What is the step by step process for buying property in India?

In my opinion, a

home buying process

in India requires one of the most time-consuming procedures and significant personal investments. If you have bought a home, you will agree with me. Buying a house is a once-in-a-lifetime experience, so homebuyers are emotionally invested in the process from the beginning.

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Process of buying property

Any guide to purchasing an apartment will state at the start that one needs to determine a budget, location, and requirements based on individual or family needs. But after that, when it comes to making the final choice, we reach the realm of the Indian real estate legal system.

Here is a breakdown of the key steps to buy a property in India to make it easier for you to comprehend.

Begin to identify properties

Start looking for potential real estate options in the areas of your choosing. Make sure the homes you select adhere to the list of your primary home-buying criteria. Make a list of everything you observed in each place, as well as photos and videos. Gather them all together and sit down to create a short roster.

Knowing your financial capacity

A critical factor is the property's price. Be aware that there are additional overhead costs in addition to the cost of the land. Stamp duty, legal costs, brokerage fees, property taxes, etc. are included in this. When you locate a property that is within your price range, start looking for a bank that provides a home loan with a competitive interest rate.

conduct regulatory due diligence

Make certain that the developer or seller has the property's title whether you are purchasing a main or secondary property (the right to sell). Find out everything you can about the housing society's occupancy and safety permits if the property is one.

Consider these before the property purchase process

• Verify that the development is approved and completely legal by looking at the project's sanction plan.

• Check to see if the seller has not broken any building bye-laws that are unique to the location.

• Don't neglect to obtain no-objection certificates (NOCs) from the authorities in charge of water, electricity, and land ceiling.

• Make sure the land is free of any encumbrances.

• Understand the funding process.

• Fix your mortgage after choosing your monthly schedule. Get all of your tax, income, and property-related documents together, then file for a mortgage as soon as you can.

• Developer/Seller and Buyer shall execute a Sale Agreement. It serves as evidence that the purchaser is now the property's legitimate proprietor. To ensure that the deed contains all the details of your home, review it again.

• After completing all necessary formalities, taking possession of your home is the very last and final stage. It is now up to you to file the selling deed with the neighbourhood municipality and have the property registered in your name.

I hope this was helpful to you in understanding the

home buying process.

Read More: What documents are needed while buying resale property What documents do I need before buying a property in Bangalore? 

Hi, I am assuming that you are looking for points to consider for buying property before doing the paper works. Here are a few things which you can consider before buying a property in India: 1. Title Verification Title verification is the basic and foremost important thing you should do before buying a property. Title verification will help you understand the existence and validity of the property title. You should consider the property only if it is free from mortgages or previous unpaid dues. 2. Seller’s Identity Verification After title verification, the next important factor is the seller's identity. You should insist on the seller and get their legal documents like a PAN Card, Aadhar Card, etc verified. If the seller is an organisation, check for the company’s registration, TAN number, etc and other related documents. 3. Construction Approval Now, it is very important to verify the building or layout plan. Check with the local bodies if the plan is approved by them. Also look if there are basic amenities like water supply, electricity supply and so on. 4. Document Verification Next step is the verification of documents of the property. These include the type of land – residential, commercial, industrial, non-agricultural, mixed-use, etc; check for OC (Occupancy Certificate); property tax papers and so on. 5. RERA Compliance Last but the most important. Check whether the property is registered under RERA (Real Estate Regulatory). You can simply do this check on the RERA website. You can also check if there are any cases or complaints filed against the developer, defaulted payments by the developer, etc.

Buying a home is a lifetime decision and there are multiple factors that you need to take into consideration when deciding on buying a home. You will need to decide on the budget, location, BHK, your credit score, shopping for a home loan, searching and finding properties, shortlisting and finalizing one. www.NoBroker.com can help you have all this done from the comfort of your home.

Due to the Corona virus Pandemic, the entire economy has shaken up. Today, many major industries are facing an economical crisis and the real estate industry is no exception. According to a few reports, the property prices in major cities have gone down drastically. Analyzing this, many real estate advisors say that it is a great opportunity to invest in real estate right now. Owing to this situation, many builders and developers are coming up with various schemes and offers to attract customers to sell the properties which are otherwise lying useless. This has made them lower the property rates as compared to the times before the lock down. Apart from that, there has been a reduction in interest rates on home loans by all the major banks.