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Never Miss These Things If You Are Planning To Buy A Property In 2018
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Many of you have thought of buying a home from a very long time. But what it takes to make it happen? Dreaming of owning a property is still a dream for most of us. Owning a property of your own becomes real if you do the following things this year.
The only RERA-compliant property would be delivered to the buyers as the property rights would be secured for the buyer. This certainly reduces the delay in the possession sooner. So what’s more, the best gift you can give yourself this year is a property. This would become easy if you consider these to prepare yourself to buy a property. At the least, this would be helpful for you to be a homeowner by 2019.
Fair score: Check out your credit score
The very first step of owning a property is to avail a home loan. The credit score is predominately important to avail a home loan for the desired amount. You’d be unable to avail a home loan if you have a very poor credit score. The first step forward for a loan is getting your credit report from an agency. You can approach CIBIL (Credit Information Bureau India Limited) or apply online on the website of the company itself. The fair score for loan acceptation is 700. Moreover, if you have a CIBIL score between 750 and 900, you are more likely to get a home loan. But what if you have a very poor score? Then it is the better to take steps to have a fair score.
1. If you have loans previously, then pay all those would decrease some burdensome.
2. If you have auto or any other personal loan, pre-pay it as soon as possible.
3. For this, use your incentives and bonus to make it sooner.
4. You can take help from your family, say your wife, to get ready for buying your dream property.
5. Make sure you save enough money to pay all the monthly installments of your previous loans by reducing unnecessary spending.
6. Switch job if you need to earn more to repay the loan amount at a faster pace.
Manage the usage of your credit card
One of the things which have a huge impact is the credit rating. As the credit rating companies keep an eye on the outstanding amount of your credit card payments, you must limit your usage of it gradually. Also, manage to pay on time as it will impact more if you have penalties and delay in payments.
Get all the papers set up
People who fall under rental category find it more difficult to get a stable identity proof since it requires a few official documents to purchase a property. This means you get to start to set up the documents immediately. You can apply for Voter’s ID and Aadhaar card by using rental agreement. This is really important because the government has made it mandatory to have the Aadhaar card linked to the bank accounts. Also, Aadhaar card is mandatory for buying a home as per the government’s law. This means you get no opportunity to buy a property without a unique identification number. At the least, apply for an Aadhaar card as soon as possible.
Let’s list out the documents you need to purchase a property below and have it set up. These official documents are necessary if you want to apply for a home loan as well.
1. The PAN card. Permanent Account Number is important if you want to avail a home loan.
2. Three regular years of Income Tax report.
3. Get a bank statement for past six months from applying for a home loan.
4. Collect all the salary slips (payslips) of the past three months.
5. The appointment letter or the offer letter (it is optional, not mandatory).
6. Any address proof, it must be of the government issued one namely driving license, passport or Voter ID and public sector bank statement.
7. Photo ID: The documents which have your photo on it. Like a PAN Card, driving license, Voter ID and a passport. Anyone of these things is enough for a photo ID proof.
8. Three to four passport size photographs of the applicant.
In case you don’t have any of these documents, start to apply for those sooner.
Do not push yourself for more, try to settle for less
Remember, never push yourself beyond capacity. If you are able to only afford a house worth of 50 lakhs, never go beyond that. Don’t try to purchase a property worth 80 or 90 Lakhs. As a result, this affects your regular life after purchasing in managing the EMIs. For example, in Chennai, the properties within the city limits cost more than the outskirts property. Say, properties like apartments and Villas in Kelambakkam are less expensive than the property in Anna Nagar. So reaching beyond your capability would defer your plans of purchasing a home. The best thing you can do is choosing affordable property till you get to the stage of purchasing luxury in your life. Affording a less expensive home is also not a bad idea as the worth of your house would be multiple times higher in future.
Get your home loan pre-approved
It would be a good idea to get a pre-approved home loan. This would be helpful for you when sellers know you are in a position of closing the deal quickly. This becomes a win-win when it comes to the process of home purchase. The process would be less stressful. This is because you already know your budget or how much you can afford. This would narrow down your choices consequently. A pre-approved loan is the best to not get carried away with troublesome which are unable to handle at any cost.
Sit back and relax for stress-free home purchase process
Everyone’s goal is to own a property. But staying cool throughout the whole process instead of a hurry-ride, you make the best investment. To accomplish that, you’d have to stay composed until the end of the process. As the real estate market is filled with huge reduction offers and also some of the properties are negotiable, sitting back to relax during home purchase goes well. Act accordingly during the process of home loan and property purchase.
Keeping all these in your mind while getting ready for a home purchase would help you close the deal sooner happily.
Varsha Reddy works as a content writer for Alliance Villas Pvt. Limited. She is interested in helping the readers guide through home buying, home improvements, decoration, renovations and so on. Helps in finding the best Villas in Kelambakkam Chennai.
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