Home loans are the best and easy way to buy the home of your dreams. If there were no home loans, it would have been difficult for most of us to afford a home. The home loan allows people to renovate their home, refurbish and help in making some necessary changes at home. Apart from all these benefits, loan buyers also enjoy certain tax benefits. Despite being a huge financial liability, home loans offer several benefits as well.
Not all of us like the idea of taking a home loan and paying EMIs. Some people save the required amount of money to buy the house.
If you are planning to buy a property without a home loan, there are certain things that you need to keep in mind
- Details of the property- Banks have an expert team, which work hard to find out all details about the property, as well as the documents provided. If the property title is not clear, the bank refuses to grant the loan. However, as an individual buyer, it is difficult for you to find out the small and big details of the property.
- Price of the property- Banks also do a thorough research for the price of the property in the market, to know the market price of the property. This helps the buyer to pay the actual cost of the property, rather than the cost quoted by the seller. It gives a fair idea about the money you should pay for the transaction. You can even hire an expert to do the job for you.
- Hire a good lawyer- if you are not taking a home loan, there are certain areas where you can spend more to get good results. Hire a good lawyer who would help you in finding if the property is held up in any litigation. The lawyer will help you in understanding the legal terms of the documents.
- Hire a good Chartered Accountant- hire a good chartered accountant as well, who will help you in understanding the financial obligations of the deal
- Legal documents of the transactions done- when doing the transactions make sure all the transactions are legally documented. Undocumented cash transactions can lead you to trouble in the future. All the payments to the seller must be done through cheques or demand drafts. Do not forget to keep a record of all the payments you have made.
- Take right decisions for investing in property- deals which do not involve home loans are completed quite quickly. “Sometimes you make the right decision, sometimes you make the decisions right”. Try to strike a good deal for yourself, do not go with the seller’s ideas, use your knowledge too. Make sure you are taking the right decisions when it comes to investing and buying a property.
- Financial position- before making any decision, it is important to access your financial position and long-term investment strategies.
“An investment in knowledge pays the best interest”