Buying a new flat in Chennai requires careful consideration and research to ensure you make a wise investment. Here are some important points to consider before purchasing a new flat in Chennai:
For all the below mentioned service or advice feel free to Contact us (PROPERTY GUIDE)
1. Builder Reputation: Research the reputation and track record of the builder or developer. Look for their previous projects and reviews from customers to gauge their reliability and the quality of construction.
2. Location: Evaluate the location of the new flat. Consider factors like proximity to schools, hospitals, public transport, markets, and workplaces. Ensure the area has adequate infrastructure and future development potential.
3. Legal Clearance: Verify that the builder has obtained all the necessary approvals and clearances from the local authorities for constructing the building.
4. Project Plan and Amenities: Study the project plan and layout of the flat. Check the amenities and facilities provided, such as water supply, electricity backup, security, parking space, recreational areas, etc.
5. Property Documentation: Examine all the legal documents related to the property, including the title deed, approvals, and permissions.
6. Builder-Buyer Agreement: Read and understand the builder-buyer agreement thoroughly. Pay attention to the clauses related to possession date, penalties for delays, and the scope of work.
7. Sample Flat Inspection: If possible, visit the sample flat to get an idea of the actual construction quality and interior finishing.
8. Budget and Payment Plan: Determine your budget and check if the payment plan offered by the builder aligns with your financial capacity.
9. Home Loan Eligibility: If you plan to take a home loan, verify your eligibility and the availability of loans for the new flat.
10. Hidden Costs: Inquire about any additional or hidden costs, such as maintenance charges, club membership fees, parking charges, etc.
11. Completion Timeline: Obtain a clear understanding of the expected completion timeline and consider buffer time for potential delays.
12. Builder’s Track Record: Research the builder’s history of completing projects on time and delivering as promised.
13. Quality of Construction Materials: Inquire about the quality of construction materials used to ensure a durable and long-lasting flat.
14. Safety Measures: Check if the builder has implemented necessary safety measures in the project, such as earthquake-resistant design and fire safety provisions.
15. Resale Value: Consider the potential resale value of the flat in the future.
16. Neighbourhood and Surroundings: Assess the neighbourhood and surroundings to ensure they align with your lifestyle preferences.
17. Association Rules: If the flat is part of a housing society or apartment complex, review the rules and regulations set by the association.
18. Warranty and After-Sales Service: Inquire about the builder’s warranty policy and after-sales service for any construction-related issues.
19. Consult with Experts: Seek advice from a reputable real estate agent or legal advisor to ensure all necessary due diligence is conducted.
Once you have considered all of these factors, you will be able to find the perfect new flat for your needs.
Here are some additional tips for buying a new flat in Chennai:
- Get pre-approved for a home loan before you start buying. This will give you an idea of how much you can afford and will make the buying process go more smoothly.
- Hire a real estate agent who knows the Chennai market. They can help you find the right new flat for your needs and negotiate the best price.
- Read the contract carefully before you sign it. Make sure that you understand all of the terms and conditions.
- Get everything in writing. This includes the purchase price, the terms of the sale, and any warranties or guarantees.
By following these tips, you can avoid any surprises and ensure that you get the best possible deal on your new flat in Chennai.
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REQUIRED DOCUMENTS FOR BALANCE TRANSFER PROCESS
- LAST 3 MONTHS PAY SLIP
- LAST 6 MONTHS BANK STATEMENT FOR SALARIED APPLICANT
- LAST 2 YEAR FORM16 WITH PART-A & PART-B
- EMPLOYEE ID CARD
- PAN CARD
- AADHAR CARD
- CURRENT ADDRESS PROOF AADHAR / VOTER ID/ PASSPORT/ HR LETTER / DRIVING LICENSE / LATEST GAS BILL
- THREE PASSPORT SIZE PHOTO
- PRESENT COMPANY OFFER LETTER & PREVIOUS COMPANY RELIEVING LETTER (IF 2 YEARS NOT COMPLETED IN PRESENT COMPANY)
- LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)
- LAST 3 MONTHS PAY SLIP
- LAST 6 MONTHS BANK STATEMENT FOR SALARY CREDIT
- LAST 2 YEARS W2/TAX PAID CERTIFICATE AS PER THE FOREIGN COUNTRIES
- EMPLOYEE ID CARD
- CURRENT ADDRESS PROOF DRIVING LICENSE / LATEST UTILITY BILLS IN ABROAD
- COPY OF VALID WORK PERMIT
- EMPLOYMENT OFFER LETTER
- PASSPORT COPY WITH PAGE CONTAINING VISA STAMPING
- INDIAN PAN COPY
- AADHAR COPY / DRIVING LICENSE/ VOTER ID
- BRIEF WRITE-UP ON EMPLOYMENT PROFILE FOR THE LAST 10 YEARS(RESUME)
- CREDIT INFORMATION REPORT (CIR) FROM THE CONCERNED OVERSEAS CREDIT INFORMATION COMPANY
- PRESENT COMPANY OFFER LETTER AND PREVIOUS COMPANY RELIEVING LETTER (IF 2 YEARS NOT COMPLETED IN PRESENT COMPANY)
- LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)
- INDIVIDUALS IT RETURNS FOR LAST 3 YEARS WITH COMPUTATION OF INCOME
- AUDITED BALANCE SHEET,PROFIT&LOSS AND ASSET & LIABILITIES FOR LAST 3 YEARS (for Individuals)
- COPY OF CHALLANS EVIDENCING PAYMENT OF ADVANCE INCOME TAX
- BUSINESS ADDRESS PROOF
- GST REGISTRATION CERTIFICATE FOR COMPANY
- FORM 26AS FOR LAST 3 YEARS (for Individuals)
- BUSINESS PROFILE
- IT RETURNS OF COMPANY FOR LAST 3 YEARS
- CERTIFICATE OF PRACTISE (for Auditor and Doctor)
- LAST ONE YEAR LOAN ACCOUNT STATEMENT FOR CURRENT LOANS (IF ANY)
- COPY OF PARENT DOCUMENT FULL SET (MINIMUM IT SHOULD BE FOR LAST 30 YEARS)
- EC COPY FOR LAST 30 YEARS UPTO TILL DATE
- PATTA COPY
- BUILDING PLAN APPROVAL COPY
- REGISTERED SALE DEED & REGISTERED CONSTRUCTION AGREEMNT
- LATEST PROPERTY TAX RECEIPT COPY
- LATEST EB BILL COPY
- SUB DIVISON PLAN COPY (IF APPLICABLE)
- LIST OF DOCUMENTS
- LOAN SANCTION LETTER
- LAST ONE YEAR LOAN ACCOUNT STATEMENT
- LATEST FORECLOSURE LETTER
- MEMORANDUM OF TITLE DEED (MOD) COPY (IF APPLICABLE)
1. Check home loan Affordability
2. Compare lenders (Not only for offers but also for product credibility)
3. Get Pre-Approved sanction letter from lender
4. Save for a Down Payment
5. Maintain good credit score without any default
6. Check options for the joint loan (It may reduce your monthly EMI burden & also it may give a space for additional loan eligibility in future)
1. Don’t apply for credit card or any other loan
2. Don't Miss Payments on your existing loans or credit cards
3. Don't Overextend Your Budget on property purchase based on income eligibly and down payment savings (can check this eligibility with PROPERTY GUIDE)
4. Don’t choose your lender only on the basis of rate of interest offer which was provided at that moment
5. Don’t give a break in service for more than 3 months in your job (can switch over new job without break in service)
6. Don’t pick shorter loan tenure without understanding the loan product (now a days Nationalized banks gives more benefit while choosing longer loan tenure)
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