Buying Under Construction Housing Projects in Patna? Here are some Tips

Talking about Patna real estate, it would definitely not be wrong to say that gone are the days when buying an under-construction property was risky.

Yes!!

In today’s date, opting for an under-construction property in Patna is profitable. Here below are the reasons why investing in under-construction housing projects in Patna is a wise deal:

  • You can make payment with ease, as while buying under-construction housing projects in Patna, there is no urgent requirement of paying the whole amount in one go.
  • While buying under-construction housing projects in Patna, you get wider choices and more options to make selection from.
  • As the under-construction housing projects in Patna are developed at the out-skirts and underdeveloped areas, so chances of price appreciation with those projects are higher.

So, this was all about the benefits of investing in under-construction housing projects in Patna. Now comes the tips to consider while going for home loan for under-construction housing projects in Patna.

Home loans offered by bankers to your builder are direct when taken for under construction housing projects in Patna. In the case of home loan, rules are like, builder will pay interest on this loan amount until time he will hand over the house key to you after construction. The customer can gain the benefit of owning flats in Patna and paying EMI for the same only after possession.

Banks release payments for these under-construction housing projects in Patna based onto the progress of the property. Thus it is comparatively safe to invest in these sort of residential projects in Patna in a case if you are keen to own a house and not want to pay EMI and rent on the existing house simultaneously.

While taking home loan for under-construction housing projects in Patna, builders and financier will have an agreement stating the time when loan will get distributed by the bank and at what stages of the project. The agreement might be such that after 25% of the project construction or once 2nd floor construction get completed.

In a case, if you are a property investor, then it is indubitably the fact that taking a home loan on under construction housing projects in Patna is beneficial. Set forth are the tips that would surely help you out in maximizing your profit on such investment.

Tips for a home loan for under construction housing projects in Patna

Be smart enough to negotiate a deal with the property developers in Patna

Despite of the fact that price quotes by the builder at first glance seems to be highly reasonable, it is hereby advised to ensure that you are negotiating a deal. Usually builders of flats in Patna quote a price to general public considering the bargain requests which come. At times some thousands or even a lakh can get negotiated with the builder in a case if you attempt to make good contact.

If 2 BHK flats in Patna/3BHK flats in Patna/4BHK flats in Patna is offered to you onto the 8th or 10th floor, then in that situation there are obviously more reasons to negotiate with the builder.

Restructure Payment Schedule as per Your Convenience

While the builder might introduce you to a certain pre-planned payment schedule, it is important for you to remember that there is always room for restricting. So, it is advised here not to get ready to pay money to the builder until the time there is actually work seen on the project.

As a potential owner of the flats in Patna, you have every right of contacting the bank/financier and let them know the status of construction. In a case, if you find construction not as per pre-approved, you have all the rights to ask the bank to stop releasing next installation to the builder until the project gets completed as per agreement.

While the builder might introduce you to a certain pre-planned payment schedule, it is important for you to remember that there is always room for restricting. So, it is advised here not to get ready to pay money to the builder until the time there is actually work seen on the project.

As a potential owner of the flats in Patna, you have every right of contacting the bank/financier and let them know the status of construction. In a case if you find construction not as per pre-approved, you have all the rights to ask bank to stop releasing next installation to the builder until the project gets completed as per agreement.

, you have every right of contacting the bank/financier and let them know the status of construction. In a case, if you find construction not as per pre-approved, you have all the rights to ask the bank to stop releasing next installation to the builder until the project gets completed as per agreement.

Ensure that builder has received Commencement Certificate (CC)

Before signing any document with regards to such under construction housing projects in Patna, ensure that the builder has all the vital documents and approval for this project commencement.

It is important for each and every builder of such housing projects in Patna to get a Commencement Certificate (CC) for initiating the procedure.

Wait for Appreciation on the Property Value

You might have entered into an agreement to buy under-construction housing project in Patna with the mind set of appreciation of the property value by the time construction gets completed.

Sometimes it happens that property is not appreciated as per your expectation, however hereby it is suggested to wait for longer period of time to gain the actual benefit of land value appreciation. No matter of which type of land investment is, 8-10 years is a reasonable period for getting a good appreciation.

Do not make hasty judgements. Instead stay calm.

Contact the lender to know whether loan is approved

Despite of the fact that builder offers all the vital documents and shares any further information with regard to the project, it is the buyer’s responsibility to establish contact with the bank/financier to check out whether the loan is approved and the credit worthiness of the builder.

Buyers own each and every right of scrutinizing the builder’s legitimacy. Perform a thorough research onto the project, builder and land with the support of an advocate.

So, this was all about the tips important for you to consider while taking home loan for under-construction housing projects in Patna.

Hopefully you gone the blog thoroughly and now all set to go for under-construction residential projects in Patna.

Further visit our site for any types of tips and tricks to consider while investing in Patna real estate.