Self-construction in Chennai can be a rewarding and fulfilling experience, but it also comes with its set of challenges. Here are some important points to consider before undertaking self-construction in Chennai:
For all the below mentioned service or advice feel free to Contact us (PROPERTY GUIDE)
1. Budget and Finance: Determine your budget for the construction project and assess your financial capacity to complete the project without financial strain. Factor in the cost of land, materials, labor, permits, and other expenses.
2. Land and Location: Choose the right plot of land for your construction project. Consider factors like location, accessibility, proximity to essential amenities, and future development potential.
3. Legal Compliance: Ensure that the chosen land is legally cleared for construction and that you have obtained all necessary permits and approvals from the local authorities.
4. Design and Planning: Plan the layout and design of your house meticulously. Take into account your family’s needs, lifestyle, and future growth requirements.
5. Contractors and Labour: Hire experienced and reliable contractors and labourers for the construction work. Check their credentials, experience, and references before finalizing the team.
6. Quality of Materials: Use high-quality construction materials to ensure the durability and longevity of your house.
7. Supervision and Project Management: Regularly supervise the construction progress and manage the project efficiently to ensure it stays on schedule and within the budget.
8. Building Codes and Regulations: Familiarize yourself with the local building codes, regulations, and safety standards to ensure compliance throughout the construction process.
9. Timeline and Deadlines: Set realistic timelines for each phase of the construction and ensure that deadlines are met.
10. Utilities and Services: Plan for the availability of essential utilities such as water, electricity, and sewage during and after the construction.
11. Safety Measures: Implement adequate safety measures at the construction site to prevent accidents and ensure the well-being of the workers.
12. Green and Eco-Friendly Practices: Incorporate eco-friendly and sustainable practices in the construction, such as rainwater harvesting and energy-efficient measures.
13. Insurance Coverage: Obtain construction insurance to protect yourself from any unforeseen risks or damages during the construction process.
14. Interior and Exterior Finishing: Plan the interior and exterior finishing details well in advance to avoid delays during the final stages of construction.
15. Landscaping: Consider landscaping and garden planning to enhance the overall appeal of your property.
16. Waste Management: Implement proper waste management practices to dispose of construction debris responsibly.
17. Contingency Plan: Have a contingency plan in place to address any unexpected challenges or changes during the construction.
18. Post-Construction Maintenance: Plan for post-construction maintenance and upkeep to keep your house in good condition.
Once you have considered all of these factors, you will be able to find the perfect self-construction for your needs.
Here are some additional tips for self-construction 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 self-construction in Chennai.
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REQUIRED DOCUMENTS FOR LOAN 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 FOR LAST 30 YEARS]
- EC COPY FOR LAST 30 YEARS UPTO TILL DATE
- PATTA COPY
- APPROVAL PLAN COPY FOR BOTH LAND & BUILDING FROM CMDA
- BUILDING PERMIT & PLANNING PERMIT COPY
- CURRENT OWNER SALE DEED COPY
- SELF ESTIMATION FOR CONSTRUCTION FROM BUILDER OR LICENSED SURVEYOR
- SUB DIVISION PLAN APPROVED 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)