Buying a flat is a one time event for most of us. So, have to be very careful selecting one.
Few general suggestions are:
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- Check for various flats in the locality and note down the Sq Ft Area Vs Price Vs amenities provided Vs Bank providing Loan etc.
- Ask for each and every detail like land owners, no.of flats, no.of floors, Govt approvals, EC, Water supply, Power Back up, Bore well. Do not be hesitatant at all. Get the documents verified by a lawyer mandatorily.
- It is quite common that the builder/developer lures you. Do not take a decision then and there and pay advance. Ask for a day or two to think.
- Most of the times builder/developer try to sell non-vasthu flats first. Act smart and he would end up saying, those who booked haven't turned up; so, now its vacant etc.
- Check the construction history of the builder/developer. No.of previous projects under taken and completed, time-lines, construction quality, built up area, amenities promised and provided. Do not rely on any websites, visit the apartments personally and rate your selves.
- If it is the first venture, be extra cautious. At-least in Bangalore, I have known builders/developers delaying the projects by more than 1.5 years. This will affect your financial status to a great extent.
- Builder/developer is one who acts as your closest friend until he gets all his money and then shows his true colors later. Beware.
- The last and very important suggestion - bargain..bargain and bargain. You don't lose anything by asking but if the builder/developer accepts your price, it's a jackpot.
OK, assuming we have selected a flat, let us see what next.
I. Building :
- Construction quality
- Govt water supply connection provided
- Bore well
- Under ground sump provided
- Over head tank provided
- Lift brand and capacity
- Generator type and back up time
- Swimming Pool area
- Equipments in fitness area
- Parking tiles
- Common area lighting provision
- Individual power supply connection meters
- Common connection meter for common area lighting plus generator plus bore-well
- Plan Vs constructed building
II. Flat
a. Generic
- Main door wood type
- Grill gate provided for main gate/Provision for grill gate
- Main door key/lock brand
- See-through provided for main door
- Electrical material brand used
- Glass type used for all the windows
- Grills provided for all the windows
- Wood type used for kitchen, bed room and bath room doors
- Door stoppers fitted
- Indian type bolts fitted for all doors from inside and outside
- Telephone plug provided in hall and bedroom
- Cable point provided in hall and bedroom
- Calling bell point in hall/dining area
- Electric point above the main door entrance (optional)
- mosquito mesh provided for ventilators/windows
- Brand and type(texture etc.) of colors used
- Lappam finishing provided
- Brand and type(texture etc.) of colors used
- Lappam finishing provided
b. Hall
- Cable point location
- Telephone cable point
- Location of ceiling rods for fans
- No.of lighting points provided
- Main supply location and individual switches for each room
- Automatic/Manual back up switch provided
c. Kitchen
- Kitchen slab granite type
- Sync type (stainless steel/Granite)
- Stove position east facing (if particular about vasthu)
- Chimney/Exhaust fan provision
- Electric bulb/Tube light location
- Sufficient space for wood work
- Proper ventilation provided
d. Master/Child Bed Room
- Provision for over head shelves
- Provisioin for ward robes
- Cable point
- Telephone point
- No.of plug points provided
- Bed light at bottom/top
- Electric bulb/Tube light location
- Cieling iron rod for fan
- Bed Location and handy electric switches besides bed
- Provision for curtain rods
- Connectivity to bath room
- Provision for over head shelves
- Provisioin for ward robes
- Cable point
- Telephone point
- No.of plug points provided
- Bed light at bottom/top
- Electric bulb/Tube light location
- Cieling iron rod for fan
- Bed Location and handy electric switches besides bed
- Provision for curtain rods
- Connectivity to bath room
e. Bath room(s)
- Tap model/type/brand fitted
- Hand wash tap provided
- Sync and commode type/brand
- Geyser point
- Mirror space
- Electrical point one above mirror and other in the middle
- Ventilation window
- Anti slid tiles used
- Exhaust fan location
f. Balcony
- Lighting in balcony
- Iron rods or wall constructed
- Provision for grill fittings
- Ceiling iron rod(s) to connect hanging chair(s)
g. Kitchen utility area
- Lighting in balcony
- Iron rods or wall constructed
- Provision for grill fittings
- Ceiling iron rod(s) to connect hanging chair(s)
g. Kitchen utility area
- Provision for washing machine unit
- Electric point for washing machine
- Lighting in utility area
- Iron rods or wall constructed
- Provision for grill fittings
Loan Eligibility = 48 * Monthly take home (monthly take home is the final amnt after all loan, tax, pf deductions)
Bank Loan = 75% of total amount (unmaried) and 80% of total amount (married)
Registration cost = apprx 8% (per new slab it is less than 8%)
Assuming the total flat rate including aminities is 25L and take home per month is 40000
Let us calculate
Loan Eligibility = 48 * 40000 = 19,20,000
Bank Loan = 75% of 25Lacs = 18,75,000
Since you're eligible for 18.75L, loan will be sanctioned.
