Homebuyers Guide

We are a renowned & leading Real Estate group in Kolkata. With many years of service to cater to the needs of people, one thing we realized is the lack of knowledge. The first-time homebuyers should have knowledge about few aspects of home buying. We thought of compiling all the important topics in the form of a complete homebuyers Guide. This homebuyers guide will help people all over the country who wish to buy property anywhere. The first-time homebuyer is a segment of the people who have a regular income and can avail of home loans and payback. Another segment of people, the Non-Resident Indians, would like to buy the property and settle in Kolkata. This complete homebuyers Guide will help all those, in all segments of society to buy property. We have compiled this guide to help first buyers so that they don’t have to run from pillar to post. All real estate agents are not familiar with all the procedures. In such cases, this homebuyer’s guide will come in handy.

We would encourage you to first go through this homebuyers guide and checklist before you buy any kind of property. We know buying property is a dream and you want it to be hassle-free and without any liabilities and encumbrances. We will be focusing on the important points to be considered while buying first-time (first owner) property. This 8 pointers homebuyers guide will certainly benefit you.

Exclusive checklist of homebuyers guide consists of 8 pointers:-

1. Research the Locality: The advertisements in the newspapers or social media could be misleading. It is advised that homebuyers research the locality or better take property consultants’ advice free of cost where they would like to purchase the property. Take your family along, since most of the time they will be in the house while you go out for your job or business. Check for amenities like Schools, Colleges, Hospitals, Bazaars near the localities. You can also check people already staying there regarding power supply and water connections and other municipal facilities. If you are buying a house in a township, check the amenities provided or promised by the developer. If you have elderly people in your house, ensure that there are lifts to the property that is selected. The homebuyers need to note that additional amenities like gymnasium, swimming pool, security, CCTV cameras, etc are separately charged. Check whether the locality is Pet Friendly. Also, explore the new projects coming up nearby and how is the growth potential of the area. Keep in mind the access to the property from the main Railway Stations and the Airports nearby. During your initial research, homebuyers to keep a small record of the properties visited with details like amenities, floor space, access, etc.

2. How to Compile Offers: Keep track of all the offers from developers or agents. We suggest you narrow it down to five or six properties and analyze which suits you. Homebuyers to maintain a small worksheet that has the items like the name of the estate, developer, size of the property, amenities, payment schedule & total cost of the property with all taxes & registration. Check this site http://www.hira.wb.gov.in/ for more information. The developer should be authentic and should give possession of your property on time, otherwise, your money is locked. 

3. Budget Your Home: This homebuyers guide will assist you in Budget your finance. After much research, you have finalized the property, but does it fit your budget? Now you know the total cost of the property, so you will have to plan for the initial down payment and also ensure that you get a Home Loan. For getting a home loan, collect all the necessary documents from the developer or the estate owner and get them vetted by your lawyers. It is better to be cautious than to repent later. The Bankers will also check and verify all your documents & also property status. The loan will be granted after the Bankers are fully satisfied. Ensure that the Equal Monthly Instalment amounts are paid in time otherwise, there are heavy penalties. Due to a shortage of Budget, maybe you will have to sell an existing property you own or mortgage it.  

4. Purchase of Property: For buying residential property discuss with your own family and for buying commercial property discuss with your business partners. Discussing and brainstorming will give many pointers for selecting the right property. Ensure that the property you are planning to buy is well connected by road, rail, and metro. Also, ensure that entertainment zones and few good hotels are nearby. Keep the copy of this homebuyers guide with you to check & discuss whether all points are being covered.

