Residential Apartment

The concept of apartments has led to a paradigm shift in the home buying patterns in India. Unlike owning a plot in cities, owning an apartment is much easier, cost-effective, and convenient. Thus, residential apartments appeal more to buyers in cities due to the price point, amenities, and the scope of a resale. 

What is a residential apartment?

A residential apartment, commonly known as a flat, is a dwelling unit. Residential apartments are convenient options to live in, mainly in cities where the price of residential plots is very high. 

Factors to look for while buying a residential apartment:

People living in metro cities and tier-2 cities prefer buying apartments due to the cost of living in cities. Here are some of the necessary points that you must keep in mind while purchasing an apartment:

  • The land on which the housing is built, must not be vested land, industrial land, agricultural land, or illegal property. 
  • Check for the pros and cons of staying in a particular locality. 
  • Make sure the apartment has good ventilation and other facilities like good connectivity and hospitals nearby.
  • Make sure the builder has all the municipal clearances from the local government authorities.
  • Check for all the additional charges that may add up along with the cost of the property like registration charges, GST, charge for the parking slot, etc. 

How would you pay for a residential apartment?

Apartments provide you with the convenience of getting a home loan easily. But before availing of a loan you must understand the certain terms associated with it which are an important factor in ascertaining the cost of your apartment:  

  • Down payment: You may have to pay a part of the entire cost of the apartment as the booking cost. This is approximately 10-15% of the total cost and is paid as a down payment. Once the down payment is made, the unit is booked for you. 
  • Construction linked costs: This is a type of plan where you make a down payment and the remaining money is paid at each level of construction of the apartment. 
  • Flexible payment option: You may also avail of the Flexi payment option where you may pay an amount of 30-40% as a down payment and the remaining money is paid once the flat is handed over. 

Important documents to check while buying a residential apartment?

Before buying a residential apartment, a buyer must be well acquainted with the paperwork involved. Here is a list of documents that must be verified before making any monetary transactions or before availing of a loan: 

  • Sale deed
  • Occupancy certificate
  • Building plan
  • Encumbrance Certificate
  • Mutation Certificate
  • Tax receipts

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