Follow These Tips to Ensure Better Chance of Property Purchase in 2018
Dec 20, 2017 Home Trading Steps
You might have thought or planned to buy your new home in 2017 but could not. And as the year is coming to an end, you must be planning to do the same in 2018. To help you out with this confusion, here are some tips that might improve your chances of property purchase in 2018.
Research thoroughly: it is very necessary to do your home work properly. There are many unsold inventories still lying as it is and the government might impose 8 to 10 percent tax on the housing stock that is lying over a year. Hence the developer might reduce the price further from the next financial year to avoid giving tax. So study and analyse the market. Start working at a very initial stage.
Improved score: if your home loan application have got rejected or you are not getting the desired amount as a home loan then you should try to improve your poor credit score. Start with pre-paying your existing loans, finish off your other loans like auto loans or personal loans, pay all your bills on time.
Organise your documents: make sure that you have arranged all your important documents starting from identity proof, address proof such as voter id card, Aadhaar card, pan card, bank statements, salary slips. IT returns among others. Aadhaar card is very crucial as the government has made it compulsory to link all your documents and accounts with Aadhaar, so if you don’t have an Aadhaar card yet, get it made immediately.
Pre-approved loan: try to get a pre-approved loan. If your seller knows that you already have money ready for you then they would be easy with you and you would be in a better position to negotiate. Also as you have restricted funds, so you know your budget and would be able to zero your options accordingly.
Better pay package: if you are not getting paid well in your current job then look for a new one where you could get a substantial rise. It would help you to have a better home loan amount. But do remember that before applying for the home loan you need to stick to the company for at least 6 months as the banks usually demand at least 6 months salary slip. Financial institutions do not prefer regular job hopping. Hence plan accordingly.
Stay calm and patient: don’t lose your hope! So it is very important to be composed throughout the entire process. The market is buzzing with lucrative offers and discounts, home loan rates are also low but you have to be calm and pick the best for you with our getting cheated. So be well aware and have patience at the same time.
Research thoroughly: it is very necessary to do your home work properly. There are many unsold inventories still lying as it is and the government might impose 8 to 10 percent tax on the housing stock that is lying over a year. Hence the developer might reduce the price further from the next financial year to avoid giving tax. So study and analyse the market. Start working at a very initial stage.
Improved score: if your home loan application have got rejected or you are not getting the desired amount as a home loan then you should try to improve your poor credit score. Start with pre-paying your existing loans, finish off your other loans like auto loans or personal loans, pay all your bills on time.
Organise your documents: make sure that you have arranged all your important documents starting from identity proof, address proof such as voter id card, Aadhaar card, pan card, bank statements, salary slips. IT returns among others. Aadhaar card is very crucial as the government has made it compulsory to link all your documents and accounts with Aadhaar, so if you don’t have an Aadhaar card yet, get it made immediately.
Pre-approved loan: try to get a pre-approved loan. If your seller knows that you already have money ready for you then they would be easy with you and you would be in a better position to negotiate. Also as you have restricted funds, so you know your budget and would be able to zero your options accordingly.
Better pay package: if you are not getting paid well in your current job then look for a new one where you could get a substantial rise. It would help you to have a better home loan amount. But do remember that before applying for the home loan you need to stick to the company for at least 6 months as the banks usually demand at least 6 months salary slip. Financial institutions do not prefer regular job hopping. Hence plan accordingly.
Stay calm and patient: don’t lose your hope! So it is very important to be composed throughout the entire process. The market is buzzing with lucrative offers and discounts, home loan rates are also low but you have to be calm and pick the best for you with our getting cheated. So be well aware and have patience at the same time.
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