“Owning a home is a keystone of wealth - both financial affluence and emotional security!”
After much hassle, research, site visits, expert opinions and what not, finally you take a call and finalize on purchasing your dream home. That’s a great yet tough decision to make and it definitely calls for a celebration! Congratulations on reaching the first milestone in owning a house! Well, owning a home affair doesn’t end here. A few more steps and yes you are there in your new home, of course! Allow us to unravel these steps from booking to moving into your new home, one by one for you.
1. Booking: This is the very first step towards buying your perfect abode. Once you finalize on your apartment/flat you need to make a booking so that it’s retained by the builders until you purchase it completely by making the final down payment. The apartment is booked by initially paying a booking amount of Rs.1 lakh to the builders and filling out a booking form which would basically include your personal details.
2. Legal Verification: Once you are through the process of booking, a copy of the legal documents relating to the project and the builders will be handed over to you so that you may exercise all due diligence pertaining to legal. This is up to you, whether you trust the builders completely and don't want to spend time and money on verification or else you might be the one who does not want to undergo any risk whatsoever and thus could get it scrutinized from your end. This entire process might take a week or two and once you are done with legal verification, you need to return the documents back to the builders. In case there is a legal issue and if it’s found to be true, your entire booking amount will be refunded within seven working days.
3. Sale Agreement: The sale agreement in simple words is a legal contract/agreement of sale between the builder and buyer. This agreement will state all the terms and conditions which are being signed upon by both parties. It will include your booking amount, due amount and all other payment details to be made in the future as well. It is based on this document that the sale deed will be drafted.
4. Loan Disbursement: Following the sale agreement is the process of getting your loan sanctioned. You will have to reach out to your choice of bank, fill out the loan application form and pay the processing fee. You will have a discussion with your executive regarding the loan and they will evaluate all the documents which you submit to the bank. A legal inspection of the property papers, as well as the site examination, will be carried out by the bank. Ideally, this process shouldn’t take more than two weeks and if everything falls in place, your loan amount will be sanctioned and disbursed to the builders. The original property papers will remain with the bank until the final repayment of the loan (including interest) is made to the bank.
5. Registration of Sale Deed: Now what exactly is a sale deed? The sale deed is the main legal document which will prove your ownership of the property by transferring all rights of ownership from the seller to the buyer. It is mandatory to register a sale deed under Section 17 of the Registration Act, 1908, which states that all immovable property with a value more than Rs.100 must be registered. The buyer will have to pay for the sale deed and before the sale deed is signed, the seller must clear off all encumbrances and liabilities on the property which will include any outstanding electricity bills, water bills, maintenance charges, etc. The registration of the sale deed is done at the registrar’s office to ensure the passing of right title, ownership, possession, and privileges associated with the property to the buyer. The registration is done immediately after the sale deed is signed upon by both parties. During the registration process, the buyer must pay for the stamp duty as per the stamp duty rates of the respective state. Once the registration is done, all the original documents pertaining to the property are handed over to the buyer by the registrar.
6. Interiors: Designing the interiors for your house is the most interesting bit of the entire process. Although it is time-consuming, it’s definitely bound to keep you intrigued. You will always find yourself in awe of the new design trends and interior ideas and will most certainly find it very difficult to follow a particular theme or style. We suggest you start planning ahead of time as to how you would like your interiors to look like. Home is where the heart is, and if you are not happy about how it looks on the inside then it’s a great compromise you are making. There are a couple of tricks and tips which could be used to get your interiors done without burning a hole in your pocket and worry not, we are here to help you with the interiors as well.
We hope we have cleared the entire process to you and probably by now, you know how exactly the entire process from booking to moving in to your new home is executed. So what’s the wait for? Go ahead, make that booking, we got your back!