However, now parking is compulsorily included while purchasing a flat irrespective of you having a car or no.
  • Membership charges: payable for being a member of society. 
  • Service tax: paid for the services rendered by the builders. Since June 1, 2016, the tax rate is 15 percent.
5. Criteria for the application of a Home Loan:

Home loan is granted on specific terms & a definite criteria.

The criteria to apply for a home loan:

  • You can apply for a home loan only if you belong to the age group of 18-70 years & also should be a person earning an income of at least Rs 25000 for residents of a metropolitan city & Rs 20000 for residents of other cities.
  • A home loan can be a minimum of Rs 100000 up to a maximum of Rs 35 crores.
  • You must have a work experience of at least three years & must complete at least six months if you are currently working for another company.
  • The minimum interest rate as per 2020 for home loans is 6.90%.
6. Investment in Reputed Real Estate Builders:

Always look for properties that are constructed by reputed real estate builders, since there would be no chances of being scammed & also have good credibility. 

Overall, taking into consideration all the 6 points, it will make your way easy towards a contended buy. Indulge with us to acquire in-depth knowledge.