A first time home buyer or a real estate investor? When it comes to buying a new home you’ll always have to stay in the trend. Here is the complete guide you need to buy apartments in Chennai.
1.Choose a right location
The prime factor in choosing the right apartments in Chennai is the location. All areas in the city come with a wide range of apartments and you can choose the one for you after narrowing down your location.
You can go with the area where you work or where your family member works. If you have kids choose near a school, making it easier for them from school to home. Another major thing to consider is the area also includes easy access to facilities like public transport, hospitals, shopping centres and entertainment zones, etc.
2.Choose the right type for your needs
The next step is the type of apartments in Chennai that will suit your budget and needs – whether it’s a newly constructed house or looking for re-sale property. Ohh, wait! Here’s something about New Vs Resale homes, Read to find which will suit you.
Once you decide on that, you can filter the options with the number of bedrooms and other amenities, facilities that you or your family members will use. Make sure, always do a background check on the developers as well as the first owners.
3.Choose a right Home loan
Check with your regular banker for offers on home loans first, but if you have existing loans with them, it reduces your loan eligibility. Since the banks offer lower interest rates, it would be better to check the home loan offers from all the leading lenders.
Alternatively, builders have also partnered with certain financial institutes and banks, for easing the loan process for their customers. They can also guide you to the best deal and payment options for you.
Read on Tips to boost your home loan eligibility
4.Time your Purchase
Think about the right time to purchase the property. Right now, the COVID has made banks, finances and the centre offer EMI moratoriums, lower interest rates. Further to tempt, developers offer special discounts and furnishing offer during the project launch and during festival seasons.
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To get a great deal, track the price trend of your preferred projects and wait for the right time. This ensures that you can avail of a deal and stay within your budget.
5.Block the Home
When you see an apartment that matches your preference but is uncertain about the decision, you can choose to block the unit by making a small token payment. This works for a short duration and to negotiate for the best price, and you will have time to make a decision, also it ensures that the flat is not sold to someone before you make up your mind.
Every developer may have a different amount and policies for this blocking. Make sure to check with them if the amount is fully or partially refundable in case you choose not to proceed further.
6.Payment terms
When you buy apartments in Chennai whether you buy a new one or under construction, or a resale home. An under-construction project gives you a specific timeline for your payments over each phase of construction. When buying a new or resale home, you have to come up with the payments up front in a short duration. In this case, your only option is to avail of a housing loan.
7.Documentation
If you decided to buy under-construction apartments in Chennai, then you will be given an allotment letter by the builder or developer. This basically includes the details of the apartment like a number, sale area, agreement value, additional amenities like parking and their value, payment tenure and plan, etc.
In the case of a completed or resale flat, you will be given a sale agreement by the seller. This document will be provided upon completion and in the case of under-construction apartments. When the sale agreement is signed, you then need to register the apartment legally under your name.
For the uninformed, the process of buying apartments in Chennai can be a hassle. But we are here to make the process smooth for you.
