Frequent question: How can I buy a flat in Bangalore?

What is the cost of flat in Bangalore?

The average price per sqft for Flats in Bangalore is Rs. 5,572. The price range per sqft is Rs.

What is the process of buying a flat in Bangalore?

Documents Required

Sale Deed in the present seller’s name. Katha certificate & an extract from BBMP. Latest tax paid receipt. If there is any outstanding loan, a latest statement from the bank is required.

How much is the downpayment for flat in Bangalore?

The minimum down payment for home loan in India is set at 20%. The RBI has directed banks and NBFCs to grant only 80% of the property value as loan, and the rest 20% has to be arranged by the borrower; this 20% is the down payment.

Is it advisable to buy flat in Bangalore?

Bangalore property market is still stable compared to markets like Mumbai or Delhi, where the prices have shot up astronomically over the years. Hence, it is advisable to invest the rental amount as EMI to buy a house in Bangalore. However, you need to choose the areas suitable for buying or investing in a house.

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Which area is best to buy a flat in Bangalore?

Best 5 Localities for Buying a 1/2/3 BHK Apartment in Bangalore

  • Kanakapura Road. Kanakapura road, approximately 50 kms from the central city, on the south of Bangalore, is one of the most sought after areas. …
  • Hebbal. …
  • Sarjapur Road. …
  • Electronic City. …
  • Whitefield.

Is flat a good investment?

Home buyers have to be careful as they invest their hard-earned money for a secure future. Nevertheless, a good investment can earn handsome returns.

Apartment vs plot: Major differences.

Apartment Plot
Limited scope for customisation Freedom to build anything, as per choice

What all documents required for buying a flat in Bangalore?

2. General list of documents for all properties

  • • Parent deed.
  • • Khata.
  • a. Khata certificate.
  • b. Khata extract.
  • • The ‘B Khata’
  • • Encumbrance certificate.
  • • Commencement certificate.
  • • Occupancy certificate.

What should be checked before buying a flat?

9 Important Things to Remember Before Buying Flats

  • Property Price: The first step in selecting a house or a flat is to fix a budget. …
  • Flat’s Carpet Area: …
  • Land Record: …
  • Legal Check of Property: …
  • Apartment Possession: …
  • Financing Banks: …
  • Builder-Buyer Agreement: …
  • Location of the Flat:

What are the documents to be checked before buying a flat in Bangalore?

Documents to check before you buy any property in Bengaluru

  • Reviewed by Prabhakar Shetty, practising advocate at the Karnataka High Court. …
  • a) Khata certificate. …
  • b) Khata extract. …
  • 4) Tax paid receipts. …
  • 5) PTCL endorsement. …
  • 6) Land acquisition. …
  • 7) Family tree. …
  • 8) General Power of Attorney.
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Can I get loan for buying flat?

Muthoot Fincorp also offer home loans for resale flats and properties. You can avail a home loan up to Rs. 25 lakh with the repayment tenure going up to 20 years.

Major Banks That Offer Home Loan For Resale Flat.

Bank name Interest rate (p.a.) Processing fee
HDFC Bank 6.90% – 7.85% Up to 0.50% of the loan amount

How much loan can I get on 50000 salary?

5,40,000. On the other hand, if you are wondering – how much personal loan can I get on a 40,000 salary, the loan sanction amount will be close to Rs. 10.80 lakhs.

Multiplier Method.

Salary Expected Personal Loan Amount
Rs. 40,000 Rs. 10.80 lakhs
Rs. 50,000 Rs. 13.50 lakhs
Rs. 60,000 Rs. 16.20 lakhs

How much deposit do I need to buy flat?

In general, you can expect to put down between 5% and 20% of the value of the property that you want to buy. The more money you are able to put aside for a deposit, the more mortgage deals are available to you.

Is it worth buying resale flat in Bangalore?

It is worth buying an old flat because you will get the property at a cheaper rate than a newly constructed property. Benefits of Getting a resale flat: Less expensive as compared to newly constructed flats. In an old flat that is up for resale, you have the option to shift immediately after making the payment.

Is buying a flat worth it?

Buying a flat or a house is a significant investment, so naturally, you’ll want to ensure that you maximise your potential returns. … On the other hand, they typically have a lower purchase price than houses and the costs of maintaining the building is shared, so there is potential for high cash returns and yields.

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