One of the most significant financial decisions you can make is buying a house or a residential property. It is also a very emotional decision. In India, most first-time homeowners go through a rather tumultuous process when it comes to navigating the shortlisting, negotiating, verification, and registration journey. The lack of guidance and support compounds the challenges. With the development of online portals that help homeowners rather than intermediaries, the home-buying process is becoming easier. Let us understand how to buy a house online without undue stress.
Searching for the right project: The first step is to discuss your family's needs and comfort and finalise a location and budget. Once you are clear about these factors, you can start your online search. A word of caution, though – it is better to register and search for apartments and projects through online portals like Blox, which connect the homebuyers directly with the developers rather than opt for websites where the listings come from brokers. It is always a good idea to check details like RERA registration if you are screening for an under-construction project.
Shortlisting and selection: Each family member may have a different vision of a dream home. Your children may look for playgrounds or sports facilities, your partner may look for work or school commute times, and you may be interested in the social equity that the neighbourhood brings. Your final choice must be a balance of all these and more. Research the ROI and growth potential of the neighbourhood, look up the developer's track record, and the layout of the final unit before you decide on 3-4 projects.
Site visits and more: Now is the time for site visits. To save time and effort, you may wish to take virtual tours of the projects you have shortlisted. Reliable online portals offer virtual visits, drone photography, 3D reconstruction etc., these days. Making use of these can help you narrow down the flats on sale that you may be interested in. Now, it is a good idea to take a physical site visit to get a feel of the project and unit.
Financing and document verification: If you do not have a pre-approved loan, this is a good time to compare loan products and apply for financing. This also means starting price negotiations with the developer and gathering the permits and documents you may need for verification and submission of your loan application. Again, most banks and trusted NBFCs in India encourage customers to apply online with relevant documents. This cuts down on the need to visit the bank or NBFC branch repeatedly. While some lenders do a basic verification of the developer's permits, it is your responsibility as a homebuyer to undertake a complete and thorough document check.
Home buying and registration: With the funding, issue cleared, it is time to buy the home of your dreams and make a beautiful nest for your family to grow in. Find out all about Mumbai's registration and stamp duty process or the suburb where you wish to buy a house. If you have decided to buy an under-construction property, it may be necessary to undertake timely checks on the progress and move in when you get the completion certificate.
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