Can You Have a Glitch in Your Home Purchase Plans?
Sep 26, 2018 Real Estate News
Planning to buy a house? You would have done your groundwork before you do a property transaction, as property transactions usually follow a typical pattern. As each property is different, each transaction feature could be unusual. This may lead to complexity, which may delay your home purchase plans altogether.
Here are a few points that you may consider giving rise to complexities and ultimately creating a glitch in your plans. This would help you to be prepared mentally, and you do not lose your enthusiasm for home buying plans.
Be prepared for other expenses that you might have to bear during the purchase. So, a buffer amount should be ready with you for purposes such as stamp duty, registration, processing fee for a home loan and also for renovation if required.
So, it is time for you to do the maths again and be ready for any avoidable situations during the purchase of your dream home which you do not want to delay at any cost.
Here are a few points that you may consider giving rise to complexities and ultimately creating a glitch in your plans. This would help you to be prepared mentally, and you do not lose your enthusiasm for home buying plans.
Essence of Time
It is essential that you spend ample time to do your research before you finalise your home to buy. However, at times sellers have time crunches due to which they may not give you buffer time to think over. Sellers especially the non-resident Indians (NRIs) travel to India with a plan to wind up everything in a stipulated time. Sellers who have an emergency and in urgent need of money in a short duration (for example, medical needs or marriage) also would pressurise to buy the property at first glance. In such cases, if you have an eye on a property, then the pre-approved loan may speed up the process. Taking the advice of a lawyer could be helpful.Money Arrangement
So, you have selected your home to purchase, and now you need to pay the initial 10 percent of the amount at the time of agreement to sale. However, if your seller asks for a token amount to block the deal what should be done? Ideally, it would help if you avoided such transaction. In the worst scenario, if you do have to pay a token amount if you want to avoid losing the property, create a contract at this stage too without which payment should not be done. Point to be noted that the government has banned cash transaction above INR 20,000 on properties and one cannot hold cash amount above INR 2 lakhs.Be prepared for other expenses that you might have to bear during the purchase. So, a buffer amount should be ready with you for purposes such as stamp duty, registration, processing fee for a home loan and also for renovation if required.
So, it is time for you to do the maths again and be ready for any avoidable situations during the purchase of your dream home which you do not want to delay at any cost.
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