The Home Buyer’s Guide

Home, Casa, Dom….etc. all words meaning the same in different languages, and an aspiration for all. Our home is a reflection of our status and our achievements in life. The home has to satisfy our needs and also our lifestyle. Following are some of the guidelines which assist in purchasing a new home which may get overlooked in the cacophony of advertisements and offers.

Location

It is advantageous to identify the location of your new home with reference to its proximity to your children’s school, your workplace, shopping areas, hospitals, railway stations, etc.

Planning

An important point to note is the planning .Always look to see if the room size is adequate to accommodate at least the basic furniture. Check to see that there is no wastage of space in the form of a excessively large entrance lobby, terraces and passages in proportion to the usable area. Always try to get a home with sufficient service areas like toilets, kitchens and utility areas (dry terraces).

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Vaastu

Vaastu a ancient Indian science is in vogue presently. However in a modern residential apartment it is not possible to have 100% vaastu compliance.

The following essential vaastu points as suggested by some renowned Vaastu consultants are

• Entrance: In North,East,North west direction.Avoid a south entrance.

• Kitchen: In South -East direction.

• Master Bedroom: In South-West direction.

• Underground water tank:In North-East direction.

Construction Quality

A RCC structure with brickwork/block work gives more flexibility in planning a furniture layout over a fully monolithic construction .It also reduces the ambient temperature of the apartment thereby reducing your energy bills. Wall thickness range from 4” to 9” ,but 6” is the present industry standard.

The higher thicknesses facilitate better strength and less cracking after chiseling for concealed conduits.

Wall finishes are of three types

• Cement plaster with Sanla/Neeru finish: For strength and increased water resistance but lacks a clean finishing.

• POP/gypsum Plaster: For  clean finishing but lacks strength and has increased water permeability.

• Cement plaster with POP/Gypsum Finishing: For clean finishing with strength and water resistance. Visible specifications like tiles, sanitary, plumbing and electrical fittings must be evaluated based on  brands, quality and workmanship.

Essential Amenities

Amenities such as security, solar and alternate energy sources, lifts, rainwater harvesting, power backups etc. add value to your home.

Lifestyle Amenities

Amenities such as gyms, swimming pools, jogging tracks etc. though desirable come with a lifetime recurring cost.

Legal

The property must be RERA registered if it is still under construction. Ask to see the sanctioned plan and commencement copy and check whether your unit is sanctioned. A Title search report of a lawyer will show the history and encumbrances of the property.

Builder’s reputation: Builder’s reputation should be evaluated based on his past projects, his qualifications and his experience in the construction field. Also check to see if the builder has qualified personnel to look after the construction.

Budget

Have a prefixed practical budget to satisfy your requirements. It is important to evaluate the final costs including taxes and additional outflows so as to avoid any hidden surprises. Festivals and Offers need to be evaluated and a per sqft. of carpet rate  should be arrived at.

Documents for homeloan

List of papers/ documents applicable to all applicants:

• Completed loan application

• 3 Passport size photographs

• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)

• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/

• Property tax receipt/ Passport/ Voters ID card)

• Proof of business address for non-salaried individuals

• Statement of Bank Account/ Pass Book for last six months

• Signature identification from present bankers

• Personal Assets and Liabilities statement For guarantor (wherever applicable)

• Personal Assets and Liabilities Statement

• 2 passport size photographs

• Proof of identification as above

• Proof of residence as above

• Proof of business address as above

• Signature identification from his/her present bankers Additional documents required for salaried persons

• Original Salary Certificate from employer

• TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Dept.

       Additional documents required for Professionals/self- employed/ other IT assesses

• Acknowledged copies of three years I.T. returns/ Assessment Orders.

• Photocopies of challans evidencing payment of Advance Income Tax.