Source: Mark Moz
Buying a home is one of the most remarkable achievements in the lives of most Indians. Be it an apartment, a villa or simply a residential plot, the sense of pride that comes along with the ownership of a piece of real estate that belongs to you is unrivalled to most other achievements that you would have made in your life.
However, despite being aware of this fact, investors tend to be hesitant to buy property in Delhi NCR, as the entire process itself seems quite tedious, and those who are not familiar with the ins and outs of the real estate industry are suspected towards investing a huge sum of their hard earned money in one property. To make matters easier for first time homebuyers in Delhi NCR, we have explained the real estate buying process in an easily comprehendible manner in this post. Read on:
Step 1: Finding the right property
Based on your location, budget and layout requirements, the first step towards owning your dream home in Delhi NCR is to ascertain the ideal type of property at the right location which fits your budget. This process involves a lot of discussions with market experts, site visits to various shortlisted properties and background check of the shortlisted developers.
Step 2: Due Diligence
Once you have finalized the property that you would like to invest in, you need to conduct due diligence so as to be sure about the ownership of the property and whether it meets all necessary norms and has required government approvals. The important documents that must be thoroughly checked before buying property in the National Capital Region include government approval letters, title clearance certificates and property tax payment receipts.
Step 3: Payment Plan
Once you are convinced about the authenticity of the concerned property in Delhi NCR, the next step is to decide on the payment plan that would be most suited to your budget and paying capacity. You can either pay up front for the property in case you have sufficient funds, or you can also go for a construction linked plan by making a partial down payment (10%-20%) and get the property financed through a recognized banking institution. Financing your property through a home loan is also a good way to make tax savings, which is opted for by most salaried individuals seeking to buy property in Delhi NCR.
Step 4: Possession
When your property is ready for possession, you would need to get the ownership of the property transferred in your name, which is done by way of registry. After filing the documentation and making payment for the necessary stamp duty, the ownership of the property would be finally transferred in your name, and you would become the rightful owner of the property.