All You Need To Know While Buying a Home

Buying a home is like a dream comes true. If you want to buy a new home, you need to be aware of some of the facts associated with investing in India Property.
The first information on housing:

When buying a new home under construction, the buyer must ask the promoter about the housing plan, and some of the very important information, including:
• Registration data of the construction company with the commercial registers.
• Detailed architecture and drawings of the house.
• Instructions on the use and maintenance of facilities.
• Report of grades.
• The total cost of the property and mode of payment.
The buyers receive advertisements and promotional brochures on new housing, when they plan to buy a home. Therefore, it is advised that the buyers must go through the information properly, and keep those brochures and advertisements for further use.
Booking the home:

To purchase an India property, you must provide a sum of money as a token, which allows you to book the property in your favor. If you decide to purchase the home, you must commit about the delivery of certain amounts of money on a regular basis (monthly or semester) and sign up the contract of sale.
Insurance in the sale of property and repayment of amounts paid on account:

The India property housing promoters must guarantee the amounts that you submit to a regular account, by either insurance or guarantee. In cases where construction never started or completed, the developer is responsible to return the amount deposited, along with 6% penalty.
Buying an India property is an investment of a lifetime; hence, you must ask the developer to provide you with the individual policy of the insurance or a document certifying the existence of the guarantee. The document should also include the information that how the amount can be obtained directly from the insurance company or financial institution. So that if the house is not constructed or is not completed within the stipulated time, you may demand a refund of the amounts paid. In case, the promoter does not respond to your request of reimbursement, you can contact the insurance company or financial institution who will guarantee to request the return of capital in your account.
The contract for the sale of housing:

The private purchase contract is between the buyer and the sponsoring company (seller) and it must contain:
• Data from both buyer and seller sides.
• Information about if the buyer have the legal capacity to conclude the contract.
• Identification of housing.
• Floor plan and building specifications.
• Price and terms of the acquisition.
• Amount of taxes to be deposited.
• Date of delivery of housing
• Details of penalty that the builder needs to give the buyer for each month of delay after the due date for delivery.
• Signature of both the parties that sign contract.
Before signing a contract of India property, you must submit the following documents:
• Description of the housing and the place where the building is located, including common areas and amenities.
• Layout of electrical, water, gas and heating arrangements in and around house, besides fire prevention measures in the building.
• Materials used in the construction of housing.
• Instructions on the use and maintenance of facilities that need special care and evacuation of the building in case of emergency.
• Details of property registration.
• Copies of approvals legally required for the construction of housing and Urban Planning Certificate or certificate proving ground urban circumstances.
It is always advisable to obtain the advice of an attorney, before finalizing any India property. The advice depends on the circumstances of each case.