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 “The project is located a km or so away from the proposed metro station/airport” What to do Do the necessary due diligence on the proposed project, starting from the website of the authority concerned. Visit the location. Rely more on the existing infrastructure. |
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 “Last few flats left, book now” What to do See the number of prospective homebuyers who have come to meet the real estate agent. Visit the construction site to see the progress. Check the the pace of activity in adjoining sites. Seek advice from online groups. |
 “Book now. Prices are expected to move up very soon” What to do Check movement of capital values in the locality over the past one year. If there has been a rapid rise in prices, find out the reasons. |
 “Book now and get free gifts” What to do Try to evaluate the monetary value of the gift. Go for a house that fulfils your requirements. Do not let the freebies on offer dictate your decision. |
 “Prices are on their way up” What to do Don’t lose patience; wait till you find a house that fulfils your requirements. Real estate is no different from other asset classes. If prices go up during a particular period, they will also come down during a downturn. |
 You are shown the sample flat and persuaded to make a buying decision based on that What to do Insist on checking the space that is being provided in the layout of the actual flat. Get an idea of the ratio between the carpet area and the super-built up area. |
 “No EMI till possession” What to do See how much extra the developer is charging because of the offer. Check all the terms and conditions. |
 You pay the booking amount to the developer but the lending institution refuses to approve the loan for the said project. What to do Check if the developer has a tie-up with any home loan financing company (HFC). Enquire about the soundness of the project. Take the HFC’s help to check the property title, the sanctioned plan and the necessary clearances.
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 You have selected the property, even paid the booking amount to the developer but the lending institution refuses to approve the loan to you. What to do At least six months before you plan to take a loan, apply for a copy of your credit history from Credit Information Bureau (). In case there are any anomalies, get them sorted. If you have been servicing other lines of credit, make sure you do so regularly. |
 You select the property, pay the booking amount, but the lending institution does not approve the amount of loan as per your requirement. What to do. Take the help of a valuer before you sit down to negotiate. Apply for a loan with at least 2-3 HFCs. Choose the HFC that gives you the loan at the best rate of interest, and of an amount that’s close to your agreed sale price. |
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