5. The Home Loan:  Home Loan is one of the important points in the checklist for the homebuying guide. Processing of Home Loans will be faster if all the documents are complete in all respects. The smoothen the home loan process more for the buyers the property consultants tied up with various banks for helping the buyers. The banks require you to furnish your monthly income payslips or your bank statement. In case your income is not sufficient then the income of your spouse can also be considered. Many property owners will demand a down payment of 15 to 20% of the property price, which the individual has to pay.                                                                                                                                                                                                                                                                                                                                                                                                                          The banks usually don’t pay the down payment. The developer or real estate owner will enter into an ‘Agreement for Sale’ which is then in the custody of the Bank. Also, ensure that the property insurance is in place, so in case of any mishap, the entire amount is paid to the bank. Insurance, while the property is being developed, is necessary. The bank starts disbursing the loan amount depending upon the progress of the development of the property. You can advise banks to start the Equal Monthly Instalment as per your requirement. First-time home buyers will get benefits on the Interest Paid on the Home Loan. The Home Loan Interest Certificate needs to be attached while filing Income Tax Returns. All the Mortgage Documents will be in the custody of the Bankers as long as all the dues are paid. Once all the dues are paid, the Mortgage Documents are released and a No-Objection Certificate is issued to you. During the repayment period, if you happen to have some extra funds, then try to repay part of the loan amount. This way, your interest burden will come down. 

6. Real Estate Agent: Booking a property through a HIRA-approved Real Estate Agent is always recommended by experts due to their expertise in this field. Buying property through HIRA-approved agents or consultants will give you many benefits and options. HIRA-approved agents and consultants will guide you to select the best properties at reasonable prices with a lot of options to choose from. It is advisable, to directly transact with the Property Developer with the help of a HIRA registered agent, as they will act as a middle man to safeguard you from frauds, etc. Ensure that the dealing with the Agent or Developer is transparent. All dealing related to money should be transparent and receipts in original to be issued immediately. Ensure that you have received all the copies of the documents that you have signed. Also, ensure that the Agents or Developers have signed. You need to be cautious here due to the many scams going on. We would advise you not to sign any documents in a hurry. Take your time to study and then sign them later. Many of us just sign the bulky documents only to repent later. Our advice to you is to get it vetted with your lawyers and then make the signatures. This Homebuyers guide will assist you in different phases of your first-time homebuyers deals.

7. How to take Possession: Before taking possession of your property ensure that whatever has been promised is being delivered. Check the carpet size of the area delivered by an independent Civil Engineer. Check the Parking area allotted to you and a letter to that extent has been given to you. Ensure that all plumbing and electrical connections are proper. Any breakages or leakages to be reported in writing and to be rectified. Check all the keys handed over to you. It is also good to know, who would be your neighbours. Get a list of owners of the property. Advisable, to inspect the Terraces for the Solar Connections and arrangement of Drinking Water. Inspect the surrounding areas of the property for any incomplete work, open power cables or boxes, sewage tanks, etc, and bring it to the notice of the developer. The safety of the residents is of prime importance. Keep your Homebuyers guide handy so that you don’t forget something important. Taking possession of your property if the dream for any home buyer especially 1st-time buyers.

8. Planning for Additional Expenditure: Most first-time home buyers miss considering this point from the homebuyers guide. The additional expenses for the new furniture, the upholstery, the kitchen accessories, the electrical connections, or plumbing costs need to be considered in your budget. The home loan amount is not applicable for this kind of expenditure. Some funds should be allocated before moving into your new premises. Transport of your household to the new location is a big chunk of expenditure. Piped Gas, Internet Connections, Car Wash are some of the additional expenditures. You can refer your friends or relatives to this homebuyers guide, which will certainly help them when they are buying their property.

Plan of Leasing or Renting: If the plan is to rent or lease out then, you can connect with EmarEstate for getting the best value for your property. They help you to get good tenants without any hassle and they also have other services to cater to your needs. They do help in cleaning, painting, sanitization, etc.

Feedback: Hope any 1st time home buyers will find this 8 points homebuyer guide very helpful & suitable in taking the steps to buy a property. We welcome your comment on improving this Homebuyers guide. The feedback from you will be appreciated and we shall improve and make it more useful to our first-time home buyers. Please send your feedback to [email protected] with the subject line “Homebuyers Guide”.