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Updated by Tarun Aarya on Jul 14, 2020
Headline for 10 Most Commonly Asked Questions by Home Buyers
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Tarun Aarya Tarun Aarya
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10 Most Commonly Asked Questions by Home Buyers

Whether it's your first time buying a house or fourth, there are always inhibitions and uncertainties involved while investing. The real estate market is very futile with constantly changing trends and procurement strategies. In such situations, it is natural to have plenty of questions and when you are buying a home it is essential to address every query!

1

What is better; buying or renting a property?

The debate of buying a property vs renting one has been a common ground from people all around the world. The best way to resolve this issue is by analysing your situation. Buying a house is not a child’s play so before delving into any complications, do a self-analysis if you want to continue living the house for long or you have short term residential plans.

2

When is the best time to apply for a home loan?

Accomplished real estate advisers would always recommend applying for the loan before. It is best if you visit the bank prior and check your financial credentials. Make sure you calculate your current savings and track the future instalments and then devise a budget for your house.

3

What are the financial schemes and banks linked with the project?

It is essential to check the financial schemes being offered by the developers and the bank associated with them. Ensure that you understand the payment plan, while some developers have a construction linked plan (CLP) and others have possession linked plan (PLP).

4

Are the sales record appraising?

Being a prospective home buyer, you have the right to ask such questions to the developer to understand the property appreciation value. Before finalizing the deal, analyze the previous sales value of the flats, and increase in rates per year.

5

What are the various fees linked with buying a house?

Most of the developers will show a tentative price while advertising and then falsely increase prices later. It is always advised to ask for the overhead fees like parking, maintenance, etc linked with the apartment of your choice before closing the deal.

6

Is it important to do property registration?

When you register your immovable property, it becomes a permanent record. You can receive interest or title only after the registration is done. Property registration can be done after booking the house in some states like Maharashtra, while in other states of India, one must wait for the project to complete.

7

Are there any issues with the ownership of the property?

Before making any payments to the developer, every home buyer should ask if he holds the property title. Many builders start the construction process much before they acquire 100% of the rights for the property. In some cases, this might lead to a problematic situation for people who have invested in the project already.

8

What are other important questions to ask a builder?

It is crucial that you ask the project developer about approvals before beginning the project like – building approval, height clearance, water environment and pollution, NOC from the airport authority, etc.

9

Is it possible to sell a property even if the home loan is outstanding?

Yes, it is practically possible to sell a property with an outstanding home loan. However, it is suggested to consult the bank before starting the process. Generally, you require NOC from the bank and payment of foreclosure, but these rules can vary, depending on the banks.

10

Do I need to pay property tax?

Yes, property tax should be paid to the urban local authority under which the property is constructed. Failing to do so might lead to fines and punishments.

These were some of the common questions asked by home buyers. If you have any other queries be sure to resolve it with your builder or real estate agent before striking any deal!