Are you looking to purchase an apartment in Pune? You will naturally be looking for a home loan in this regard. Make sure that you use the home loan eligibility calculator to work out the amount that you are eligible for. Compare home loan interest rates carefully in order to choose the right lender for your needs. You can also use a home loan EMI calculator to find out the amount that is payable every month and whether you can afford the same or not. This is something that you should get straight before choosing the right flat in Pune as per your requirements.
Additionally, here are some of the things to check while purchasing an apartment in Pune:
Property Price - Always make sure that you have a solid budget and stick to homes falling within this budget. Property prices are influenced by several factors including the amenities and location among others. Once a price is quoted by a real estate developer, you should compare the same with similar projects in the neighborhood and other surrounding areas. You can get all the information you want online. The property price should be verified carefully in order to ensure that you are getting the best deal for yourself.
Buyer-Builder Agreement - Whenever an apartment is booked by a buyer by forking out a token payment, an allotment letter is obtained. Post this, there has to be an agreement between the buyer’s financial institution, builder and buyer. The buyer-builder agreement has to be signed at this stage. You should read this document with the utmost care and try and understand all the clauses contained in the same. Real estate developers may have clauses where they get the power to increase rates upon possession due to factors like unforeseen market circumstances and so on.
Location & Infrastructural Developments - Assess the location of the project objectively. Look at physical and social infrastructure nearby, connectivity, transport facilities, safety and security and access to your workplace and other key locations.
Possession - Several projects are grappling with delays in possession and hence buyers should always analyze the delivery timeline more realistically. Most developers ask for a grace period of 6 months for final project delivery. This should be mentioned in the contract made with the realty developer. The builder will have liability to pay penalties between Rs. 5-7 per sq. ft. if timely possession is not given to the buyer. However, this is influenced by the base price which does not have added charges for club membership, parking facilities and so on.
Extra Charges- Keep an eye on the extra fees and charges like development fees, power back-up charges, preferential floor/location charges, parking charges and charges for club membership. These are usually integrated into the payment schedule and are collected at periodic intervals. During registration, stamp duty and registration charges are to be paid and these are worked out on the value of the property and can vary based on the region in question.