Easy Checks May Simplify Process, Says This Home Buyer

Deepak Sharma, who works as a senior visualiser at one of India's leading news daily, bought his dream home in east Delhi's Laxmi Nagar in March this year. Sharma, who holds a master's in fine arts, believes that getting basic documents ready and a simple house check will breeze you through the buying process. In an interview with Srinibas Rout, Sharma talks about his home buying experience. Edited Excerpts:

Q. Tell us about your new home.

Sharma: I bought a 2BHK flat, measuring 1,160 sq ft, near the Mangal Bazar vicinity at Laxmi Nagar.  It's on the second floor of a private builder construction. While my home is close to the main market, there are also parks surrounding it. So, apart from serving my day-to-day needs, the area provides greenery, too.

Q. How did you zero down on this property and what was the cost?

Sharma: I came to know about this property through a friend, who lives in the same building. I got in touch with the previous owners and discussed the details. The deal making factor was that this home is only 15 minutes away from my workplace. Earlier, I had to spend around 45 minutes to go to office.

Q. How much did the home cost? How did you arrange your finances?

Sharma: My home cost me around Rs 35 lakh. I sold my small home in Ghaziabad and took loans from Religare, HDFC and State Bank of India (SBI) to fund my purchase. As I had to take loans from various institutions, it took two months for the process to get cleared.

Q. Did you face any difficulties during the process?

Sharma: As it was an old house, I had to get all the approvals once again. It takes a lot of time to get the Municipal Corporation of Delhi (MCD) approval certificate for older properties. The MCD does not have enough information about old construction. And, in my opinion, private banks/institutions come out as better solution for your home loan needs than the government ones. Government banks seek more documents and take more time to process your loan. Overall, the home buying experience was smooth.

Q. What are your suggestions to new home buyers?

Sharma: First, get all the basic documents in place, if you are buying a new property. Getting a property check, document registration, MCD approvals done in time makes the process much easier. One needs to have the approved building, layout and floor plan, etc. You need to ensure that the property has a no-objection certificate from water and sewerage supply board, electricity board and pollution control board. If you're buying through a builder, ask for the proof of the title of property.