Buying a home is undoubtedly the biggest financial and lifestyle decision that you will make. A little homework will help turn your dream into reality.
Buyers Guide
One should buy property in an area which has adequate basic amenities such as power, water, sewerage, etc. It is important to do your checks and balances while deciding on a project. Infrastructure in the area, connectivity, builder’s goodwill and price of the property are key components a buyer needs to take into consideration. A buyer should also carefully check the builder’s experience, number of projects completed and delivered, banking institutions involved and present buy options available to suit your requirements. It is better you conduct a field survey before identifying a suitable property meeting your budget and location preference.
– Rera registered
– Project quality
– Reputation & background check
– Word of mouth
– Layout & efficient use of spaces in planning
– Delivery track record
– Transparency
When a property is withheld by a person for more than three years, it results in Long Term Capital Gain on sale of that property, on which Capital Gain Tax can be saved by investing that money in a residential property.
When a property is withheld by a person for less than 36 months, it results in Short Term Capital Gain on which tax cannot be saved. STCG is added to the income of a person and tax is calculated according to the slab rates of the Income Tax.
Under construction – Easier on pocket, Higher returns, Rera Compliance
Ready to move in – Immediate availability, you get what you see, No GST
A CIBIL credit score can be explained as a 3 digit numeric outline of your credit history. It is calculated on the basis of your complete borrowing details such as repayment record, repayment pattern, the number and type of loan accounts and outstanding debts and default instances (if any). It ranges between 300 and 900 points. A healthy or a high credit score is important to get loans effortlessly. The higher the points i.e. close to 900, higher are the chances of getting loans from a lender (bank of other financial institutions in India). A low score (close to 300) indicates defaults in the repayment pattern or other discrepancies pertaining to borrowings in the past.
However, each bank or financial institution has its own benchmark for home loan eligibility and approvals. Your CIBIL score is the first thing banks refer to when you apply for a loan or a credit card. It is one of the most important criteria to decide your eligibility for a loan or a credit card