Things to Keep in Mind When Buying a Property Without a Home Loan

Dev Singhraha

Relocation Expert

Home loans are the best and easy way to buy the home of your dreams. If there weren’t any home loans, it would have been difficult for most of us to afford a home. Not only to buy a house, home loans also lets people renovate, refurbish and help in making some necessary changes at homes. Apart from these, loan buyers enjoy certain tax benefits

Not all of us are very inclined towards the idea of taking a home loan and paying EMIs. Some people are able to save the required amount of money to buy the house. Paying the cost of the property for an elongated period of time is not everyone’s cup of tea.

If you are buying a property without taking a home loan, then there are certain things that you need to keep in mind.

Before giving out the loan, banks do their proper research over the property. Banks and loan lending companies have a team that research deep into the details of the property. As an individual, it might be difficult for the buyers to dig all the small and big details of the said property.
Not only the details, but the banks also do a thorough research for the price of the property in the market. They don’t give out the loan if the price of the property is quoted more than the market price. This helps in paying the actual cost of property rather than the cost quoted by the seller.
If you are not taking a home loan, hire a lawyer who will help you in finding if the property is held up in any litigation. The lawyer will also help you in understanding the legal jargons of the agreement.
Hire a chartered accountant who will help you in understanding the financial implications of the deal.
When doing the transaction, make sure all the transactions are legal and are documented. Undocumented cash transaction may land you in trouble in future. Keep the record of all the transactions made for future references.
Deals, where home loans are not involved, are completed quickly. This gives the buyer some more time to think and look for other properties. Make sure you are taking the right decision when it comes to investing and buying a property.

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