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Ultimate Real Estate Guide For First-Time Homebuyers In India

An increasing number of people today are looking to buy their dream homes. The current Indian real estate market is flourishing, making it the best time to invest in the real estate industry.

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Homebuyers have multiple choices available to choose from -- apartments and flats to villas and villaments. Pixabay

 

In India, owning a home gives people a sense of pride, security and stability. A host of first-time homebuyer benefits and a slew of economic policies are making house ownership accessible to all. An increasing number of people today are looking to buy their dream homes. The current Indian real estate market is flourishing, making it the best time to invest in the real estate industry.

If you are looking for real estate in Pune, Kolte Patil Three Jewels is an integrated township spanning 35 acres offering well-spaced apartments amidst wide expanses of nature.

The home buying process can seem confusing if you are a first-time homebuyer. This article presents the ultimate real estate guide to help you understand the various steps involved in a home buying process:

Houses
If you are a first-time homebuyer, you may take the help of the above real estate guide to walk you through the critical areas of the home buying process. Investing in real estate is a huge commitment. VOA

Assess your needs

Homebuyers have multiple choices available to choose from — apartments and flats to villas and villaments. You can assess your needs by asking questions such as what kinds of accommodation would suit your family size. Does it have all the amenities you are looking for? Is it something you can accommodate in the current budget?

Check your credit score

Most first-time homebuyers opt for a home loan as funding a new home entirely from one’s savings can become burdensome. To know your status of being approved for a home loan, you may want to check your CIBIL score. A low CIBIL score could mar one’s chances to obtain credit.

Check the builder’s credibility

Once you have finalised the location and the type of residential building, look at projects managed by reputed builders in the area. Read more about their past projects, whether they complete housing plans on time, quality of construction, etc. before finalising on a property. You can also read homebuyers’ reviews that have purchased properties from a particular builder.

Buyer-builder agreement

This is a three-way contract between the bank, builder and you to be signed when booking a house. This contract is finalised with a token fee that seals the agreement. Ensure you read all the terms, conditions and understand them well. You could also seek the services of a property lawyer to help you understand the clauses.

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Once you have finalised the location and the property type, seek top builders offering projects in the area and verify their background. Pixabay

Approvals and licenses

You can save yourself from unwanted hassles by ensuring a builder has the necessary legal approvals and certifications in place. Some documents that to need to be checked include title deeds, RERA certificate, encumbrance certificate, NOC by relevant bodies, environmental clearances and so on.  

If you are looking for financial assistance to purchase a property in Pune, you can avail a home loan from Bajaj Finserv Homes & Loans with credit up to Rs. 3.5 crore. Avail an easy loan with minimal documentation and features like property search assistance, flexible tenors, and easy part-prepayment and foreclosure facility.

Summary

If you are a first-time homebuyer, you may take the help of the above real estate guide to walk you through the critical areas of the home buying process. Investing in real estate is a huge commitment. So, it is essential to assess your needs before you take the plunge. For example, if you are a family of four with kids, a property with necessary amenities like schools and nearby kids’ play areas can be an advantage. It is equally vital to check your CIBIL score to ensure you qualify for a home loan. Once you have finalised the location and the property type, seek top builders offering projects in the area and verify their background. Book the property after ensuring all legal documentation is in place and you have fully understood the terms and conditions of the builder-buyer agreement.    

Three Jewels in Pune is a magnificent township located at Kondhwa. The housing project offers 1 BHK, 2 BHK and 3 BHK flats that are well-designed, spacious and cater to people of different income groups. Three Jewels provides its residents with excellent amenities that include a swimming pool, flower garden, library, event space, multipurpose courts, conference room, reserved parking, kids play area, gymnasium, indoor games room and much more.

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Get the best financial assistance to buy a property in Pune, by availing a home loan from Bajaj Finserv Homes & Loans. Avail an easy loan up to Rs. 3.5 crore with minimal documentation and other features such as property assistance, easy tenors, and simple foreclosure and part-prepayment facility.

