When you purchase a house, it is essential to know what extra expenses you will have to pay in addition to the basic price. You will be able to manage the finance well if you have figured it out. The most crucial factor is the price of a flat according to your budget & the rate based upon RERA Carpet Area, and according to market Super Built up Area. By doing this, you would be able to decide correctly. Other factors except for the selling price of a flat are as follows:
According to the current market scenario, if you are going to buy a flat which is under construction, 1% or 5% GST is payable as per the govt. guidelines. If you buy any flat in ready possession or in a scheme which has got BUC, the Developer cannot accept any amount as GST. The GST rate is subject to change with time, depending on the government.
The document of a flat can be registered only after 4.9% stamp duty of the final price of a flat (after payment and before possession) and 1% registration charge is paid to the govt.
Note: If the document is registered under the name of a female member/s of a family, 1% charge is not to be paid. The govt. also decides this rate, and it is subject to change.
The biggest headache while purchasing a new flat is the parking charge. For the last few years, in metro cities and other big cities, a builder charges a hefty amount for parking in advance. Luckily, this practice is not applied in residential projects in Surat.
Get complete information about the maintenance charge and its time duration. If such maintenance cost is charged for a more extended period, make sure what is included in it.
Be mentally well prepared about your budget for interior decoration from the beginning. Be sure about what to keep unchanged and what to change according to your choice so that the interior decoration work does not stop, get delayed or disturbed due to lack of finance.
Financial planning is one of the most important aspects of buying a new house. It is very important to decide whether you will need a home loan or not and if you need it, how much amount and from which bank.
While taking this decision, keep in mind the interest rate plus other expenses except for the loan amount.
After purchasing and before shifting to a new house, clarify with your builder about who will bear the expenses of water, gas, electricity and gutter connections. Also get enough information about house tax, water supply tax, electricity connection charge etc.
Moreover, make sure about payments for other facilities like safety grill in windows etc. You will be able to have a clear idea of all the expenses mentioned above and do financial planning well. There are many other aspects which can affect your financial planning as well as the overall cost of your flat. Consult an expert for any extra information you need so that you can comfortably buy your own home without bothering about money.