Registration cost = 8% of 25Lacs = 2,00,000
Amount individual to pay from hand = Total Cost (minus) Loan Amount (plus) Registration Cost = 25L-18.75+2L=8.25Lacs
Bank also gives loan amount for wooden work. It is 75% of the quoted amount. This is excluding the above 18.75L sanctioned already for the flat.
To avail this loan, you will have to submit a quotation to the bank and start the furniture work or can buy directly from the store and submit the bills. They verify the same and sanction in fort-night time.
Concluding, you will spend at least 10Lacs from hand. Since this is not all at once, might not over burden you much.
You will need to visit several flats to get an idea.
It mostly depends on the quality of the wood used. So, do not compromise. Complete flat 'look' is in their hand.
Builder most of the times has tie-ups and will propose to go with them. Again, do not accept with out checking his previous assignments. Do not go by the model flat shown. Remember, a model flat furniture would always be a model flat.
Sit with designer and get the diagrams, think how they would fit in.
Once the design is finalized, ask for the wood material, lamination, polishing, type of steel racks for cutlery unit in kitchen and weigh against the price quoted.
Remember to pay visit to the flat atleast once every day during the wooden work phase. If not, the design and the result variation might be huge.
Once this is done, try to occupy the flat asap. You may say the construction in the apartment is still going on and only few flats are completed. But reason i would give are, how ever care is taken, there will be so many things which will be missed. Once you step in, you will really get to know what they are, say, for example, nails for hanging watches or mirror in bath room or hanger in the bed room which you feel might be required or calling bell now functioning or no power supply to geyser unit etc. Since the carpenter or electrician is around, you can get the things done easily. This saves you lot of money and you don't need to even spend time in finding them.
I shall keep updating if i have any more inputs. Can post your Q's and i will be happy to answer them...
Good luck for your dream home... :)
- Electric point for washing machine
- Lighting in utility area
- Iron rods or wall constructed
- Provision for grill fittings
Finance:
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Few inputs on financial front :Loan Eligibility = 48 * Monthly take home (monthly take home is the final amnt after all loan, tax, pf deductions)
Bank Loan = 75% of total amount (unmaried) and 80% of total amount (married)
Registration cost = apprx 8% (per new slab it is less than 8%)
Assuming the total flat rate including aminities is 25L and take home per month is 40000
Let us calculate
Loan Eligibility = 48 * 40000 = 19,20,000
Bank Loan = 75% of 25Lacs = 18,75,000
Since you're eligible for 18.75L, loan will be sanctioned.
Registration cost = 8% of 25Lacs = 2,00,000
Amount individual to pay from hand = Total Cost (minus) Loan Amount (plus) Registration Cost = 25L-18.75+2L=8.25Lacs
Bank also gives loan amount for wooden work. It is 75% of the quoted amount. This is excluding the above 18.75L sanctioned already for the flat.
To avail this loan, you will have to submit a quotation to the bank and start the furniture work or can buy directly from the store and submit the bills. They verify the same and sanction in fort-night time.
Concluding, you will spend at least 10Lacs from hand. Since this is not all at once, might not over burden you much.
Interiors/Wooden Work :
=======================
This is another crucial part of the flat.You will need to visit several flats to get an idea.
It mostly depends on the quality of the wood used. So, do not compromise. Complete flat 'look' is in their hand.
Builder most of the times has tie-ups and will propose to go with them. Again, do not accept with out checking his previous assignments. Do not go by the model flat shown. Remember, a model flat furniture would always be a model flat.
Sit with designer and get the diagrams, think how they would fit in.
Once the design is finalized, ask for the wood material, lamination, polishing, type of steel racks for cutlery unit in kitchen and weigh against the price quoted.
Remember to pay visit to the flat atleast once every day during the wooden work phase. If not, the design and the result variation might be huge.
Conclusion :
============
When the furniture work is done, go for the painting as the last coating. Take care to cover the furniture with paper (the painters do this normally, safer side, you too advise them). Once this is done, try to occupy the flat asap. You may say the construction in the apartment is still going on and only few flats are completed. But reason i would give are, how ever care is taken, there will be so many things which will be missed. Once you step in, you will really get to know what they are, say, for example, nails for hanging watches or mirror in bath room or hanger in the bed room which you feel might be required or calling bell now functioning or no power supply to geyser unit etc. Since the carpenter or electrician is around, you can get the things done easily. This saves you lot of money and you don't need to even spend time in finding them.
I shall keep updating if i have any more inputs. Can post your Q's and i will be happy to answer them...
Good luck for your dream home... :)