Next Story

Corporate Affairs Ministry Mulling Setting of Threshold for Homebuyers for Starting Insolvency Proceedings

In the last three years 21,000 cases have come to IBC, out of which nearly 10,000 cases have been settled

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Corporate, Ministry, Homebuyers
There is a feedback from housing and urban affairs ministry and other quarters like real estate industry that this has to be looked at, and some threshold approached has to be followed. Pixabay

In a move to limit the abuse of the Insolvency and Bankruptcy Code (IBC), the Corporate Affairs Ministry is mulling the setting of a threshold for homebuyers for starting insolvency proceedings against real estate developers, Corporate Affair Secretary Injeti Srinivas said on Monday.

Speaking to reporters, Srinivas said the ministry is also looking at a distribution formula for financial and operational creditors to create a hybrid system of auction of properties with a rigorous examination of resolution applicants to make the system more transparent and legal hassle free.

“If a single homebuyer is the (insolvency) trigger because the Rs one lakh threshold has crossed, one day default has crossed..otherwise a well-functioning company comes to NCLT (National Company Law Tribunal, it is not a happy situation,” he said.

“There is a feedback from housing and urban affairs ministry and other quarters like real estate industry that this has to be looked at, and some threshold approached has to be followed. In the last three years 21,000 cases have come to IBC, out of which nearly 10,000 cases have been settled. 8,500 cases prior to admission and about 1,500 cases resolved and over 1,500 cases are ongoing. The whole issue of system getting clogged.

Corporate, Ministry, Homebuyers
Speaking to reporters, Srinivas said the ministry is also looking at a distribution formula for financial and operational creditors to create a hybrid system of auction of properties with a rigorous examination. Pixabay

“These are real issues but the typical approach which will be beneficial is that cases that involve large outstanding and where IBC is the best option should actually take recourse to IBC. Things which are not having smaller outstanding can be better settled outside IBC. IBC is a rigorous process with lot of phases” ,” he added.

The Secretary was briefing reporters here following a meeting between Finance Minister Nirmala Sitharaman with bankers on IBC issues.

The meeting, at which he was present, also discussed the treatment of operational creditors under the IBC which has been a bone of contention.

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“The possibility of formula-based distribution (of assets) which is fairly elaborate which can give best option and reduce litigation and reduce time for litigation with (section) 29A getting settled beyond doubt, the only litigation area essentially is who gets how much, if that can be resolved in an effective manner that could be the real thing”, he said.

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He also said the government is considering ways to to make the IBC process more transparent and less litigation prone

“Right now, there and both financial and non-financial considerations. The non-financial considerations determine the eligibility and the financial considerations determine the outcome of the bids. So, there is a feeling that the non-financial considerations can be use for shortlisting and then for the bidding we can have auction mode,” he said.

“There could be possibilities that we would examine to make it more transparent and less litigation prone, whether we can have a hybrid system where we can have the rigorous examination of resolution applicants’s eligibility in one stage and after we shortlist all eligibles can there be an auction platform where they actually bid..that can increase confidence in the system,” he added.

Billionaire L.N. Mittal-owned ArcelorMittal had last year won a long-drawn auction for Essar Steel but still has not been able to take over the company. While the NCLT approved ArcelorMittal’s bid in March, some operational creditors and British lender Standard Chartered have filed appeals in higher courts.

Corporate, Ministry, Homebuyers
If a single homebuyer is the (insolvency) trigger because the Rs one lakh threshold has crossed, one day default has crossed..otherwise a well-functioning company comes to NCLT (National Company Law Tribunal, it is not a happy situation. Pixabay

Essar Steel is saddled with debt of more than Rs 50,000 crore. As per ArcelorMittal’s proposal, financial creditors would receive Rs 41,987 crore against their admitted claims of Rs 49,395 crore. Operational creditors were to get Rs 214 crore initially but this was increased to Rs 1,214 crore later.

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Standard Chartered would get only Rs 60 crore against its claim of Rs 3,487 crore. Standard Chartered and the operational creditors have submitted that the financial creditors, that is banks such as State Bank of India and Edelweiss Asset Reconstruction Company, will receive almost 90-92 per cent of their dues. (IANS)