Author: New Kolkata Team | 2018-03-27
Kolkata, known for its old world charm, is finally progressing towards healthy and luxury living. With substantial demand for affordable flats in Kolkata, the real estate Kolkata is booming with state of the art township projects and residential complexes. There is something for everyone, so hopefully, with the guidance of the following steps, you will be able to locate your dream house at the choice of your spending soon.
Step 1: Preparing A Budget to Buy Flat in Kolkata
Before starting on a quest for flats for sale in Kolkata, it is important to prepare a budget worksheet to understand your financial situation and that you don’t over stretch yourself. What needs to be kept in mind is- it’s not only the deposit that one needs to pay, but also other overhead expenses like Stamp Duty, Loan interest, Legal fees and many more.
Step 2: Searching the Desired Real Estate Property
Prepare a checklist of the do’s and don’ts w.r.t the location, property features, the credibility of real-estate developers and exclusive attractions, before you set on a journey to look out for your dream house. For instance, New Kolkata, a township project in Serampore provides 4-way communication to the main city and beautiful amenities like an infinity pool, pet parks, shopping malls, without burning a hole in your pocket. The flat price in New Kolkata Serampore starts at INR 14.3 lakhs and is, therefore, the best project in the economic mid-market home category.
Step 3: Apply for Home Loan and Design the Roadmap for Payment
After conducting a market research and streamlining the exact property as per your preference, you need to check the eligibility of the application for a home loan. Visit various banks to comprehend the entire process of loan taking and repayment and also check which bank’s policies and maximum loan allowance suits your interest the best. While on one hand, you are calculating loan amount, it is also necessary to understand the process of payment to the developers.
There are 3 types of payment plans:
• Construction linked
• Time linked
• Down Payments and Pre-defined Installments
However, with the onset of GST, it is advisable to book a ready to move in flat as this new tax policy is not applicable to ready units. As the buyers are exempted to pay GST, the scope of escalating prices by the developers can be prevented in the case of ready for possession projects. This golden opportunity was cashed upon by Alcove’s New Kolkata who is granting luxury homes at unimaginable flat prices in Kolkata, Serampore. A great deal while you save enormously!
It is to be noted that while you arrange the documents required by the lender, also understand how the lender will disburse your loan, in a lump sum or according to the payment plan you sign up for.
Step 4: Receive the allotment Letter and Sale Agreement
Once you make the 1st payment for the property, and you are allotted your flat, you will receive an allotment letter from the builder. This allotment letter includes the details (like flat number, area, price) of the flat that has been allotted to you, the payment details, any extra charges levied to you amenities such as car parking, club membership, and maintenance charges to be levied at the time of possession and occupancy. Once the allotment letter is handed over, the chances of making changes in the apartments bought will be reduced.
If you are buying a pre-existing property, then after agreeing to the sale terms with the seller, the seller may sign an agreement with you.
If you are getting an under-construction property, the developer will sign a sale agreement with you. Cross-check all the details that were promised earlier are included in the agreement, by the developer.
Step 5: Possession and Registration
Possession is the physical transfer of the property, but is not sufficient to establish a legal transfer of ownership. The final step in the buying process is the possession of the property being transferred to you and your responsibility to get it registered in your name.
Working on these simple steps to make the buyer's journey convenient and benefitting the buyer’s financial accounts, the real-estate project developer like Alcove’s New Kolkata has emerged as an Industry Pioneer. With the best flat price in Serampore, Kolkata, this real-estate project merged the essence of colonial beauty with new age landscape designing to offer you luxury flats under budget in Kolkata.
Hopefully, after following these simple processes, you stumble on your fantasy home soon. #HappyHomes #HomeSweetHome