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What is the process of booking a flat?

What is the process of booking a flat?

When you select a flat or house of your choice, you can book the same by giving a token amount, in return of which you get an allotment letter. Then, a tripartite agreement is entered upon between the buyer, the bank and the builder for the rest of the amount.

What are the documents to be checked before buying a flat?

5 documents you must verify before buying ready-to-move flats

  • Sale deed. A sale deed tops the checklist while verifying documents for your new home.
  • Completion/Occupancy Certificate.
  • Building plan.
  • Encumbrance certificate.
  • Mutation certificate.
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How does the process of buying a house work?

Steps to Take When Buying A Home

  1. Have a Down Payment Saved. In order to purchase a home, people must have cash for a down payment.
  2. Get Pre-Approved or Pre-Qualified.
  3. Decide on a Location.
  4. Decide on a Type of Home to Buy.
  5. Choose a Real Estate Agent.
  6. Visit Available Properties.
  7. Making the Offer.
  8. Secure the Mortgage.

How can I book a flat in India?

Get all the property, income and tax-related documents at a place and apply for the home loan as early as you can. *Once the booking amount is paid, make sure you receive an allotment letter which has all the relevant details such as flat number, size, floor and other extra charges.

What is carpet area in flat?

According to Real Estate Regulatory Authority (RERA), Carpet area means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition …

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What is the procedure to buy a land?

BankBazaar.com is an online loan marketplace. Disclaimer: All information in this article has been provided by BankBazaar.com and NDTV Profit is not responsible for the accuracy and completeness of the same.

How long does the home buying process take?

The house buying process can differ greatly and is one of the biggest decisions you’ll make in your life. It takes about 6 months in total to buy a house, however this varies from move to move so be sure to do your research in advance.

How to better manage the selling process of an HDB flat?

To better manage the selling process, find out more about the financial matters and costs involved in an HDB flat sale. It is important to understand and follow the resale procedures to ensure a smooth flat selling journey. Read the details in the following sections.

How smooth is the cancellation process when buying a property?

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“How smooth your cancellation process goes basically depends on the rapport you have with the developer” says Prashant Nath. Builder-buyer agreements including sale agreement or property allotment documents usually contain cancellation clauses. Go through the documents in detail as cancellation will be subject to the terms mentioned.

What to do if a builder refuses to give back booking amount?

With proof in hand, you can easily claim the refund of the token amount in case of a property completion delay. In case the builder refuses to give back the booking amount you may have to move the state RERA or the consumer forum to seek relief. But remember to seek legal counsel before you proceed.

Do I need a lawyer to cancel a Vikhroli flat booking?

It is always suggested to go for legal counsel while seeking repayment on cancelling a flat booking as there are no set laws governing these aspects. I have booked flat at Vikhroli, total consideration is 85 lac. However i have paid 22 lac till now.