The word “my home” means a lot for an average citizen of Chennai. Making a decision on buying a home faces many inevitable questions and challenges like “Do I need an intermediate or can I just go through the DIY’s online?” “How can I make an offer that is affordable for me?” And “Whether those place and surroundings are family friendly and fulfill all my needs? ”
Now the time to erase all the worries and uncertainties about buying your dream home.
Yes, We are here to help you to find your own home within your own budget at your favourite place in Chennai.
With the home-buying season in full swing, here is a checklist before you step into the housing market!
Finding a home in a locality within a budget totally depend on your requirements and your convenience. Factors like distance from the workplace and children school, the presence of transportation, water, shopping and other basic facilities, average living budget, all-around security etc. have to be considered while deciding the location for living.
For instance, let’s take a look into Sholingnallur which is surrounded by IT-based suburbs with more job opportunities and it is the place where next metro train project going to happen by Tamilnadu Government. Such factors will provide a great living experience and exposure.
When we talk about budget A middle-class family man/woman cannot to afford a two-crore rupee house. Hence, a proper house with an affordable budget within the buyer’s constraints must be selected. Not all dealers going to fulfill your budget interest, but there are builders like Casagrande and Alliance groups who understand their customers well.
3.Valid Credit score
This idea is purely made for those who are buying property with the support of a loan.It is a measurement that shows how you will turn out to be as a borrower based on your previous payment history.
A figure closer to 900 will give the credit bureaus greater confidence in your ability to repay the loan which leads to immediate approval of loans. A score of over 750 is considered a good sign to grant loans. However, if you’ve fallen below the mark, you aren’t alone. It might, however, jeopardize your chances of getting any financial support.
4.Home loans and EMI
As said before people who need the support of loans have to give some attention on mortgage and EMI. Banks all over India are ready to pay up 80% of your home’s price. However, lenders would like to see 20% of the costs as a down payment. But, this 20% is no easy sum, taking over 5 years of your working life. Not to forget the additional fees for insurance, appraisal and the like. As a first-time home buyer, make sure that your monthly loan EMI does not exceed 40-45 percent of your monthly income. Also, with an increase in income, increase your repayment capability to put yourself in a financially secure sector. The last thing you’d want after finding your dream home is to be held back by the down payment.
5. Finding a Real estate agent
As real estate dealings adopted online media to communicate with different clients, realtors and builders now anybody from anywhere can seek the help of a real estate agent to find a home. However, their professional expertise and a deep understanding of the market will definitely make us easy to play a role in this buying procedures. It is, therefore, important to know
6.The initial offer
Once you’ve found the home of your heart, you might probably want to fast forward the procedure before anyone else gets their hands on the property. Analyze the pattern of sales in the neighborhood and come up with a competitive offer. Go by the market trends. The offer made must be smart, that is, neither too much, and neither too less. Agents are adept at figuring out tomfoolery offers made and will see right through them.
Before closing the deal, try, one last time, if you could crunch the numbers. Weigh in the closing costs, moving expenses and the like to work it in your favour. Finally, have a lawyer to review the paperwork.
The paperwork predominantly includes:
- Sale deed/title deed /conveyance deed
- Building plan sanctioned by a statutory authority
- Layout approval plan sanction
- NOC from electricity department/pollution control board/water works/ airport authority
- Supplementary agreement/ratification deed (if any)
- Allotment letter from the builder/co-operative society/housing board/BDA.
- Approved plan of construction/extension and license for construction.
- Detailed cost estimate/valuation report from chartered engineer/architect (if applicable)
If all of this works in your favour, seal the deal! You are now an owner of a property, and a celebration is all that is left on the list now!