Hi Guys,

I am looking to buy my first flat and am wondering if people (gurus) can share a check list for first time buyers like myself.

For example:

1) Is the discount offered by the agent always in form of "Credit Note" or can be adjusted in BSP etc.

2) How to find out which banks are offering loans for this development.

3) Things to look out for bank loan - setup fees, customer service, early foreclosure from own funds or transfer of bank loan, teaser loans etc.

Things are mind boggling - but I guess many in this forum has had both good and bad experience..

Thanks folks
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  • Hey buddy,
    you are lucky to land here before buying..most of the guys arguing here after buying.lots of knowledgeable guys are around just need to spend some time to go thru few threads.

    Btw you started with too many questions!
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  • VBhatia, Refer to this link
    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/13061-checklist-for-home-buyers?t=15383

    This has most of the information you are looking for as a first time buyer.
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  • qqqqqqqqqqqqqqqqqqqqqqqq
    Originally Posted by VBhatia
    Hi Guys,

    I am looking to buy my first flat and am wondering if people (gurus) can share a check list for first time buyers like myself.
    Already posted by me...

    For example:

    1) Is the discount offered by the agent always in form of "Credit Note" or can be adjusted in BSP etc.
    Credit note is by broker..not builder..broker will pay you usually after 30% paid by you to builder. Discount given by builder is adjusted in BSP..not credit note.

    2) How to find out which banks are offering loans for this development.
    Check with Bank directly

    3) Things to look out for bank loan - setup fees, customer service, early foreclosure from own funds or transfer of bank loan, teaser loans etc.
    This is a RE FREE Forum....For detailed and each and every aspect of RE buying..you need to hire a consultant or talk to a broker...What Banks offer can be done by you..by visiting a few banks yourself....
    Once you have done that...take some time out and post them all in this forum.....its a give and take situation here...

    Things are mind boggling - but I guess many in this forum has had both good and bad experience..
    Nothing is mind boggling..8th fail...school dropouts are in this industry as brokers, agents and consultants...NOT IIT Toppers.
    This Industry has the WORST lot...

    People spend more time researching before buying a Car....strange

    There are 1000s of threads on this forum...give time to them...you will know about most of projects..regd loan queries...talk to your bank..

    If you cant give time and effort to your money...dont expect others to do so. Its exactly this kind of "I dont know (or rather I dont want to spend time in knowing)" attitude which is the bread and butter of all brokers.

    You dont have info and knowledge...you WILL get fleeced

    Where do you get info and knowledge....Many forums like these...but one needs to give time...

    Forums such as this should be Give and Take.
    So many people claim to be interested in buying property..or have already bought......BUT NO ONE WANTS TO WRITE THEIR EXPERIENCES (you can count on finger tips..the active writers)

    This forum has become very boring and meaningless with only a few people active...others dont give any proper realistic input...

    Anyhow...I am off now...back to UK in a few hours...

    Bye



    Thanks folks
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  • Thanks folks for your replies. This forum is great!!

    I do think there has to be more participations and people should come forward with both good and bad experiences.

    On the checklist, its really good and helpful for any first timers. Zohaib should be happy to be back in warmer UK :-)

    I would suggest, if we can have similar sort of list regarding financing, dealing with Bank, other watchouts and FAQs like do one need to buy home insurance when taking home loan or not etc. etc..
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  • Originally Posted by VBhatia
    Thanks folks for your replies. This forum is great!!

    I do think there has to be more participations and people should come forward with both good and bad experiences.

    On the checklist, its really good and helpful for any first timers. Zohaib should be happy to be back in warmer UK :-)

    I would suggest, if we can have similar sort of list regarding financing, dealing with Bank, other watchouts and FAQs like do one need to buy home insurance when taking home loan or not etc. etc..

    Here is my thumb rule - Location, Location and Location.
    then comes - Price, Price and Price
    after that the search begins for the projects at the chosen location and the budget.
    There again a thumb rule for choosing the builder - go with the leader
    Once the builder is finalized then focus shifts to projects from that builder which is within the budget
    Once the project is selected then primary investigation begins on the ground about the "exact location"
    If the exact location is acceptable then the minute details about the projects begins - which includes
    1 - who owns the land
    2 - what banks are financing it and upto what extent (although I have never used bank finance but it adds to confidence)
    3 - What is the layout plan of the house, the room sizes, number of towers and other amenities etc etc.
    4- Payment plan by the developer - Down Payment / time linked payment plan is not acceptable to me no matter where the project is or who the builder is.

    This is a very simple checklist which I follow, since most of time I have invested in prelaunch of projects in upcoming areas so it is impossible to see the real roads or other amenities at the time of booking - that is done by careful research while selecting the location.

    Here is a very simple example - My most recent investment is BPTP's project in Greater Faridabad the reason was simple - I liked the location and BPTP was the biggest landowner there with 1400 acres of land bank and the projects launched was in affordable segment.

    Most important thing to understand your needs first - If someone is planning to live at that house for a long time (read 10 years or more) then only he is an end user else he is an investor.
    So once this fact is understood then the search begins starting from the google earth, wikimapia, 99acers, local newspapers, online forums etc and ball starts rolling from there.

    Rohit
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  • floor plan site plan should also be approved

    Location will be first criteria. Obviously location will also be in your mind and accordingly you will visit to broker and builder but normally people don't check floor plan, site plan and land approval from broker.



    How can you buy flat without knowing how it will be look like from inside??

    How can you ensure it will remain same???

    what is the proof you have it will not change later????

    Land approval from noida authority certificate is also very important.

    At the time of booking you will choose unit on the basis of master plan site plan and floor plan and you will pay some additional amount also if you found something good but later when you will get actually then you will found that floor plan, site plan or master plan changed

    In noida express way lot of builder are selling flats without approval
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