What Should I Know Before Buying Property In India?
Buying property in India can be a significant financial decision. Here are some key things to consider and steps to take before purchasing property in India:
Legal Due Diligence: Ensure that the property has a clear and marketable title. Verify the title deed, ownership documents, and all relevant legal clearances from local authorities.
Property Verification: Verify the property details from the local development authorities to ensure that the property is not involved in any legal disputes or encumbrances.
Check Encumbrances: Verify that there are no legal dues, mortgages, or loans pending on the property. You can obtain an encumbrance certificate from the sub-registrar’s office to verify this.
Approved Layout Plan: Check whether the property has been constructed according to the approved plan and has all the necessary approvals from the local authorities.
Builder’s Reputation: Research the reputation of the builder or developer. Look into their track record, past projects, and quality of construction. Reading customer reviews and visiting completed projects can provide insights.
Property Value and Market Trends: Research the property’s market value and trends in the area. This will help you assess whether the property is reasonably priced and has the potential for appreciation in the future.
Financing Options: Explore various financing options and home loan schemes available from different banks and financial institutions. Compare interest rates, loan tenure, and other terms and conditions before choosing a lender.
Location: Evaluate the location of the property, considering factors such as proximity to essential amenities, public transportation, schools, hospitals, and commercial hubs. A well-developed location with good infrastructure often has better prospects for value appreciation.
Property Tax and Additional Costs: Understand the applicable property taxes, registration fees, stamp duty, and other additional costs associated with the purchase. Plan your budget accordingly to cover these expenses.
Legal Assistance: Seek legal advice from a reputed real estate lawyer to ensure that all legal aspects of the property purchase are thoroughly examined and understood.
Negotiation: Negotiate the price with the seller or developer, taking into account the current market trends, property conditions, and other relevant factors. Be sure to get the final agreement in writing.
Taking these steps will help you make an informed decision and minimize the risks associated with buying property in India.
