Buying a home is one of the important and pivotal decisions we take in our lives. When we start looking for a house of our choice, we always consider the obvious costs. However, most of the times we tend to overlook or are unaware of certain costs that might become a hurdle in the path of buying a new home. These additional costs might hike the overall price for one leading to spending more than the planned budget. So, it is essential to know them before you sign the dotted line.

So, let’s take a look at some of these costs to prepare you better which are as follows:

Registration + Stamp Duty

Registration charges are the fees you pay to the state government to get a residential property in Gurgaon registered in your name. It will be a significant percentage of your allocated budget. Generally, the charges range from 5-7% of the value of your residential apartment in Gurgaon but each state has different stamp duty charges. Additionally, you will have to pay registration fees of around 1-2% of your property value.

Service Tax + VAT/GST

When you buy a new residential apartment in Gurgaon, these are additional charges that are incurred by you. You have to pay VAT/GST while buying an under-construction property. So, VAT/GST will be applicable, when a residential property in Gurgaon is sold from the seller to the buyer. Generally, it is 1-5.5% of the property value. Central Government also levies Service tax and the tax is applicable for under-construction properties, which is about 8-10% of the total property value.

Maintenance Deposit

In the upcoming societies and townships, Maintenance Deposit Advance is generally charged by the builders. However, in other societies, it is charged as a deposit by society members. The maintenance deposit is commonly used for the maintenance of the amenities in the project like gardens, clubhouse, and basic infrastructure facilities such as water supply, lighting, etc.

Parking Charges

Parking space charge is generally excluded in the original cost of the residential apartment in Gurgaon, and therefore in some societies, the parking space needs to be bought separately. However, the parking space cost depends on the size, its setup – if it is covered or open, and the location of the property. If you wish to let go of the parking space, the seller gets the right to sell it to another member of the society.

Make sure you are aware of all costs before you make a purchase to ensure that you are not taken by surprise later.

How to get a home loan faster?

Home loan applications and experiences differ from person to person; for some people, the process is extremely smooth and not so smooth for the rest. But there are some factors that bring around these different encounters. You need to keep in mind the fact that your eligibility for a home loan also can be enhanced with certain pre-meditated criteria. There are well-defined and logical criteria on the basis which your eligibility is decided and a loan is sanctioned. Hence, the actual test is getting your home loan application ready and sanctioning of the loan.

Here are a few suggestions to improve on your eligibility:

Your credit score

A credit score represents your debt-paying capacity on the basis of your historical dealings. It’s a 3-digit score calculated for the consumption of further lenders by agencies like CIBIL, who process all your past credits like how regularly were you paying them back or if you ever faltered, how many loans were accumulated. Things from as small as any business/home loans to your credit card monthly payment in the past are all taken into consideration while working this score out. By popular set standards, a score of 750 or above is said to be favorable while evaluating your application for a home loan. It also depends on each bank/NBFC as they might have their own criterion and there is no one standard rule to access your home loan application. What is usually advised, is to maintain a healthy debt to income ratio and also to pay your debts on time.

Buying a resale residential apartment?

For instance, if you are planning to buy a resale residential apartment for 60 Lakhs and you’re applying to get a 45 Lakhs loan, there is a good chance the bank might reject your application. This is because the bank might conclude that the residential apartment is worth only 50 Lakh after all. This might never be the case with a new flat being bought directly from the builder. Banks might have some reasonable offers for resale residential property, but there are chances that offer comes with higher down payments or granting shorter loan tenures. Additionally, the documentation might not come in very easily from the current owner.

The pre-owned residential property seems to be a bit too much trouble for buying a house and might have issues that you shall only discover as you move forward. Hence, to make your loan process simpler, it is always advisable to buy a new house.

Did you consider co-applicants?

To increase your loan eligibility, having co-applicants is always preferred because a new income is then added to the application which then increases your capacity of repayment. Additionally, this helps because when you are past your 40s/50s, you start planning your retirement and the tenure is shortening. The co-applicant can be your spouse or your earning children. Co-applying for a house with your wife increases your eligibility, you might also get some added advantages like lower interest rates and stamp duties.

Clean and protect your home from coronavirus

The coronavirus is spreading rapidly, it’s time to take care of yourself and your loved ones. The impact of the coronavirus is majorly affecting housing in Gurgaon. If you suspect that someone who visited your residential apartment in Gurgaon recently or someone in your home might have an infection, then it is important to thoroughly clean your residential apartment in Gurgaon. The disinfection and cleaning can significantly reduce the chances of contamination on the surfaces which will further mitigate the risk of transmission of the coronavirus.

The Difference between Cleaning and Disinfection

People often mistake disinfection with cleaning, as both the processes are engaged in the removal of germs.

· Cleaning physically removes and scrubbing off organic matter like dirt and germs from surfaces.

· Disinfection is the killing of germs with the assistance of chemicals on surfaces.

· It is essential to clean because the organic matter can reduce or inhibit the impact of disinfectant, and hamper its ability to kill the coronavirus.

How long can coronavirus live on surfaces?

How long can coronavirus live on surfaces is uncertain; all we know is, it might last a few hours to up to several days. The lifespan and viability of corona depend on various factors like humidity, surface type, temperature, etc. for their life expectancy.

What Surfaces Can Be Contaminated

As per the research on coronavirus, there is no specific surface that may or may not be contaminated. Not covering mouth while sneezing or coughing near any surface can contaminate that surface. Our hands are responsible for the transfer of pathogens from one place to another, as we touch most of the surfaces; hence the items we touch are frequently contaminated. These items include TV remotes, kitchen cupboards, kitchen surfaces, taps, door handles, fridge doors, etc.

How to Clean Contaminated Surfaces

This life-threatening coronavirus can be killed and its functioning and spread can be stopped by detergent, heat, and soap. In case a surface becomes contaminated, then household disinfectant can be used to clean the surface. Avoid touching eyes, nose and mouth after cleaning.

First Clean, and then Disinfect your residential apartment in Gurgaon

First get rid of any contaminants, dust, or debris on the surfaces. You can clean by wiping them with a hand towel and soapy water (or a cleaning spray). Then apply a disinfectant according to the surface. The easiest and quickest way to disinfect is by using a disinfectant spray or disinfecting wipes.