Procedure To Buy A Flat In Bangalore 2024 Updates

Buying a flat in Bangalore involves many steps, procedures, and steps to ensure a smooth purchase. Each step is important while purchasing, from researching the right location and developer to verifying legal documents. One of the main things is securing finances and planning a way to pay. Buyers have to understand the procedures involved, such as:

Negotiating the price
Finalizing the sale agreement
Completing registration

These are some of the crucial things needed for making an informed decision. Whether a 1st time buyer or an experienced investor, following the proper procedures is necessary for buyer. It will help the buyers navigate the process confidently and secure their dream home in the city. Though, it can be a difficult task but buying a flat is worth it in Bangalore.

Before Searching for the property, one should know how much he is ready to invest in the apartment. It can be through a Bank Loan or self fund depending on the buyer's comfort.

If the buyer is buying an apartment through a Bank Loan, he should check Home loan eligibility with banks.

A) To sanction the loan amount, banks will fund based on the applicant and co-applicant's take-home salary. Documents to check before buying a new or resale flat in Bangalore are:

The latest salary statements
employer details
CIBIL score
Aadhar Card
PAN card of the applicant and co-applicant (buyer)

B) Usually, banks will fund upto 90% of the apartment value. This includes a car park, Floor Rise Charge, premium location charge, and GST. They also fund for advance maintenance charges, BESCOM, BWSSB, Generator Charges, etc. The only things that are not included are Registration and Stamp duty charges.

C) After getting the bank loan sanction letter, the buyer should clearly check the interest rate %, Total Tenure to Repay the Loan, and EMI amount.

He should also check what is the

Part Payment Procedure and Charges,
Full Repayment Procedure and Charges,
EMI interest rate Floating or Fixed

All these details need to be checked properly by the buyer.

To find an apartment, the buyer should look for a project built by a developer with RERA approval. It should have all the necessary permits like BBMP or BDA approval, Commencement Certificate (CC), Bank Approval, clear title, etc. He can choose the unit based on their preferred location and budget.
RERA-Approved agents can help the buyers find the project based on the budget and location preferred.
While visiting the project along with the RERA agent, the buyer needs to check the below details

A) Check the Quality of the Construction

B) Specifications Used in the Apartment like Tiles, Sanitary Fittings, Switches, Windows, Doors, etc

C) What is the Carpet Area of the Apartment

D) Undivided share of the apartment

E) The Source of Water

F) the Approx maintenance Cost of the flat after handover

G) Amenities and Club House Charges

H) Payment Structure and Tentative Handover and Occupancy Certificate details

If the buyer is satisfied with the answer given by the builder regarding the above details, they should then check the availability. If the buyer finds the desired availability in the project, they should then check the payment structure. If satisfied, the buyer should block the unit by giving a token advance, filling out the booking form, and submitting the KYC.
Collect all the legal documents of the project from the builder and get it verified by a good lawyer. The documents that are needed for verification are

Sale Deed
Non-Agricultural Conversion document
Encumbrance Certificate
Property Tax Paid Receipts to Date
Title Details, NOCs from several departments
Layout Plan Sanction
Building Approval

Once the lawyer checks the documents, the buyer can proceed to sign the sale agreement with the builder. This agreement is the road map for the transaction to happen hassle-free. This is one of the apartment-buying processes.
The buyer is required to make the installment payments either through a bank loan or with self-funding. This funding is done according to the specified payment schedule outlined in the sales agreement. It is important to ensure that the construction is progressing as per the schedule. If the buyer or the builder causes any delays, both parties may be subject to fines imposed by RERA.
During the Handover of the apartment, buyers should get an Occupancy Certificate, up-to-date Property Tax paid receipt, Sale Deed, allotted car park letter, etc, from the builder.