One more thing to notice before buying an apartment

Before buying an premium apartment in chennai , it is essential for a buyer to note and analyse multiple parameters. It is essential for them to note the recent turn of events in the real estate industry.

One of such event is the passing of Real Estate (Regulation and development) Act’2016 in May 2016. The main intention of this act is to protect the home buyers and boost investments. The rules of the said act were to be issued by the respective state governments within 6 months of the passing of this act. As a result, the TN state government introduced TNRERA (Tamil Nadu Real Estate Regulatory Authority) in June 22, 2017. The state government notified that it is mandatory for the Real Estate agents and property dealers to register with TNRERA.

Promoters of housing projects with a minimum of 8 housing units (Apartments) should register with TNRERA. The tedious process involved in accessing the authentic building approval for larger projects is removed by the introduction of TNRERA. Officials started uploading links to details about the projects under its purview online.

Real estate developers in chennai and Agencies are supposed to register with TNRERA. The buyers can view the details of the agents or agencies like name, addresses and the registration numbers on the TNRERA portal. The validity of said registration is 5 years. The agent and agencies must periodically renew their registrations. the registration fees of agents and agencies are 25,000 and 50,000 INR respectively. TNRERA has the power to revoke the registration of the agent or an agency for any irregularities or illegalities.

Just within a month of introduction of this bill, over 5 major realtors registered with TNRERA. By October 2017, over 150 projects have been registered by various realtors across Tamil Nadu. Majority of said projects are centred around Chennai and few around Coimbatore.  Hence, the buyers should make use of this portal to learn about the new projects in the locale of their desire before making their purchase decisions.  

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Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai |Real Estate Companies in Chennai |  Apartments for sale in t nagar

Essential Tips for first time home buyers

It is a tough process to buy a home for the first time and it is one of the biggest purchase decision of our life.

Start saving early for Down Payment:
It is common to pay 20% as down payment. But, in recent days, the lendors permit as little as 3%. This, in turn leads to a higher monthly payment and payment for mortgage insurance. The lesser the down payment, the heavier will be the monthly and net payment. Hence it is better to start saving early.

Check your credit:
Before buying a home, we have to check our credits. Because it is one of the key factors for the approval of mortgage loans. We have to explore opportunities which will increase our credits. And we also should make sure if there is anything that could bring down the credits.

Pause new credit activity:
If the credits status worries us, it is better to pause new credit activities as it will affect our credit score. When we apply for a loan or a credit card, the lender will send a request of information to the credit bureau to verify our credit worthiness. This is called “hard inquiry”. Soft inquiries is when we apply a new bank account or when someone runs a background check on us. These inquiries doesn’t affect the credit score.

Determine how much we can afford:
Before we start to look for a new home, we have to assess what is our price range and we have to determine how much we can afford to spend. For instance, let us take the salary we take home. Calculate how much is left after spending for taxes, savings for retirement and college, health insurance. Then add the monthly bills, not just bills but also groceries, utilities, etc. we have to be comfortable that we will be able to take care of all the household obligations while meeting other financial needs. It is better to keep six months of expenses in an emergency fund.

Research state and local assistance programs:
The government may also conduct programs for first time home buyers. In addition to central government programs, many state governments offers help for the first time home buyers with perks.

Budget for Closing Cost:
The cost incurred when the title of the property is transferred from seller to buyer is called the closing cost.  The total amount of closing costs depends on where the property is being sold and the value of the property being transferred. Usually a percentage of 2 to 5 of the purchase amount is paid by the homebuyers.

Set aside more money:
If you're moving into a new home, there will be all kinds of expenses that we hadn't thought of. Once we have saved closing cost and down payment, we should also set aside a buffer to pay for the things that will go inside the house like appliances, furnishings, rugs, updated fixtures, new paint and any other touches that we’ll  want to have when we move in.

The above tips to make this journey less stressful.

Voora can help make your journey less stressful. Voora Provides the best real estate services in chennai by providing Luxury Apartments in Chennai, 3 bhk flats in t nagar etc...

About Author
Voora is one of the most reputed builders in chennai. And promotes a various level of apartments like luxury villas in chennai, 4 bhk flats in chennai etc. Voora provides the best affordable houses with ultra luxury segment, synonymous with the quality, timely delivery and trust.

Footnotes : Luxury apartments for sale in chennai | New apartments in chennai |Real Estate Companies in Chennai |  Apartments for sale in t nagar