The Home signifies comfort, security and peace so we strive for owning a  house but  buying an immovable property in India is a lifetime challenge because of a combination of factors.
A meticulous planning at the investment stage can save us from sleepless nights later.

Qubrex realizes the importance of guiding the first time purchasers of property before making the buying decision.

Tips for buying the property  
Buying your very first home can be daunting task considering the commitments required. But you are not alone . There are lakhs of first time buyers who had stood in your shoes and had taken the very same steps which you are going to take. The path is well trodden  so the probability of getting lost is rather low. All you have to do is to take one step at a time.

Before you take a decision , please gather your thoughts. Get down to specifics - work out a elimination process based on your preferences or those of your better half. This sounds easier than what it is,  it surely  will trigger few meaty arguments with your spouse. However, eventually with your property agent's assistance you should be able to get a short list of prospects.

(Click on "Full Story" for more.)

Budget
Before you do any leg work you must ask yourself, " How much can I  spend ?".

Depending your requirement and number of family members, you can decide on the living area and number of rooms, also depending on your preference and pocket you can decide between a flat and an independent house.

Flats have certain advantages like sharing of land cost and  security and other common facilities cost , which can be divided among the members .On the other hand you have the advantage of modifying or constructing the independent house.

 Figure out how much money you are willing to spend on house. Most of us would need to supplement with a loan. Calculate your income level and living expenses. Take into account your future considerations such as  children, add-ons, amenities, fix-ups, rising income levels and so on. Also, budget  for some exigencies.

You can use simple formula :

Income minus present lifestyle = potential mortgage payment.

Your home is certainly worth sacrificing a few spending habits but not worth mortgaging your entire future.

It is advisable that when you set a budget for buying a property, you reduce it by 20-25%. Typically, brokers will show you the properties, which are on outer limits of your budget and temptation to overshoot can be high, but please remember that there will be many leakages from your kitty along the way. There can be hidden costs and some unplanned expenses like cost for furnishing the house, some minor repairs etc.,

So, it is a good idea to work with a price lower than your limit because ultimate costs invariably tend to overshoot our estimates.

Once you are clear as to what you can afford , you can start visiting the prospective homes for evaluating them in detail.

Property Inspection:

It is advisable not to take an emotional decision but let your head rule over your heart.

Inspect the prospective properties thoroughly, at different times,  everything from floor to wall, from light switches to flushes, windows and doors, locks and taps. Look out for any leak in the water supply by turning the water mains on.  

Imagine the property as it might look when furnished. Typically, a vacant house looks spacious than it is, when furnished

Take the measurement of your furniture and compare it with dimensions of rooms in the prospective property, otherwise you may have to redo your furniture.  

See at least 8-10 properties before you make a final decision. After perusing a property, it is advisable to write down on piece of paper, how many of your needs the house fulfills and also decide if the neighbourhood / surroundings  is right for you. Start the elimination process.

 After you short list the property , it is advisable to refer to check following points. Although this list is not exhaustive, it will help you in making the right decision.                                                    

·         Please scrutinize all original documents. The title of the property may be in single or joint ownership basis .In case of any difficulty in getting the papers , a certified copy can be obtained from local sub-registrar's office on payment of nominal fee.

·         Refer the documents to a lawyer who can certify the clear title.

·         Obtain `No encumbrance certificate' for the past 13 years to ensure that no mortgage has been existing on the property. This will also enable you to ensure that the title belongs to the rightful owner who is the seller.

·         Incase of sale by a  third party viz. Real estate promoter, please check whether the third party is absolute owner or holds a  power of attorney to sell the property. It is advisable to buy from the reputed builder.

·         Obtain the required clearance under the Land Ceiling and Regulation Acts.

·         Please check if the price quoted is in line with the prevailing market rate.You can take the help of reputed consultant for arriving at this.

·         See the approved plan.

  In Short, please ensure all regulator (HUDA-DDA) requirements are met before making the final payment to the promotor - lest the owner is responsible for the deviation

Registration and Agreement
It is always advisable to register the document(s) at the time of purchasing the immovable property. In some cases it is compulsory to register the document(s). Even in cases where it is not compulsory to register the document(s), registration of document(s) is advisable because

The title gets secured.

If  you are looking forward for taking the loan in future from banks or other financial Institutions  they will insist for the registered document(s).

If you propose to register the documents later, there is a possibility of the seller    not Co-operating with you in signing the deed.
The certified original copy of the document(s) can be taken from the Registering Authority ,after completion of formalities.

Generally,  the Registering  Authorities insist upon the following information before registration.
1. Ward 2. Village 3. Taluk 4. Number. of floors 5.Built up area

The registering authorities insist that the area must be mentioned as built up area.
Now, let us see the difference between build up area, common area,plinth area and carpet area.  
Common area: It is the area used by all persons in the building that includes corridors, steps, etc. It is divided among all the owners in proportion to the size of their flats.
Carpet Area: Actual area available for living that excludes the wall thickness.  
Plinth Area: Carpet Area + Wall Thickness
Built up Area: Plinth Area + Common Area i.e. Carpet Area + Wall thickness + Common A

Income Tax Concessions relevant to property purchase
Section 54; Reinvestment of house property- An individual or HUF reinvesting the net proceed of sale in another residential house is exempted from capital gains tax u/s 54, provided new house is purchased  within 2 years after or one year prior to the date of transaction.

