BUYING A HOME? SOME IMPORTANT ASPECTS TO CONSIDER !!


1). AGE OF THE BUYER/S, BORROWER/S, CO-APPLICANT/S AND GUARANTOR/S.

2). FAMILY SIZE AND TOTAL FAMILY INCOME.(AVERAGE FOR THE LAST FIVE YEARS)

3). REQUIREMENTS. (TYPE, SIZE, LOCATION, COMMUNITY, FACILITIES AND THE PRICE.)

4). SALARY.(AVERAGE SALARY FOR THE LAST FIVE YEARS OF THE BUYER/S, BORROWERS AND THE GUARANTOR)

5). SAVINGS.(FIXED DEPOSITS, GOLD AND DIAMOND JEWELERY, MUTUAL FUNDS AND SHARES, PROPERTIES, INSURANCE AND OTHER INVESTMENTS)

6). FAMILY COMMITMENTS.(NUMBER OF DEPENDENTS, AGE, HEALTH OF THE SENIOR MEMBERS, MAINTENANCE, CHILDREN, CHILDREN EDUCATION EXPENSES AND OTHER EXPENSES)

7). INSURANCE.(TYPE OF INSURANCE AND THE SURRENDER VALUE OF THE POLICIES)

8). TAXES.(INCOME TAX, WEALTH TAX, PROFESSIONAL TAX AND OTHER TAX LIABILITIES. ARREARS IF ANY)

9). EMPLOYMENT.(DURATION OF THE EMPLOYMENT IN THE PRESENT COMPANY-FINANCIAL STATUS OF THE COMPANY-FUTURE PROJECTS OF THE COMPANY-NET WORTH OF THE COMPANY)

10). COMPANY`S FUTURE AND ASSIGNMENT AND PRESENT STATUS.

11). GROSS INCOME AND NET INCOME.(BUYER, CO-APPLICANT AND THE GUARANTOR)

12). BANK.

13). SELLER`S RELIABILITY OR CREDIBILITY.

14). SOCIAL STATUS AND AFFORDABILITY.

15). EXISTING FINANCIAL COMMITMENTS.(LONG TERM AND SHORT TERM)

16). CONTINGENCY FUND.

17). HEALTH.(BUYER, CO APPLICANT, JOINT OWNERS AND GUARANTOR)

18). PRICE OF THE PROPERTY PROPOSED TO BE PURCHASED. (ADD+BROKERAGE+EXPENSES+REGISTRATION EXPENSES+INTERIOR DECORATION EXPENSES)

19). TOTAL PROJECT COST OUTLAY.(BUDGET)

20). LOAN AMOUNT REQUIRED.

21). MOST PREFERRED BANK.

22). RATE OF INTEREST.

23). DURATION OF THE LOAN.

24). MONTHLY MAINTENANCE OF THE PROPERTY INCLUDING INSURANCE, TAXES AND REPAIRS.

25). DOWN PAYMENT.

26). EMI.

27). LEGAL OPINION ON THE PROPERTY.(Title of the property)

28). ARCHITECT OPINION ON THE PROPERTY.

29). VALUATION OF THE PROPERTY.

30). FUTURE RISKS.(ANTICIPATED AND UNEXPECTED)

31). BAIL OUT PLANS.( IN THE EVENT, IF THE COMPANY DOES NOT PERFORM WELL OR THE BORROWER QUIT THE JOB OR DIVORCE, ACCIDENT OR ANY OTHER UNFORESEEN AND UNEXPECTED EVENTS IN LIFE)

LOCATIONAL REQUIREMENTS:

32). PUBLIC TRANSPORT.

33). HEALTH CARE.

34). EDUCATIONAL INSTITUTIONS.

35). LOCATION.

36). BASIC AMENITIES.

 

WELCOME- PLEASE SHARE YOUR IDEAS, VIEWS AND OPINIONS ON COMMON SUBJECTS AND ISSUES WITH OTHER READERS ON OUR FORUM


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ENVIRONMENT

SOCIETY

GOVERNANCE

BUSINESS

PROPERTY

INCOME TAX, WEALTH TAX, GIFT TAX, VAT, SERVICE TAX, BBMP TAX, STAMP DUTY, REGISTRATION FEE, PROFESSION TAX AND OTHER ALLIED SUBJECTS

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