Buying a real estate property is a major goal for us. It gives us the feeling of accomplishment & it is also a dream come true. Many of us, always nurtured a dream of owning a specific property. This steam works as the driving force. However, selecting & buying a real estate property is a time-consuming task. You need a lot of patience, research work & a specific way of finding to get your hands on your dream property. Although hiring an experienced real estate such as Realtech Nirman will help you to complete this task easily. However, you must follow some steps to get your dream property. In this blog, I will discuss the steps of buy Properties in Rajarhat.
1. Set your budget for Buy Properties in Rajarhat:
Budget is the crucial step in buying a real estate property. If you want to Buy Properties in Rajarhat area then it is important for you to do some research work first on the pricing of the area. After the research work, set your budget. This will help in shortlisting the properties easily.
Tip: Do not overburn yourself. Just remember there are many more expenses after buying the property such as registration fees, interior design, maintenance, etc. So, set your budget in a realistic way.
2. Property type & payment method:
After setting up the budget, it is important for you to finalize the type of property you want. Well, do not make a hurry on this or get driven by imagination. The kind of property depends on the kind of family you have. For example, if you have a big joint family then it is important for you to have a big house or a 4 BHK flat at least. On the other hand, if you have a nuclear family you can go for 2 or 3 BHK flats.
Tip: If you are confused do research on the carpet area of the flats & houses. This will help you to get a real image of a property. Do not forget to check all the amenities before you make any move.
In the case of payment method, you also need to plan it before you proceed to the next step. You can make the payment by cash only, then you have to make the arrangements or you can take a home loan. In that case, you have to make the down payment first & the rest will be handled by the bank. If you are thinking about taking a home loan, start researching the criteria.
Tip: Home loans are easily available. However, every bank has its own criteria for it. However, you have to make sure that you choose a fully legalized property. The bank will check the property papers personally & if there is any kind of dispute, they will not approve the loan. To avoid the hustle, you can choose a reliable real estate agent. You can connect with Realtech Nirman. They have a whole legal team to look after all the legal issues related to property & they make sure that all of their projects are 100% authentic.
3. Connect with a real estate agent in Rajarhat:
After setting your budget, the most crucial step is to connect with a real estate agent. Real estate agents have a list of properties depending on your budget & preferred location. This will help you in making the whole process easier & will reduce the time involved in it.
Tip: Always choose an experienced real estate agent. Experience helps them to have a better understanding of the business & also helps in having a better list of properties. This helps you in getting the right property in no time. For example, Realtech Nirman has been serving the real estate industry for a decade now. They have a significant number of projects in the Newtown Rajarhat area such as Rajvansh, Rajokiya, Rajmahal, etc. This will help you to get your dream property more easily.
4. Research about the future too:
I know buying a property is a dream. However, we can’t ignore the future prospects, right? So, it is important for you to have a futuristic outlook first. Buy Properties in Rajarhat & have a view of putting it on a rental basis, do research work on its rental values? If you are buying the property to stay there for the rest of your life then do research work about the basic amenities of the location such as schools, hospitals, the quality of roads, etc.
For example, if you are buying a property in the Newtown Rajarhat area then you will be able to get schools such as Delhi Public School, The New Town School, ORCHIDS The International School, Calcutta Public School, etc. in hospitals you will be able to get Apollo Clinic. Psychology Hospital, Renaissance Hospital, Birati Municipal Hospital, Cardiology Hospital, Charnock Hospital, Spandan Hospital, Spandan Hospital, Ear-Nose-Throat (ENT) Hospital etc. This area has excellent road connectivity & just a few kilometers away from the railway station & airport.
Tip: Always check the crime rate, law & order of a specific area before you make any investment. This will help you to ensure the safety of your family. In the above section, I have mentioned that checking the rental value is the future plan, do not forget to check the resale value & the future of the area too. For example, the Newtown Rajarhat area is a growing smart city & it is becoming the new IT hub of India. So, it has a future value & there are chances that you will get a higher value of your property at the time of reselling.
5. Availability of home loans:
Everyone’s definition of affordability is different. Everyone cannot afford to Buy Properties in Rajarhat or an apartment with cash money. So, it is obvious that people go for home loans to fulfill their dreams. Although, getting a home loan is easy now, however, every bank has its own criteria and everyone is different from others. Banks have their eligibility criteria for home loans as per the guidelines of RBI (Reserve Bank of India) and you need to check all that before you head to the next step. These guidelines depend on age, salary, credit score, work experience, etc.
Once you are done with checking the guidelines, it is time to check the EMIs. you can use the EMI calculator. You can get this online, just make a search on Google by “EMI calculator”. This will also help you to make a budget, property list & locational preference which will help in searching.
Tip: I recommend having a good credit score (CIBIL score) to get a loan at a lower interest rate and in the case of EMIs, do not overburn yourself. I know we all have a dream property. However, ideally, your EMI should not be more than 40% of your monthly salary. This rule will help you in saving & will help you make a balance as well.
6. Calculate the expenses before the deal:
During the budget, I mentioned the expenses of registration fees. It is important for you to calculate all of those before the deal. There are many more expenses apart from the main price such as registration charges, stamp duty, sales tax, and income tax, which are paid mandatorily. Apart from these, you have some additional expenses such as the charges of real estate agents, home inspectors, mortgage brokers, lawyers, and more.
Tip: Do not forget to hire a lawyer to check all the legalities of the deal. Once a property is bought, ensure to have documents like a Title Deed, commencement certificate, occupancy certificate, sale agreement, etc. Must check the property’s age, if it is a disputed property, house within municipalities, etc.
Some common FAQs
How much EMI should I pay?
Well, it is a personal choice. However, according to the rule of thumb, your EMI should not be 30% or 40% of your salary. This ratio will help you maintain the balance of your life & you will be able to make some savings too while paying the EMI as well.
What is the stamp duty & registration fee of West Bengal?
The stamp duty of West Bengal is 5% for properties valued below INR 25 lakh and 6% for those above INR 25 lakhs. Female buyers are subject to the same stamp duty rates and registration fee of 1% of the property’s value across all locations.
Final words: Buying real estate property is a dream come true & it is a crucial step for the rest of your life. It can be your best decision ever if you take the right amount of time and follow some research steps before the deal. I hope this blog will help you in making the right choice.
