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Things to be Aware of before Purchasing a Property in Mumbai

Things to be Aware of before Purchasing a Property in Mumbai Posted on June 29, 2015Leave a comment

The expenditure of buying a property can be extreme in Mumbai, even for expiates on a reasonably high salary. Real estate prices are on the all time high in Mumbai. It is never a light task to buy or rent property in mumbai. Congratulations! If you are amongst the fortunate few, you have are finally set on your Mumbai dream home. The token advance has been paid. Now begins the process of heaping the paperwork, brace yourself to deal with a tree trunk worth of paper.

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Always it is best to hire a lawyer because they will look out for your concerns as a purchaser. A broker may get you a good deal. But, when it comes to legality, a knowledgeable and esteemed lawyer is your best friend. Here are some points to be considered before buying your dream home in Mumbai

Budget & Loan

Sit with your family and decide on a budget that you can afford. Once that is decided the next action to be taken is regarding loan availability and eligibility .Find out or ensure which bank can render you with the best possible interest rates along with best repayment option

Neighborhood

Once you are done with finalizing the budget, the next step is choosing the right type of neighborhood. Neighborhood should always be in proximity with Schools, Hospitals, shopping centers, railway station parks etc.

Rentals & Resale

High rent and extremely populated areas are perfect for investing in a rental property. Knowledge of the rental rates will help in choosing the locality wisely. Resale value should also be considered while buying or investing in a property. Most of the investors always concentrate on the budget and sometimes make mistakes selecting the properties .This eventually results in low resale value in the future.

Essential Paperwork

Mentioned below is the list of few important documents required. Out of this you will need to have some or most of the documents at the time of sale. In case if you have taken a bank loan then the bank will do all the necessary work on your behalf and make sure that the property is hassle free.

  • Draft agreement made by the Purchaser’s lawyer

  • Original agreement of the owner, view it and always have a photocopy of it

  • In case of resale check for previous sale agreements

  • Certificate of society share

  • Bills of utility such as telephone, water etc.

  • Actual measurement of the apartments

  • N.O.C of sale should be obtained from the society to make sure that the property is free from any liabilities.

  • Certificate of commencement

  • Certificate of completion

All of the above documents will be available with the seller or developer .If the original documents are not available then it is safer to involve the government organization, through them the buyer can access the duplicate documents which may be available in registrar’s office.

Additional Costs

It is always best to obtain assistance from a squad of professionals. Tips or nominal charge by agents, loaners or credit brokers, home examiner, etc should be counted. Ask what the amount of maintenance fees is. Is car parking available? If yes how much needs to be paid extra.

Property Insurance

Property insurance guards your economic future and it also secures your property from legal injuries. The monetary value is comparatively low and gives coverage on any issue regarding property title, impairments or any legal concern. Dozens of different home insurance covers are there to select from, with changing levels of defense. Appropriate house insurance safeguards your assets and makes buying a clean procedure.

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