4 Must Know Rights of a Home Buyer!
Are you planning to own a home of your dreams? It is well known that, buying a home is a very tedious job. There are several complex legal processes associated with it. And it is perhaps one of the largest financial investments. Isn’t it? Especially, if you are a first-time home buyer, your mind would be filled with tons of questions and doubts for sure.Just for an illustration, if someone is looking for flats in Chennai or flats in Trivandrum, he/she would be concerned with the terms and conditions offered by the real estate builder and his/her level of rights over the property, about delays in construction and other problems. As a new home buyer, you might have an endless list of questions.
In this article, we are going to answer some of such doubts and about some rights of a home buyer. But before diving into the article to know what the home buyers’ rights are as per the Government’s norms, let us first know about the process of home buying in India.
1. As a home buyer it is a must to analyse your financial situation and needs first
2. Figure out a property that caters to your specific needs and budget
3. Inspect the property. Seek professional help, if needed
4. Get into an agreement with the builder. Make sure that details like personal information of both buyer and builder is highlighted in bold before signing the agreement
5. Find a reliable and trustworthy lender. It is always recommended that you associate with reliable financial institutions (Central governing body or bank) while applying for a home loan. Always be in the safe zone
6. Perform a thorough research and analysis of the property to avoid any kind of loopholes in the property agreement. Take the help of a property lawyer, if needed
7. At the time of closing the deal, ask seller for all the legal documents associated with the property and get it registered in your name. These are the common steps to follow while buying a new home.
Now, coming back to our main topic about the rights of a home buyer. As a home buyer, several rights are granted to you. They are related to mortgage loans, the rate of interest on loan and several others. Well, awareness of such rights protects you from being duped.
Here are some of the important rights of a new home buyer:
Right to obtain information
The home buyer is eligible to know the details of sanctioned plans and layouts of the property. He/she can claim for the details and specifications which are approved by the construction control authority of the district.
Right to know the stages of construction
Under RERA, the home buyer is entitled to know the stage-wise schedule of the construction of the project. It includes the provision of sanitation, electricity, water, road connectivity and other amenities promised by the real estate builder.
Right to possession of the property
The home buyer also has the right to claim possession of the property (plot, building or apartment). It is builder’s responsibility to hand over all the legal documents.
Rights to document
It is the duty of the real estate builders to handover all the property related documents to the home buyer. Under the RERA act, the home buyer can claim documents and plans of the common areas.These are some of the must know rights one should take advantage of as a home buyer.
Conclusion: So, if you are new home buyer, exercise your rights and make an informed decision.
Check out our other article on 5 things you should know about RERA as a Home Buyer/Allottee
Let us know in the comments if you have any doubts or your feedback. We are happy to help!
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