New home buyers are often flummoxed about the procedural aspects in buying a home.
The loan part and financial arrangements seem overwhelming to them and they often end up frustrated and opting for bad deals!
Every home buyer wishes for a smooth and hassle free experience and it isn’t quite often that they experience it. New home buyers are especially at sea when it comes to choosing good builders and availing home loan at the best deals. Read on to learn a few tips that are sure to guide you through the process better.
Checking if the project has approval from leading banks and HFLs is the first thing you need to do after checking for the legal considerations. Once a project is pre-approved and if other customers have availed loan already, you could approach the same financial institution and proceed with the loan in a smooth manner. In such a case, your eligibility and CIBIL scores matter and the others will fall into place quite smoothly.
The next thing that you should do is get the documents necessary – approvals, title document, encumbrance certificate, receipt for taxes paid, the builder’s project approval and sanction from various authorities. These would be required during your home loan processing.
Another thing that you should do is look out for pre-EMI and pre-closure options and check out the base rate being offered to you and the spread (BPLR/RPLR – prime lending rate). Compare this data from various institutions and then decide where to go for a loan. Most people also do not factor the legal fees, processing fee, documentation fee, etc. when it comes to buying a home. Check out for hidden costs and voice all your doubts before you enter into a loan agreement. This way, you will at least know the sort of costs that you hadn’t foreseen and arrange for them.
Collateral or security and accounting for the money you’ve paid as down payment to the builder is yet another thing that most people forget. When you enter high value projects, there is bound to be a lot of scrutiny and having a clear record and clean trail for all transactions is imperative so as to avoid problems.
Being aware of the rates that are offered in various institutions is important to choose the best deal!
When you team up with builders like NBR Developers, the home loan process becomes smooth owing to their pre-approved and well planned projects. Whether you wish to invest in Sarjapur Bagalur Road (Green Valley, Trifecta) or Devanahalli (NBR Hills View), the builder has projects strewn across the city!