Since the structure of the house has changed a lot in today’s time; people prefer to take under construction properties rather than the existing constructed one.
People can customize their house as per their requirement & standard in an under-construction property. The under-construction properties are generally cheap and are priced at approximate 20% lower than the other constructed buildings in the locality.
Purchasing an under-construction property with the help of home loan Application can make the investment affordable as it involves heavy amount, it is always suggested to take a home loan to make the investment convenient. But before taking any decision, be very considerate and always evaluate different lenders as a complete knowledge in this field can help you maximize your investment.
Here are a few tips to be kept in mind while purchasing an under-construction property with the help of a home loan.
– Always prefer a builder that has a commencement certificate.
Today, every house has a different story and are beautiful in their own unique way. Every builder has its own specialty which is reflected in their designs, but don’t fall prey to this trap. Don’t just get attracted to the design but evaluate a few other essential things. As a smart buyer, assess the authenticity of the builder. The builder should have proper legal documents authorizing him the right to construct.
A commencement certificate is one such document which ensures builders authenticity. This certificate certifies that the builder can execute the work of construction in the stipulated time and is not engaged in any sort of legal issues.
-Better Negotiation possible
Since builders charges a high rate to fetch a high marginal profit, there is always a room for negotiation. Even though you find a property at a reasonable price, you should still ask for a negotiation. If the price gets lower as per your budget, you can cut down some of your loan’s amount and in turn, can get the loan approved quickly and thus repayment also becomes easy.
– Choose a Wise and helpful lender
When you are seeking a loan from a lender always evaluate and choose the right one because a right lender would not only help you with the proper funding but will also suggest you about the builders and their suggestion is always valuable in this regard. They can connect you with the builder with appropriate legal authority to construct and thus ensure your money is rightly invested.
-Keep in touch with both the lender and the builder till the project is ongoing
Always be in contact with the lender and the builder till your loan gets disbursed and your house gets constructed. It helps you to track the flow of payment release and construction process. If the construction is going according to the stipulated time and meanwhile the builder asks for early payment release do not hesitate, and also if the builder delays the project than don’t even hesitate to hold the payment release. This may help you to get your work done accordingly.