Buying a home that’s worth your investment is not easy. But, given the wide number of options available in the market, if the right amount of efforts are put in, the task is not too difficult. The key to success is to plan a feasible strategy and persistently follow it. Having said that, keep your budget flexible because good things come at a higher price. That said, consider your repayment capacity while planning your flexible budget. Apart from changes in the RERA Act, another thing which can make the process of buying a flat in Mumbai is a Home Loan Finance. There are various financial institutions who offer home loan of up to Rs. 3.5 crores which can be paid back in a tenor of up to 20 years. The interest rates and terms and conditions, however, vary from one lender to the other. It is thus ideal to check what each lender has to offer thoroughly before choosing a lender.
Moving on, apart from a good locality, proximity to essential infrastructure such as school, hospital, and supermarket; below are certain things you must consider before a plan to buy a flat in Mumbai.
1. Always crosscheck the price of the property
First thing first, always crosscheck the property price quoted by the developer. Compare the pricing of 1 BHK flat/ 2 BHK flat quoted by your developer with that of the nearby projects and areas. The cost can inarguably vary depending on locality and amenities offered, but the difference shouldn’t be perceptible.
2. Check out the builder-buyer agreement
Once you pay the token amount for the 1BHK flat in Mumbai you’re buying, you’ll have to sign the tripartite agreement with the lending bank and the builder. You’ll also have to sign the builder-buyer agreement which would be highly in favor of the developer. So, it’s wise to give it a read before signing to be aware of the clauses beforehand.
3. When will you get the possession of your apartment
Lastly, before booking a flat in Mumbai, inquire the lender about the sure-shot delivery or possession date of the property. Delay in possession of the booked property is a very common problem and thus, you must always check the same with the developer.
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