There are numerous flats for sale in Chennai, but buying one that meets your preferences can be lengthy and tiresome experience. When looking at apartments for sale in Chennai, there are a number of things to look for and do.
To help you with the process, here is a guide for buying flats in Chennai:
Find the Perfect Property
When you want to buy a flat in Chennai, the first step you need to take is to make a shortlist of properties you are interested in. You can also do this exercise area-wise i.e. shortlist areas you are interested in, and then search for a flat for sale in that particular area. As a thumb rule, filter your options of flats for sale in Chennai which fulfil your requirement in terms of number of bedrooms, layout, etc.
Do a Background Check
There are two types of apartments for sale in Chennai, those that are being newly constructed and those that are pre-existing. Whatever property you are buying, do a background check to find whether the seller selling the flat is the rightful owner, so that there is no hassle later on.
Know the Payment Plan
Depending on the property developer and the property you are buying, you need to be aware of the payment plans you can opt for. If you are buying one of pre-existing flats for sale in Chennai, you will need to make a lump sum payment. On the other hand, when buying an under-construction apartment in Chennai, you have the option of spreading your payment based on the progress of construction.
Apply for loan
If you require a loan to buy a flat in Chennai, then it is advisable that you apply for loans from banks and NBFC. Make sure you do it simultaneously. This will give you an idea of the size of loan you are eligible for, and terms and conditions that you need to fulfil. Delaying this process can stall your plan to buy apartment in Chennai, so make sure you have sufficient funds in place.
Get the Allotment letter
Once you decide to buy an under-construction flat in Chennai, the developer of the property will allot you a flat for which you will receive an allotment letter. The allotment letter will mention the details of the flat, like the flat number, area, price, etc. It will also mention the payment details, the extra charge you will be paying for amenities, parking, maintenance, etc.
If you buy a flat in Chennai that is pre-existing, the seller will need you to sign a sale agreement, after agreeing to the terms and conditions. If you are buying an under-construction apartment, then you will sign the sale agreement after booking the flat.
Possession and Registration
The last step when you buy an apartment for sale in Chennai is to get the possession of the property. After that, it is your responsibility to get the property registered under your name and get the legal ownership of the apartment.
Many of us will find the process of buying an apartment in Chennai burdensome but if you’ll follow the process correctly, you will have a place you can call home at the end of it.