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Verified Member MouthShut Verified Member
Bhubaneswar India
How To Book A House From A Builder
Mar 29, 2016 10:38 AM 8170 Views

These days, most of the real estate companies in our country are found to be unreliable in terms of their commitments made to the customers. In almost all cases, a builder fails to deliver the house in time and the customers suffer from it. So a customer must be very careful while a booking a house from a private builder.


1) Selecting the site: First of all, the customer must visit the site physically as proposed by the builder, verify the documents carefully. To do this, the customer can apply for a certificate of encumbrance(EC) for last 30 years in the Office of the Sub registrar that clearly lists the owners of the land for these years and compare the current ownership with the documents of the land. If it matches, then the customer must go for the proposal.


2) Loan Finance: After the site is finalized, a negotiation must be made on the price for which the customer must make a survey among friends and professionals. Then an agreement must be signed between the two parties. Then the customer must apply for a loan. In most cases, the builder makes all arrangements for the loan to be sanctioned. The customer can either get the sanction of his own or give the required documents to the builders to get it done. But before the loan is sanctioned, the customer must pay an advance of 20-30 percent of the total cost as negotiated with the builder. The rest amount must be sanctioned from the bank.


3) Construction process: After the loan is sanctioned, it is disbursed in phases as construction proceeds. Initially 20 percent is disbursed prior to the construction process. Every time a phase of the loan is to be disbursed, the customer must verify physically the process of construction and if satisfied, can instruct the bank to disburse the money to the builder. After the final phase of loan is disbursed, the house must be delivered in 2-3 months as fixed in the agreement.


In case of any discrepancies those are not resolved with the builder, the customer must take the help of the consumer court.


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