Buying a Property in Dehradun

You can navigate your way through what can be a long and complex process by following these steps. Buying a property can be stressful, but it doesn't have to be difficult.Buying a home can be a long and complex process, but typically it involves going through these steps:

Find out how much is your BUDGET??

Call a bank-loan expert to get an idea of how much you can take House-Loan or Property Loan. He or she will be able to search the market for the best available deal and to help you maximize your borrowing power. You will need to give details of how much you earn and all of the things that you spend money on each month.

Best Bank for Home Loan in India (Survey Results
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When working out how much you can afford to put down as a deposit, remember to keep some savings aside to meet stamp duty and other fees, that is 1% of property value, and to furnish your new home (it takes minimum 5 Lac for semi-furnished and for fully furnished it will be 15Lac with best specifications). Get information about the different mortgages on offer, and start thinking about whether you want to go for a fixed or variable-rate deal.

In Dehradun there is apartment costing you 1BHK – Min. 15 Lac, 2BHK – Min 22 Lac, 3BHK – Min. 40 Lac & 4 BHK Min. 75 Lac. If you are looking for plot then in outer areas plots rates are Min. 5k – 15k per Square Yards and for Good Society you have to give min. 20k to 30k per square yards. If looking for Kothi or Villa then it is minimum 60-1Cr. for ready to move in property. 

Define your criteria

Decide what you are looking for in a property – whether you need Apartment, Villa or Plot to make your own home. Best option here to buy in a society. Where you get parking and a garden, and other world-class club facilities you desired, if it’s a flat, and pick an area on which to focus your search.

Consider what you want out of the location: are local schools, transport links and shops important to you? How long are you planning to live in the property for? There are Rajpur Road Near Mussorie Diversion and Sahastradhara Road near IT Park is the best areas to purchase new property in little outer area from Dehradun, where you will get good appreciations in future. 

Beginning the search

Start scanning the internet and local newspapers - some properties sell before they are advertised online, so it is worth being on the agents’ books. If you see a property you want to look at, call the agent and arrange a viewing. Websites for Property in Dehradun is www.magicbricks.com, www.99acres.com, www.propertywala.com, www.doonhousing.com & many more. 

Out and about

Visit some properties. You are unlikely to find the home you want straight away, so don’t despair and don’t be tempted into edging over your budget if you don’t like the first place you look at. This is probably going to be your biggest financial outlay, so it is worth waiting until you find the right place.

Don’t be shy about asking questions when you are looking around a property, or afterwards. The estate agent should be able to provide you with basic details about the property, and to pass on any other queries to the people who are selling.

Making an offer

When you find somewhere you like, make an offer. Before you do so, try to glean as much information from the estate agent as possible. Ask how long it’s been on the market and if the seller wants a quick sale. Some websites have details of when a property was first listed, although this won’t tell you if the seller has switched to a new agent.

Many buyers initially make an offer below the asking price, and often this is accepted. You may want to start low and negotiate with the agent to find a price that satisfies both parties. But if you want to be sure you get the property you like – and you think it is worth the asking price – you may want to offer the full amount straight away.

Getting a mortgage/bank loan

Once your offer has been accepted, call your broker or a lender to sort out your mortgage application. At this point you will need to provide lots of paperwork showing your income and outgoings. 

DOCUMENTS REQUIRED TO FILE A BANK LOAN

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving
• license/ 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):

FOR GUARANTOR (WHERE APPLICABLE)

• 2 passport size photographs 
• Personal Assets and Liabilities Statement  
• 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 Deptt.

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.

Paperwork

Instruct your solicitor to start working on a contract. They will also send the seller a list of questions to answer, including a questionnaire asking which fixtures and fittings they intend to leave when they move out.

Surveys

Your lender should arrange a surveyor to value the property within a few days of agreeing the mortgage in principle. Its valuation will be very simple and you should arrange your own survey to get an idea of what problems there may be with the property.

To save money, it can sometimes be worth asking the lender’s surveyor to also put together a survey for you, but this is not always the case. Ask for a quote and compare it with quotes from other surveyors - again, ask around for recommendations.

The most expensive and comprehensive option is to ask the surveyor for a full structural survey of the building, and this is particularly worth doing if you are buying a property that is very old, has been extensively renovated or clearly needs work. It is also a good idea if you are planning to build an extension or structural changes to the building. However, a cheaper – albeit less comprehensive – homebuyer’s report should highlight any major problems and is a good option in other circumstances.

A good surveyor will talk to you before the survey to find out if you have any particular concerns and afterwards to highlight and explain any issues.

Next steps

Read the survey when it arrives. If there are a lot of problems with the property and you are not happy to carry on with the purchase, then act quickly to let everyone know, before you incur any other costs.

If you do want to pursue the purchase, but the survey advises that you get quotes for work that needs doing, arrange for that to be done - you will need to talk to the estate agent to arrange access to the property.

If a lot of work needs doing, you may want to go back to the seller and renegotiate on the price you are paying for the property.

Exchange of contracts

After your solicitor or conveyancer has completed all the necessary checks you’ll be asked to sign a contract legally committing you to the purchase. At this point you will need to pay a deposit for the property – usually at least 5% of the price but more typically 10% that is called Booking Amount. At this point you will usually agree a date to complete the sale.

Buy property insurance

Your lender will expect you to have buildings insurance in place for the date of completion. It will quote a rebuild cost in its valuation – this is the amount you need to cover.

Completion

This is when the property finally becomes yours. When your solicitor tells you that the sale is completed you can pick the keys up from the builder. This will probably be the day that you move in, unless you are having work done in advance. It is likely to be a stressful day, even if everything goes according to plan, but should feel worthwhile after your first night in your new home.