Hey folks we are back again with another article on How to Buy House or Flat in Bangalore as we got many queries on this and many viewers know that I am from Bangalore and recently bought a house so they wanted me to share my experience with you all as how to buy a house or flat in Bangalore. So here I would share my experience with you as getting a house or flat anywhere in India is not so easy and it takes a lot of research and other aspects to finally decide for you. Let us take it this way, you actually can not do anything once you have already given your hard earned money to a builder to buy a house or flat in Bangalore. So it is very important to consider few things before buying a house or flat in Bangalore Now let us move to things which you need to keep in mind while buying a house or flat in Bangalore.
What to consider before buying a house or flat in Bangalore
You buy a house once : In many cases a common man buys a house or flat only once in their life. So if you planning to buy a small house like 1 BHK now and later upgrade to 2 or 3 BHK then you are wrong. property prices are rising everyday and by the time you pay off your loans you will have another liabilities in your life. So better plan once before you make up your mind to buy a house or flat in Bangalore.
Flat or House size: It is important to consider the size of the flat as any flat or house come in two sizes,
Super built up are and built up area : Super built up area is something which includes everything like park, corridor area and many more, however built up area is something where you live in so be sure about built up area when you go and see a house or flat in Bangalore.
Be rigid on these things
Always make sure that you have everything written on paper and your builder will not ask you any kind of extra money in future. Possession date should be clear to both the parties and you are free to take loans to bank of your choice. Always talk to owners of builder’s previous project and do remember to see the house by yourself. It is your hard earned money so do not leave any stone unturned.
Documents knowledge for your house or flat in Bangalore
Now this is very important as you need to know everything about as what kind of document you are signing before you make payment for your house of flat in Bangalore. There are many documents like tax paid receipts, encumbrance certificate, Khata, sale deed, sale agreement. So here we will talk about all the documents and ways by which dealers can cheat when you buy a house or flat in Bangalore.
Khata Certificate: Khata certificate is a registered document which is issued by the registrar office and this is basically to show that you the owner of the house and this applies for both flat or a house in Bangalore. When you are buying a second hand flat then you should ask for this document as this is very important for your house or flat in Bangalore.
Encumbrance certificate: Encumbrance certificate comes in to picture when you buy your house or flat through loan and it is important to have this document with you as this is another certificate of ownership of your house.
Tax paid receipt: Would you buy a house or flat in Bangalore on which taxes have not been paid? the simple answer would be no. So in that case you need to have tax paid receipt with you as it shows that the taxes have been paid on the property.
Sale Agreement: Another important document which is signed at the initial stages and it talks about advance money, built up area and facilities which are going to be given with your flat or house in Bangalore. You need to keep one thing in mind that you should see the refund of advance money as once your advance amount is paid then you can not do anything. Also do look at the facilities like car parking, park, gym and other facilities are mentioned and there is NO charges associated with it.
Sale deed: This is a final document between the builder and you and it SHOULD be registered by the registrar of your respective area. It is basically to take government’s consent and agreement about your possession of your house or flat in Bangalore. Now you need to keep few things in mind with this document like there is a certain market price value estimated by the the registrar and you should not pay less than this amount and just in case you are paying this then be ready to pay this at registrar office. Let us undertsand this by example:
Estimated market price : 4000 sqft
you paid 3800 sqft to the builder now you need to pay 200 per sqft to the registrar office. You should also never pay way too high then market price but this is not in your hands.
Loan to buy a house or flat in Bangalore
Now there are few terms in loans which are prepayment, interest, Pre EMI, insurance, tax exemption, load disbursement and you need to be aware of these things. Also make sure you should confirm whether you can avail a loan from reputed bank with your builder as some builders are blacklisted by the banks. I am not going to explain all the terms here as I have already explained many things here and just in case of any doubt just drop me a message and we will get back to you.
