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Essential Steps For a House/Apartment Purchase in India:



STEP 1: If you have decided to buy an house, Search for one...

STEP 2: Do not stop STEP 1 even when you get bogged down

STEP 3: Once you zero-in on a property, do a property valuation from a valuation expert (Civil Engineer)

STEP 4: Check out the construction quality from the valuation expert

STEP 5: Check informally about the property in the neighbourhood on the Price/Ownership. If it is a purchase of a new  apartment, visit the previous projects of the builder to get to know the quality of construction, reliability of completion on due date

STEP 6: If you find something wrong based on STEP 4 & STEP 5...STOP proceeding... however nice the property may be...however cheap it may be...

STEP 6: Negotiate for the price with the owner/builder based on the your inputs & from the valuation expert

STEP 7: If you are okay with the price, go ahead and pay a token amount to get all necessary documents...Amount should be typically Rs.5000 to Rs.10,000

STEP 8: Find a good lawyer for evaluating the documents and follow lawyer’s instruction word-by-word..If lawyer asks for one more document...get it .More the proof ...the better it is for you. If lawyer raises a flag, STOP dealing with the property .

STEP 9:  Once the lawyer gives the go ahead, approach a bank  for a home loan...Even if you have your own funds I would recommend going for financing from a bank/housing finance institutions, as they would do another set of checks on the property from their end.

STEP 10:  Start pooling your money in

STEP 11:  Once the home loan is approved, Register your property with help of your lawyer
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