Step by step procedure to buy ready possession flats in Pune
Buying a flat in Pune is an expensive decision with long-term and recurring impact on your finances. Inventory of ready possession flats in Pune is significant in almost all major pockets with strategic importance.
Before actually deciding on a flat, you need to cautiously assess the suitability of the same from professional perspectives.
Your decision to buy a flat in a particular locality should be well-informed. Opportunities and risks inherent to the locality should be considered in the perspective of your short and long-term goals.
Seeking the expert support of qualified, experienced and registered real estate professional would prove to be decisive. This blog takes you through the steps you may adhere to while buying ready possession flats in Pune area.
1) Define Your Objectives
The flat should address your requirements comprehensively. It should accommodate all family members comfortably, must be in proximity to your workplace, and be located in an area rich in civic and other infrastructure.
If you are planning to buy the flat for putting on rent, ascertain the rental fetched by similar flats in the area and QoQ or YoY appreciation in rental income. How much down-payment you are willing to make and what would be the quantum of home loan?
2) Get in Touch With A Seasoned Real Estate Agent
Next, you should contact an experienced dealer who is well aware of the market drivers and pitfalls in the areas you have shortlisted. His knowledge of local market, negotiation skills, and awareness of key transactional processes would work in your favor.
You may connect with your friends or relatives to learn about an agent/ developer you can rely upon. The caveat is that unscrupulous agents may dupe you for higher commissions. You can read about the opinions of renowned real estate experts.
3) Get Your Qualification for Home Loan Certified
In order to secure a home loan for ready possession flats in Pune, you need to get your financial credentials verified by the lending institution.
This involves scrutiny of your IT returns and assets statement as well as adjudging the sanctity of credit score through loan background checks. Once the verification is complete, your loan amount eligibility would be declared.
This can be a lengthy process and you must start early once you have decided to buy flat.
4) Visit Shortlisted Flats To Make Your Buying Decision
Next, you must make personal site visits to assess the flat type, carpet space available, amenities like modular kitchen provided complimentarily, locality, closeness to civic infrastructure, proximity to hospitals and academic institutions, ease of connectivity, the presence of factories in the vicinity, and other incidental aspects.
You can rely on search criteria offered by major property sites to narrow down on flats based on your preferences. It is important that a seasoned professional accompany you who can offer expert analysis.
In case, an agent is accompanying you, you may eventually have to pay a brokerage fee. Learn more about reasonable brokerage charges and other relevant aspects here.
5) Make The Offer
Once a flat has caught your imagination, it is time to bargain over a competitive price. Make your offer. Before that, you must carry little research regarding the prevailing prices in the area inclusive of stamp and registration charges along with other mandatory taxes.
6) Enter Into Legal Contract
After you have reached consensus on price, it is time to sign the purchase contract. Examine each clause carefully. Check out if the flat is freehold or leasehold. The possession date, initial deposit to be made and other stipulations must be clearly specified.
7) Close The Deal
Contact the bank or financial institution which would offer the loan and finalize mortgage details. The interest rate, payment schedule, repayment period, ability to switch to lower interests if available and ancillary factors should be carefully finalized before signing the mortgage documents.
Once you hand over the needful papers to the builder and sign the agreement in front of a lawyer, it is time to take possession of the flat.
Prior to that, you have to make the payment for closing expenses, fees for legal paperwork, transfer duties, stamp and registration fees, and property adjustment expenses. Upon clearance of due payment, documents of sale would be handed over to you.
You have numerous options for high and low budget ready possession flats in Pune. Choose wisely.
You need to get all legal documents related to property titled scrutinized to ensure that there are no claims. You may consider buying an insurance to get a safeguard against apparent errors or discrepancies in records.
Ready possession flats in Pune Wagholi and other areas are available for your scrutiny. It is, however, desirable to purchase from renowned builders who would offer you the complete safeguard of RERA provisions.