Planning to buy home? Look what you need to know

July 15, 2009

Well it all starts from

  1. Searching Home
  2. Check the payment mode which you want
  3. Look into Developer agreement
  4. Have close eye on Property dealers
  5. Choose the right bank/HFC (housing finance company)
  6. Once you buy then

Ways of Searching Home

  1. Start looking into advertisements in local newspapers
  2. Better to approach the bank or the HFC as they already have list of pre approved builders / developers listed.

Check the payment mode which you want

Choose from the 2 available payment modes

  1. A lumpsum upfront payment when you choose this you have chance of getting 5-10% discount (But I would said not to opt this one)
  2. One that is construction-linked – best option to go with

Look into Developer agreement

Check for

  1. Exit clause
  2. Approved building plan are made a part of the agreement

Have close eye on Property dealers

  1. Don’t belive them blindly
  2. Check creditibility before you select

Choose the right bank/HFC (housing finance company)

Look at its response to interest rate movements. Look at how it revised its rates during the boom period. Choose an institution that is proactive in changing its home loan rates when interest rates move up or down.

From December 2009 you will have access to your credit score. Use a good credit score to get a better rate of interest on your loan.

Once you buy then

  1. Regularly visit the construction site to check the progress
  2. Get in touch with others invested in the project.

Check rediff to know more

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