Tips For First-Time Home Buyer In Bangalore

Are you at that point in life when you are considering buying a home? It is a tough decision to make and the whole process can seem daunting initially. But if you keep in mind certain suggestions, it will be easy for you to take the plunge. Here are some tips that will help you make the right choice:

Get in touch with your own needs

First, you need to understand your needs. Ask yourself why you are buying a house. Are you buying a house for investment or to move in? Also, you would need to understand what your lifestyle and budget are. Would you prefer a cosmopolitan locality or would you prefer a locality that you have always grown up in? How big should your home be? What is your priority - schools in the vicinity? Office a stone's throw away? Ask all these questions and jot down your answers honestly. Once you get the answers to all these above questions, you should zero in on the locality, the BHK requirement and the budget.

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Budgeting is important

Have an adequate buffer after allocating funds for a down-payment. Banks offer between 80 and 85 per cent of your overall home loan, and the down payment would have to be your remaining 15-20 per cent. Make sure you have enough earning capacity to manage monthly cuts from your salary. You should have a buffer of at least four EMIs in case you have to forego your job.

Start scouring for ideal projects

Once you are confident that you have the financial stability needed for a home, start your search. Ask friends, colleagues or family for recommendations. Since you already have a fair idea of the locality, check if reputed builders or developers have projects lined up in that locality.

Check documents and credibility of builder

Do a background check of the builders; see if they have projects elsewhere, and whether promises have been delivered. Seek documents - the important documents are the deed that helps you trace land ownership aka mother/sale deed, khata and updated tax-paid receipts, joint development agreement or JDA, encumbrance certificate or EC, plan approvals, sanction plan, NOCs and occupancy certificate (OC).

Sign the sale deed

Get a sale deed done only after checking all documents and amenities offered. Check if the builder is actually offering/delivering everything promised.

Time to register property

Once you are absolutely sure about all aspects, you can go ahead and get the home registered. Make sure the actual owner is there during registration. You would need to pay a stamp duty of 5.6 per cent of saleable value and registration charges of one per cent of the property value. These charges vary between states, and stamp duty could also change every now and then.