How much does a house cost when buying property in Chennai?

Introduction

Before you proceed to decide on what kind of residential property you want to buy in Chennai, be it – a house for sale in Chennai, an individual house for sale in Chennai, an independent house for sale in Chennai, or an old house for sale in Chennai, you must always be clear about the documents required and other notable things that can significantly ease up your process of buying a house in Chennai. There are several things that you should check before buying a house in Chennai, that includes –

● Locational advantages of buying a house for sale in Chennai, an individual house in Chennai, an independent house for sale in Chennai, or an old house for sale in Chennai. Buying a house at a developing location fulfills your dream of buying a house and also acts as an investment.

● To know the builder's credibility, as it is recommended to get a builder who has been in the business for decades and has served people with better residential apartments.

● To know the approval status by the statutory authority, which includes a "certificate of commencement."

● To check the important documents, like – Title deeds of the house, The Sale and Purchase Agreement, The Building Approval Plan, The Possession Letter, and the Completion Certificate.

Factors affecting your Home Budget are:

A house is one of the most significant purchases in Chennai. So, figuring out how much you can afford is a key step in deciding your home-buying budget. The financial rule is that you should not spend more than 28% of your gross income on housing expenses and not more than 36% on total debt. There are other factors too that affect your home budget in Chennai, such as –

● Income – to have an account of all the streams of income, including your monthly income and other streams of investments

● Existing debt/loans – previously taken loans that you have to pay off

● Savings – the money you have in your savings account

● Expenses – to have an account of all the money going out in bill payments, loan payments, etc.

● Home loan tenure, rate of interest, and down payment

The breakup of Costs when buying a House

Here are a few important additional costs you need to consider before buying a house for sale in Chennai, an individual house for sale in Chennai, an independent house for sale in Chennai, or an old house for sale in Chennai.

● Stamp duty – a mandatory tax levied by the government on property transactions

● Registration Fee – a mandatory cost levied by the government at the time of purchase and registration of the property in the buyer's name, updating the records of ownership

● Goods and Services Tax (GST) - the GST charge caries from 1%-5% depending on the property

● Advance Maintenance Charges - security of the building, lift charges, fees for maintenance, common water, and electric charges.

● Credit history, debts, and loans

● Home loan costs

● Brokerage fees

● Legal advisor fees

● Miscellaneous costs (interiors, household expenses, etc.)