Section 88; repayment of the principal of a home loan  upto  Rs 20,000/- is eligible for deduction under Section 88 wherein 20% can deducted from the total amount of tax payable e.g. if any person is repaying the principal to the tune of  Rs 20,000/, he will eligible for getting  maximum tax benefit of Rs 4,000/.
Section 24(2); Interest on housing loan  is permitted up as deductions maximum upto Rs 1,50,000/ from individual's income if it is self occupied for the interest paid for a home loan

Housing Finance
There are  variety of  housing loans are available in the country offered by various banks and housing finance companies .Some of them are as follows.

Home purchase loan
Home construction loan
Home extension loan
Existing home improvement loan
Land purchase loan  

Terms used in Housing Finance

EMI Equated Monthly Installment till the loan is paid back. It consists of  a portion of  interest and the principal

Floating Rate of interest Rate of interest which varies with the market lending rate. This means that there is an element of risk of paying more than budgeted amount in case the lending rates goes up

Monthly Reducing balance In this system interest reduces monthly with repayment of Principal amount

Annual Reducing Balance In this system principal is reduced annually at the end of the year so you end up paying interest even for the portion of principal you have actually paid back
Fixed rate of interest Rate of interest remains unchanged throughout the period of the loan

Processing charge It's a fee payable to the lender on applying for the loan

Prepayment Penalties When loan is paid back before the agreed term of the loan, then banks/ institutions charge penalty for the prepayment

Commitment Fee Some institution charge commitment fee in case the loan is not availed within a stipulated period ,after it is processed and sanctioned

Miscellaneous Cost It is quite possible that some lenders may charge documentation or consultant charges  

Vastushastra

In the above paragraphs, we have tried to cover important  points on various aspects , before the making a buying decision. It would be unfair to the customers who are interested in Vastu, if we do not include some tips from Vastushastra.
The tips in this section are opinions only, which can vary with individual's perception /faith and belief.

The points suggested are no way exhaustive.For details, we suggest that  you to take the help of an expert in Vastushastra.

The Word Vastu was derived from the word "Vaasthu" in Sanskrit, which stands for environment or surroundings.

Vastushastra is an ancient art and science on practices and principles on building a house ,which gives a harmonious balance between the man and nature.

The Principles of Vastushastra are based on Pancha Bhootas namely Earth, Fire, Water, Space and Air, gravitational and magnetic effects and influence of various Planets on life on Earth.

Anyone having belief in Vastu can take the advice from any Vastushrasta expert, before buying the plot on following aspects:

Soil  check  
Direction of Plot
 It is advisable to buy a plot facing North, East or Northeast is good for home.
Shape of the Plot It is generally suggested to buy a plot for house in any one of the following Shapes

   1. SQUARE
   2. RECTANGULAR
   3. GAUMUKHI; Plot which is wider in the back than front ( like a face of the cow)  

Slope of the Plot It is recommended to have a plot which has a slope towards north or east.  

The vice Versa plot i.e Sher mukhi is not considered auspious.

Similarly, you may also take the advice of Vastushastra expert in case of  non - aligned plots.  

Now, let us see on what points we can seek vastushastra consultant's advice , before building the house.

Direction of  Bedroom for the family members ; e.g as per vastu , the bedroom facing south west is recommended for chief of the house and bedroom facing north west is suggested for guests and girls.
Toilet According to vastu , it is better to have toilet  towards south or west and its better to have face towards south or west while discharging the night soil etc.
Bathroom Should be in south and west directions and the direction of flow of drains should be towards north-east. Similarly, you may take the experts opinion on place of exhaust fan, geyser etc.
Balcony Vastushastra   recommends that balcony should be in north east direction to achieve good health and wealth.
Children's Room Is better to have a children's room in north west corner
Door

It is recommended to have entrance door in north or east direction because as per vastu when somebody enters  the house, the waves coming from the door affects his mind.It is also recommended to have some paintings or window in front of the door.

Dining Room It is better to have dining table in southeast direction
Drawing Room It should be in north-west, south or west direction. Better to place furniture in south and west direction and as far as possible open space should be maximum in north and east directions  

Kitchen According to Vastu, the direction of the kitchen should be in south-east i.e. fire angle. The face of the cook should be towards the east . You may take expert's advice regarding place of the water tap or even the color of the stone/slab, on which food is cooked.
Pooja Room It should be located in North East Corner and facing East. The paintings and pictures of God may be placed on the west wall facing the east. Preferably the sun light in the morning to fall on the pictures adoring the wall.
The Cash Vault Locker-Almirah to be kept in the middle of the northern wall - just behind the pooja room.

Similarly , you can take advice from Vastu expert on window, main gate, guestroom, portico, staircase,Main switch etc. to name a few.

Check whether the seller has a right over the property.

Check whether the layout has been approved by HUDA and the local body. (Copy of approved layout can be obtained from HUDA for a fee.)

Check whether the roads and park area have been handed over to the local body through a gift deed.

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ask broker that you want direct meeting with actual seller and check papers.

Sushant Lok is of Ansals and he would have the
original allotment letter etc.

if ownership transferred several times Ansals office would have the record and you would have to match up with registries and POA(one time only).