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Procedure for Buying an Apartment or Flat - Bangalore Real Estate - Part I

All set to buy your first dream home?

Congratulations!!!

In this article I have detailed the steps involved in buying an apartment in Bangalore with other useful information before and after moving into an apartment.

This article is based on my real experience as well as information collected from my friends and relatives. Feel free to drop your comments and suggestions to improve the quality of the content.

1. Select your property:

First and important step in owning your dream home! Do proper research, visit as many projects as you can, discuss with friends. Finalize one which comes under your budget. Make sure you buy your property from a reputed builder, even if it is more expensive.

2. Book the property(1L-2L)

Once you have decided your property, go and book it. You will have to pay 1L to 2L as booking amount, depends on the builder. If you need more time to finalize the property or the flat, give a post dated cheque. Note that builders charge 10-20% of booking amount if you withdraw your booking.

3. Enter in to Sale Agreement(10%-15%)

You need to enter in to agreement within 15-30 days of booking. 15% of the total amount needs to be given before making the agreement. Make sure you go through all the pages of the sale agreement as this is the final legal agreement between you and the builder. Also note the super built up area, built up area and undivided share of land(UDS). Normally in Bangalore, the total amount is calculated on the super built up area, not on built-up area.

4. Apply for Housing Loan

You may apply for a housing loan once the sale agreement is ready. If you are going for SBI home loan, you need to shell out another 1% of your land cost as Stamp Duty, which can be deducted during the registration.

Common Documents required - for all applicants
• Application form duly filled in.
• Copy of sanctioned plan and sanction letter.
• Copy of NA permission/ULC clearence, wherever applicable.
• Bank statement for last 6 months.

Additional Requirements - For salaried persons
• Employer's offer letter/salary certificate and latest salary slip.
• Identity card of applicant/s.
• TDS certificate of applicant/s.
• PF/ESIS slip of applicant/s.
• Relieving letter from previous employer
• One passport size photo
• A cheque for the processing fee(normally 0.5% of the loan amount)

SBI loan account will be directly linked to your savings account and hence you can view the statement online using the same username/password of your savings account via Online SBI. LIC Housing Finance Limited(LICHFL) also introduced an online portal where you can view and download your loan account statement - LICHFL Online.

Go to Flat Registration, Interior Planning and Possession - Bangalore Real Estate - Part II.

You might also like How to Save Maximum Income Tax

Comments

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    Ozone Group is good option.

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  11. Good information…We can’t thank you enough for helping us to complete our dream home! Thank you for taking the time to listen and understand what we wanted to accomplish in building our new home. Your workmanship was done expertly and professionally. We would highly recommend you to anyone looking to build the perfect dream home. We can’t thank you enough!
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